Connect with us
Advertisement
Advertisement

Business

Demand for Welsh homes surges as market sees fastest growth in three years

Published

on

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’

Published

on

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.  

Continue Reading

Business

Council denies responsibility for The Range store’s snub of Haverfordwest

Published

on

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.”

It has been confirmed that The Range is no longer opening a branch in the former Wilco store in Haverfordwest (Image: File)

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.

Continue Reading

Business

Recruitment drive for Ledwood as company looks to fill 40 roles

Published

on

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.

Continue Reading

News18 hours ago

The future of St David’s surgery raised at the Senedd

SENEDD Member Paul Davies has raised the future of St David’s surgery in the Senedd Chamber and called on the...

Politics1 day ago

Wales’ First Minister sets out priorities for her government

WALES’ new First Minister Eluned Morgan vowed to focus on the issues that matter most to people as she outlined...

Crime1 day ago

Victim left unconscious after unprovoked attack in Haverfordwest

A MAN has been sentenced for carrying out an unprovoked attack that knocked another man unconscious outside Eddie’s nightclub in...

Health2 days ago

Paul Davies MS demands urgent action on ambulance services in Pembrokeshire

CONCERNS over ambulance services in Pembrokeshire have escalated, with local politician Paul Davies MS raising critical questions in the Senedd...

Crime2 days ago

Fugitive drug dealing matriarch finally behind bars after 16 months on run

A KEY figure in a major drug-dealing operation that stretched across Pembrokeshire, Carmarthenshire, and Swansea has been captured and is...

Community2 days ago

2000 affordable homes target in proposed council planning changes

A FORMAL consultation on changes to Pembrokeshire’s local development plan, with an ambition to create nearly 2,000 affordable homes, is...

News3 days ago

20mph limit in Wales – one year on, the debate intensifies

AS Wales marks the one-year anniversary of the introduction of the 20mph speed limit on residential roads, the policy continues...

Community3 days ago

Community concerns grow after MOD’s ‘shambolic’ radar consultations

PROTESTS erupted at the Ministry of Defence’s public engagement events in Solva and St Davids on September 13 and 14,...

Health4 days ago

Man dies following nine-hour wait for ambulance in Pembroke Dock

A PEMBROKESHIRE man tragically died after suffering a cardiac arrest during a gruelling nine-hour wait for an ambulance. David Bye,...

News4 days ago

West Wales men in custody after one tonne of cocaine seized from fishing boat

IN what is being described as a major blow to organised crime, authorities have seized approximately one tonne of cocaine...

Popular This Week