Business
Demand for Welsh homes surges as market sees fastest growth in three years
THE demand for homes in Wales has risen at the fastest rate since 2021, according to the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey. The report reveals a surge in buyer enquiries as more properties enter the market.
In August, a net balance of 50% of survey respondents in Wales reported an increase in new buyer enquiries, marking the highest level of activity seen since May 2021. This uptick in demand coincides with a rise in the number of homes available for sale. A net balance of 57% of Welsh respondents reported an increase in new instructions to sell, a sharp jump from 30% in July.
With both demand and supply on the rise, it is no surprise that sales have also seen an uplift. A net balance of 30% of surveyors in Wales reported an increase in newly agreed sales in August, positioning Wales as the second-highest region in the UK, behind Northern Ireland.
Looking ahead, surveyors remain optimistic about the sales outlook, with a net balance of 12% of Welsh respondents expecting sales to increase over the next three months.
However, house prices in Wales have not followed the same upward trend. Over the last three months, a net balance of -30% of Welsh surveyors reported a fall in home prices, which is lower than the UK average, where prices were reported as flat. Welsh surveyors are also cautious about the near-term price outlook, with a net balance of -22% expecting prices to drop further over the next three months.
In the rental market, demand for lettings continued to rise in August, with 50% of Welsh surveyors reporting an increase in tenant demand. However, the supply of rental properties continued to fall, albeit at a slower rate. A net balance of -17% of respondents noted a decline in rental supply, an improvement from the -33% reported in July. With the imbalance between supply and demand persisting, a net balance of 17% of surveyors expect rents to rise over the coming months.
Anthony Filice, FRICS of Kelvin Francis Ltd. in Cardiff, commented on the sales market, saying: “Appraisals and instructions remain strong. While there are fewer viewers, they are more serious, helped by more favourable mortgage rates. Some sellers with unrealistic pricing expectations are adjusting, leading to sales at lower prices than previously achievable.”
Melfyn Williams, MRICS of Williams & Goodwin The Property People Ltd. in Anglesey, added: “The market is active but not as buoyant as before. Buyers are cautious yet still purchasing, and sellers are concerned but continuing to sell. Activity is down, which is typical for August, but overall, the market remains steady despite seasonal and economic factors.”
In the lettings sector, Paul Lucas, FRICS of R.K. Lucas & Son in Haverfordwest, noted: “Rents continue to rise as the availability of property declines. Many landlords and holiday homeowners are selling due to increased taxation and rental regulation pressures.”
On the wider UK market, RICS Chief Economist Simon Rubinsohn highlighted improved sentiment, noting, “The latest RICS survey shows a lift in buyer interest following a modest fall in mortgage rates, with stock levels also inching up. However, there is still a need for realistic pricing to finalise deals, with uncertainty around future interest rate cuts and the forthcoming Budget keeping market sentiment cautious.”
Rubinsohn added that while affordability remains a challenge in the sales market, it is even more pressing in the lettings sector. “The ongoing reduction in rental stock, as landlords downsize their portfolios, is exacerbating the imbalance in the market.”
As the housing market in Wales continues to evolve, the coming months will determine whether the current surge in demand can sustain momentum amidst broader economic uncertainties.
Business
Beer and pub industry supports 44,000 jobs in Wales – but jobs ‘could be at risk’
WALES’ beer and pub sector supports 44,000 jobs but urgently needs the upcoming Budget to help it so it can keep people in work, the trade body has warned.
These figures demonstrate that people around the country depend upon the industry to keep them in work and put money in their pockets, the British Beer and Pub Association (BBPA) said.
But despite this, pubs make an average of just 12p on every pint of beer once taxes and costs have been deducted.
Now the BBPA is calling for a reduction in soaring costs of doing business. It says the industry needs the Budget to help it continue to invest in business and people and remain a home away from home in communities across the country.
Emma McClarkin, CEO of the BBPA, said: “Our brewers and pubs are helping people around the country earn money, gain skills and experience, and support both the local and national economy.
“From those pulling pints to the farmers growing the hops, so many rely on our treasured beer and pub sector for their livelihoods and careers.
“But for the job market to flourish – and for us to keep supporting those jobs – it’s vital our sector is given the support it needs to continue.
