Journal Article – June 2011
We had an article published in today’s Journal.
A LETTINGS company says its business is growing because so few young professionals can afford to get on the housing ladder.Newcastle-based Heaton Property has just moved to bigger offices on Heaton Road and believes it will see its revenues double in the next 12 months.
The six-year-old firm is about to recruit another member of staff immediately and says it will create two more new jobs during the busy summer months this year.
Managing director Damiano Rea said: “Since the move we have enjoyed a bit of a boom and have now laid plans for our further expansion.
“Demand for high-standard rentals has never been greater among young professionals.This is due in part to the difficulty in getting a first-time mortgage, but also we are seeing young professionals who have no intention of buying for many years.”
“University graduation in June has provided a boost as students graduate and want to stay and work in the North East. Many are moving out of the new, purpose built student apartment blocks and are looking to find accommodation that is a little better appointed.”
“Landlords are realising better rental yields by renovating properties to a slightly higher standard and making them available to young professionals.”
Heaton Properties currently employs five staff engaged in the letting, management and maintenance of a portfolio of properties on behalf of North East landlords.