A North East letting agency that had to be rescued out of administration in October last year has claimed an extraordinary turn-around in fortunes as its local housing market has revived.
Three-branch agency Sanderson Young says its average time between listing and letting agreed has dropped from five weeks to three days.
Also, it says that a significant increase in stock in the area has decreased the average number of viewings prior to an offer from between 15 and 20 to three per property.
“Now is a good time to let out property because the demand is so high and rental prices have risen,” its regional residential lettings manager Gail McClean told local media (left).
“At the moment, 80% of our customer base is outside of the North East. This is a positive reflection on the North East business sector and also [the area’s] appeal [as somewhere] to bring up families and build communities.”
Last year some 50 jobs at the company were at risk when financial difficulties over an unpaid tax bill forced Sanderson Young into administration. The company was subsequently bought by founder Duncan Sanderson’s family, and it has since opened a new flagship branch in the town of Alnwick.
The popularity of the area with renters was highlighted recently by the BBC, which named Northumberland as one of the UK’s five most affordable places to rent. Tenants in the county pay just 20% of their income in rent compared to 62% in Cambridge.