“We are urging the Government protect the Great British brewing and pub sector – the beating heart of our communities – to ensure it can remain a driving force for growth, jobs, investment and social value whilst keeping the price of a pint affordable for all.”
The BBPA is calling on the Government to use the upcoming Budget to cut beer duty, reform business rates, and pledge to keep the 75% business rates relief so that pubs and brewers can keep people in work and support more jobs.
A 5% cut in beer duty in the upcoming Budget would result in up to 12,000 additional jobs across the UK, mainly in pubs. This is due to the dynamic effects of increased prices at the bar reducing demand from consumers, who are sensitive to costs rising. Decreased demand for drinks in pubs leads to closures and job losses so keeping the price of a pint affordable will allow the sector to thrive and employ even more people.
The industry is facing multiple burdens and restrictions in the form of proposed eyewatering packaging taxes and a potential beer garden smoking ban.
The industry is one for the most heavily taxed business sectors per pound of turnover in the UK with tax making up 40% of UK brewing turnover and £1 in every £3 spent in pubs.
The BBPA warns any additional price increases, on top of the inflationary pressures of the last few years, would tip many beer and pub businesses over the edge.
Business
Council denies responsibility for The Range store’s snub of Haverfordwest
THIS week Pembrokeshire County Council has refuted claims circulating on social media that it was responsible for The Range’s decision not to open a store in the former Wilko unit in Haverfordwest.
The rumors, which gained traction on Facebook this week, suggested that the discount retailer pulled out due to issues related to car parking charges in the nearby Perrots Road car park.
A council spokesperson addressed the situation, on Wednesday (Sept 18) telling The Herald: “There is absolutely no truth in the rumour that The Range decided not to take on the former Wilko store in Haverfordwest due to car parking charges in the nearby Perrots Road car park. The Council is unaware of where this rumour has come from.”
This statement comes in response to a flurry of social media activity, where several residents expressed their disappointment and frustration. One user, Stephen Hughes, sparked conversation with a post claiming, “Range wanted to go to Wilko and the council refused free parking at Haverfordwest absolutely shocking.” The post received multiple comments, reflecting the growing frustration among the community.
Chris Wilson said: “The council seemed determined to wreck Haverfordwest,” while Julie McIntosh added, “OMG we will never have them now.”
These sentiments echo a broader dissatisfaction with the current state of the Haverfordwest town centre.
The council, however, has made it clear that The Range’s decision was independent of any car parking policies. “While The Range ultimately decided not to proceed, the Council is currently in detailed discussions with a prospective tenant for the unit and very much hope to have the building brought back into use as soon as possible,” the spokesperson added.
The speculation on social media highlights the ongoing concerns about the town’s retail prospects and the council’s role in facilitating or hindering economic development.
Recent reports indicate that The Range is expanding in the UK, with five new branches opening by Christmas in locations such as Walkden, Cwmbran, Leamington Spa, Chelmsford, and Oswestry.
Additionally, The Range’s parent company, CDS Superstores, has announced plans to reopen up to 300 Wilko stores after acquiring the brand, with five concept stores expected to open by Christmas 2024
Despite Haverfordwest now being off the list, it remains to be seen how the situation will unfold and whether the prospective tenant will bring a new chapter to Haverfordwest’s retail scene.
Business
Recruitment drive for Ledwood as company looks to fill 40 roles
A PEMBROKE DOCK-based engineering, fabrication and construction company is recruiting with up to 40 role available.
Ledwood has launched the recruitment drive as it prepares to scale-up the delivery of key projects throughout the UK.
All required for client projects in the energy production and processing industries are welders, mechanical fitters, pipe fitters, riggers and platers.
Schemes include South Hook and Valero in Pembroke Dock, Hinkley Point C in Somerset, the Fawley TAR turnaround project in Southampton and the VINCI joint venture (EVT) project at Isle of Grain in Kent.
Nick Revell, managing director of Ledwood Mechanical Engineering, said: “With an extensive fabrication facility at Pembroke Dock, we deliver complex engineering projects throughout the UK. Unprecedented demand means that we now have vacancies for both qualified personnel and those looking for apprenticeships. We hope these opportunities will be of interest to those seeking new careers, particularly given the demise of Tata Steel in Port Talbot, and would also like to hear from anyone looking for an apprenticeship.”
Ledwood specialises in the delivery of complex projects in the process and energy sectors.
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