My Blog reading friends may be aware of the ‘eviction ban’ introduced at the start of the pandemic. The good news is this is being lifted on the 23rd August 2020.
Our government recently announced changes to the eviction processes in England and Wales. These temporary measures aim to help the courts cope with the influx of possession proceedings once the ‘eviction ban’ is lifted.
The changes include claimants needing to issue a “reactivation notice” to resume halted evictions and will be effective until March 28th, 2021.
As if Walsall landlords and landlords across the country don’t have enough to contend with, new rules on Electrical Inspection Condition Reports (EICR) has kicked in from this month.
In my day job at Ashmore Lettings & Sales, historically we have always advised landlords to conduct this check to obtain a condition report. Therefore, most of our clients are already ahead of the game. I have to admit, explaining this to some landlords has been an uphill battle especially, when my colleagues in the industry dissuaded many Walsall landlords to not obtain an EICR.
“So where is the Walsall property market heading?”. “How will a recession affect the market?”. Just a couple of common questions I’ve been fielding recently. As usual, for the benefit of my Blog reading friends, here are my thoughts…
There are plenty of investors who think nothing of legally committing to buying a property ‘off plan’ before it’s built – yet over the last few weeks, it has become the norm in the resale (second-hand) Walsall property market and they have now stolen a march and bagged some property bargains.
Normally, the physical viewing is the first step of the resale house buying process … yet now it’s becoming the ‘new normal’ that some Walsall agents are carrying out semi-professional video viewings or video tours. Even homeowners are getting in on the act and managing a Facetime or Zoom video viewing by walking around their house with their mobile phone.
On the 13th May 2020 the Government announced that the Estate & Letting Agency industry could reopen meaning people could view houses, visit agents and move home be they tenants, buyers, landlords or home sellers. This is all subject to general and specific social distancing rules, specific hygiene regulations and suitable PPE being used.
So what has been happening in the last few weeks in the Walsall property market?
When it comes to buy-to-let (BTL) deals in Walsall, there hasn’t been much to sing and dance about in recent times. But if you look underneath the covers…there are always hidden gems to be found. Some of my Blog reading friends may know that I have been quietly plugging away in the background looking at deals and helping clients connect the dots to help make those all important life changing decisions. Like people come in all shapes and sizes so does their area of knowledge/ expertise. In recent times I have had my Walsall Property Sourcing Clients ask me a similar question which, I thought I would answer here by providing an insight into some of the reasons why I view Walsall BTL investments the way I do…
…so without further ado…!! Above pictures are of two seemingly investable properties for a Walsall Landlord to consider. However, when you delve a little deeper and past the numbers, what do you actually see…?
There is no doubt we are living in challenging times. Until recently I thought, the main talking points this April would be around changes to EPCs and EICRs – but things are a little different now.
Walsall Landlords and tenants have a lot of questions about what all of this means for them and what support will be available during the coronavirus pandemic if they need it.
Over the past couple of weeks information/ announcements have been coming through thick and fast. To help you as best as possible I’ve put together some of the primary information issued by the government for the private rental sector. We’re all aware that things are changing almost daily, and we’re keeping a close eye on the news as the government continues to issue further guidance and support. The information I have to date is as of 31/03/2020.
Many of my blog reading friends contact me for various property related advice and as they will testify, I try my best to assist where I can. As you can imagine I see a lot of property and meet both buyers and sellers alike so I get to see and hear from both sides. As the market starts to pick up again after the usual winter lull, I have been approached by some sellers struggling to sell their property. So here’s my tuppence worth…
…you’ve put your home on the market and now you’re eagerly waiting for those viewings to come rolling in. You may be receiving some viewings but actual offers are lacking. Unbeknownst to you, you are sabotaging your sale. The good thing is there is time to turn things around.
I got stopped in the street the other day…not for a stop and search but by a local landlord who recognised me! As the story goes, we started to talk about the local property market. He was uncertain which way to vote and wanted my opinion. There is so much talk with a nauseas amount of noise from all corners that it’s almost impossible to weigh up the pros and cons for Walsall landlords and Walsall property owners. I mean if I could have it my way, I would love to take some manifesto ideas I like from one party and attached it to the manifesto of another to create my own…wishful thinking…
…so, as Thursday 12th December draws closer, I’m keen to find out which parties Walsall landlords are backing in the General Election. If you’re unsure on who to vote for, I have put together a summary of each party’s housing and rental plans to help you find out everything you need to know before polling day.
The Government’s Annual Housing Survey is 50 years old this year. It has taken a snap shot of the UK’s property market every year since 1969 and in the recently published report for 2018, it wasn’t a surprise that owner occupation is still the most predominant tenure, yet now more people own their home without a mortgage rather than having a mortgage as the number of people buying their first home (obviously with a mortgage) has declined since the Millennium. The report also shows homeowners (mortgaged and owned outright) are, on average, older than renters and between the homeowners themselves, those who are mortgage free are older than those with a mortgage.
Looking at the most recent data for Walsall, I wanted to see how we compared to the national picture. Therefore, focusing on the main 4 tenures of owned outright, owned with a mortgage, social housing (i.e. Council Housing and Housing Association) and private rented, this is what I found out…
A two bedroom semi detached house on the popular Reedswood estate in Walsall, WS2. The property will need some changes to the decor, but otherwise is perfect for rental.
There are two double bedrooms, one with fitted wardrobes. A modern kitchen with integrated oven/ hob, a family bathroom with shower, a fair sized rear garden and off-road parking. It would be better appreciated by a viewing. The location is within easy reach of all the major road networks, services and other amenities lending easy access to Walsall town centre plus Reedswood Retail Park is just around the corner.
If you have been reading my articles on the Walsall property market, you will see that in the three years since the referendum we have proved beyond doubt that ‘Brexit’ has had no effect on the Walsall property market (or the UK as a whole).
So one might ask, what does affect the property market locally? Well many things on the demand side include wages, job security, interest rates, availability of mortgages, confidence in the economy, inflation, speculative demand … the list goes on. Yet as my blog reading friends will note, I like to delve deeper into the numbers which has led me to find an interesting correlation between unemployment and the number of properties sold (i.e. transactions).
Why transaction levels and not house prices? Well just looking at Walsall house prices as a leading indicator has flaws. Many property market commentators and economists believe transaction numbers (the number of properties sold) give a more accurate and truthful indicator of the health of the property market than just house values alone. The reason is twofold. First most people when they sell also buy, so if property values have dropped by 10% or risen by 10% on the one you are selling, it would have done the same on the one you are buying – meaning to judge the health of a property market is very one dimensional. Secondly…