Click here to take a look at the 3D fly-through of what Swansea City will look like once the regeneration is completed.

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. 

Sources: BBC / Business News Wales

The annual guide, now in its 5th year, said it looked at a range of factors including community spirit, exam results, broadband speed and the availability of local shops to judge where was best to live.

Bishopston’s proximity to award-winning beaches such as Rhossilli (only 30 minutes’ drive away), and family-friendly Langland and Caswell (only 10 minutes away), as well as Pwlldu (within walking distance) make it an enviable location for families of all ages.  

There are many other beauty spots and eateries on Bishopston’s doorstep, and its local secondary school, Bishopston Comprehensive, has just been named the best in Wales. The Times ranked the school based on the number of pupils achieving A* and A grades in their GCSEs. 

Only 6 miles from Swansea City Centre, it is an easy commutable location for those working in Singleton Hospital, Swansea University, or any number of establishments based in the county such as HSBC, VirginMedia, and JCP Solicitors in the Llansamlet Enterprise Zone.

House Prices in Bishopston

So does Bishopston make a good place to invest in? The average house price in Bishopston has rocketed by 22.93% in the last 5 years, far exceeding the UK national average house price growth. The average house price now worth just over &313,000.

The average asking rent in the area is only &875pcm, so buying a property as an investment in Bishopston doesn't necessarily stack up in terms of yield (3.35%). However, quality family homes for rent in the area are in short supply, and families unable to buy are keen to snap up the ones that do become available.

With this boost in publicity, as well as the excellent standards of Bishopston Comprehensive School, we would expect prices to increase as families strive to move into the catchment area.

Bearing this in mind, perhaps investors should be looking at investing in Bishopston for the capital appreciation the area could offer a potential investment property - not to mention the uplift in rental income as demand outstrips supply. It won’t suit all investors, as most lenders wont entertain a yield so low, but for a cash buyer, a three bedroom family home in Bishopston could be a savvy investment for the future.

Sources: A Bay of Life / South Wales Evening Post / The Sunday Times / Zoopla / Visit Swansea Bay

If you haven’t already started thinking about tax, now is definitely the time to do so. Surprisingly I still come across landlords who are unaware that rental income needs to be declared and, in most cases, paid tax on. All rental income must be declared by law to the Inland Revenue.

There are elements of running a rental property that can be off-set against tax, but landlords of furnished properties might feel the pinch this year as the 10% wear and tear allowance will be ending this April. 

The end of the tax year is 5th April 2017, so although still a couple of weeks away, it is better to have an idea of how your rental year has been now so you can make changes if necessary; for instance, if you know you need to replace an item of furniture, look at doing so before 5th April to take advantage of this years’ allowances.

This new tax year will see the start of landlords being unable to offset part of the interest of their buy to let mortgages. If you are unsure of how these changes will affect your tax liability, speak to your accountant who should be able to advise. Not got an accountant? Give Swansea-based Morgan Hemp a call. 

If you want some free advice on how to maximise the rental potential of your property, give us a call on 01792 430100 today! 

Related: Landlord wear and tear tax changes