True – agent admits £3,000 pcm rents because of infrastructure project 

True – agent admits £3,000 pcm rents because of infrastructure project 


Todays other news
Lloyds has become a big Build To Rent player...
The business will be part of John Shepherd, Lomond's local...
This week's announcement is just the start...
It's a franchise resale by Belvoir...
The franchise giant has reported latest figures to its shareholders...
Construction workers discussing at sunset with cranes in background.

An agent covering the Suffolk patch where the Sizewell C nuclear plant is being constructed says some rents have doubled from £1,500 to £3,000 per calendar month.

A BBC investigation suggests that the town of Leiston, three miles from the power station, had been seen as a lower priced alternative to expensive coastal hotspots such as Aldeburgh and Southwold.

Advertisement

But Linda Druce, director and founder of Druce Estate & Letting Agents, tells the BBC that she can confirm speculation about the doubling of some rents.

Advertisement

She says: “I have been in the area for 21 years now and this is the first time we have seen such a significant jump, particularly in rental prices. It is mainly because of Sizewell C contractors and those looking to be working here over the next year or two who are looking to rent.

Advertisement

“The core of our clients are not likely to jump into wanting to get higher rents but we are seeing more people from out of the area who are buying buy-to-let properties. And quite frankly the local people who own them are more than happy to sell to the highest and best bidder.”

The £3,000 pcm rent is believed to include cleaning and utility bills.

Advertisement

Luke Vale, owner of the Hamilton Smith agency, says: “We look after hundreds of properties in Leiston. I am having to deal with tenants who are terrified that their landlords are going to kick them out just so they can go down this route to make more money.

“But that doesn’t factor in the number of landlords we have who do not want to increase their rent and are actually really good.

Advertisement

“The problem is a lot of landlords see pound signs and then the floodgates open and so, at the moment, if I put a house up for sale in Leiston, nine times out of 10 the viewing will be with someone who wants to buy it and rent it out per room.”

The average rent in Leiston is £773 pcm according to government figures, although this data has a lag and may not reflect the current position..

Some 2,400 workers at the new power station will be based on site, another 500 in a former holiday camp, and around 4,000 will have to move into local properties.

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Letting Agent Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
2 Comments
Oldest
Newest Most Voted
Recommended for you
Related Articles
House-shaped sign and key with 'For Rent' tag on turquoise wooden background.
The data comes from lettings agency Hamptons...
Person in suit using fingerprint scanner for digital security.
Propertymasrk has responded to the timetable...
Small burlap bag labeled 'FINE' with wooden gavel and sound block on dark wooden background.
Extra licensing, bigger fines and now Article 4 Directions are...
Person analysing data with digital bar graph overlay for letting agents.
A lettings agency has analysed the rental market for the...
Landlords are selling up and rents are rising as a...
This is apparent in the prime lettings segment, it's claimed...
More details will be released by the government later this...
Recommended for you
Latest Features
Lloyds has become a big Build To Rent player...
The business will be part of John Shepherd, Lomond's local...
This week's announcement is just the start...
Sponsored Content

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.