Last month, we discussed the potential of the Swansea Bay regeneration deal should it come off – and now it has! The Liberty Stadium hosted the Prime Minister, Theresa May, and First Minister, Carwyn Jones, on Monday as she signed off on the deal.
Theresa May said “It will be about ensuring that prosperity, growth, that opportunity is available to everyone.”
Speaking ahead of the signing, Carwyn Jones said it was a “transformative deal that will drive the regional economy in a new direction, supported by high-quality jobs and a digital infrastructure”.
So what does this mean for the Swansea rental market?
Where there is employment, there is a need for housing. Not everyone will be looking to buy and businesses will be looking to relocate key members of staff to the area who may have permanent residences elsewhere. Areas benefiting from a boost to employment and amenities should also benefit from an increase in house value.
Better internet also means more desirable rental property. Properties previously dismissed by professionals, such as doctors at the hospitals and professionals who work from home, would then become more desirable, especially if they were in catchments for good schools that previously had poor internet connectivity.
City Centre apartments should see a surge in demand. Young professionals will want to be positioned close to work, but also to cafes, bars, and nightlife, and where better to be located for that than the centre?
Surrounding areas of the city should see a boost, too, with some professionals wanting more space than an apartment might afford, and better provisions for parking and access out of the city. St Thomas is a prime example of an area that should see both rental value and property values increase with demand.
Overall, most areas in Swansea should see an uplift in demand for quality rental accommodation with the regeneration.
If you’d like to have a chat about the future of Swansea Bay and how it could benefit your property portfolio, please give the team at McCartan Lettings a call on 01792 430100.