At a recent family gathering my sister and I were talking about various sibling stuff when the conversation shifted to how she ended up at the property she resides at now. It became very interesting when she brought out a folder with a plethora of information and history left by the previous owners.
Walsall property owners may be interested in knowing the property built in 1947 was purchased for £1,000 with a mortgage of £700!!
The monthly mortgage payments were £4, 4S which I have no idea how much that translates to in today’s money…however…the thought of buying property for £1k and paying a £4-5 mortgage nowadays is one of dreams.
In 1947 the average UK house price was £1,824k which takes into consideration the London housing market. The mortgagee was Walsall & District Co-Operative Society Ltd. I found some interesting information on the Society who, it seems, owned a lot of residential and commercial property in Walsall at that time! They were encouraging the Owner Occupier tenure by using advertising slogans such as “Why pay rent?” “Buy your own house through the Society”. The time being just after WW2 house building was being encouraged as well. The Society were offering loans/ mortgages to Walsall people for house building advances at 3 ½ percent interest per annum and 3 ¾ interest per annum if the property was already built.
For the more avid Blog reading friends the quarterly reports of 1947 can be found by following the below link here:
Back to my Sis’s property…since it was built the property was extended to add further living space to adapt to the then growing family’s needs. A garage was added to the side and further living space was added to the rear and above making the pretty 3 Bed Semi into a 4 Bed with a Garage. If I were to put a value on it today I would say it was in the region of £225k to £240k. But 70 years ago seems like a couple of lifetimes and who can wait that long to realise such gains…? Well…at least in Walsall…you don’t have to…
In 2004, if you purchased a property in our region (just 15 years ago), you would have paid on average around £125k. That property today on average is around £180k. A gain of £55k or 44% in 15 years isn’t too shabby now is it!?
I have always maintained that when it comes to investing in Walsall property always take a long-term view. Make sure you get the correct advice from local experts and take your time. If you are thinking of entering the Walsall buy-to-let property market and you need a second opinion on your purchase, send me the Rightmove or Zoopla link and I will be more than happy to give you my opinion. My Blog reading friends will testify to this – I don’t charge for my opinion and I will always tell you what you need to hear…not what you want to hear.
Phone: 01922 311016