Walsall Property Market

Comment on the Walsall property market

Rents in Walsall Set to Rise to £714 pm in Next 5 Years

Head of Juicing @Ashmore Lettings & Sales Ltd Walsall Property Market , , , , , , , , ,
Rents in Walsall Set to Rise to £714 pm in Next 5 Years
Rents in Walsall Set to Rise to £714 pm in Next 5 Years

A good 18 months has passed since annual rental price inflation in Walsall peaked at 10.7% (June 2016).  Since then we have seen increasingly more humble rent increases to 7.3% in November 2017.  In fact, in certain parts of the Walsall rental market over the autumn, the rental market saw some slight falls in rents.  So, could this be the earliest indication that the trend of high rent increases seen over the last few years, may now be starting to buck that trend?

Well, possibly in the short term, but in the coming few years, it is my opinion Walsall rents will regain their upward trend and continue to increase as demand for Walsall rental property will outstrip supply, and this is why…

The way I see it is this…the counterbalance to that improved rental growth would be to meaningfully increase rental stock (i.e. the number of rental properties in Walsall).  However, because of the Government’s new taxes on landlords being introduced between 2017 and 2021, that means buy-to-let has (and will) be less attractive in the short term for certain types of landlords resulting in fewer new properties being purchased to rent out.

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Walsall Property Market Predictions 2018!

Head of Juicing @Ashmore Lettings & Sales Ltd Walsall Property Market , , , , , , ,
Walsall Property Market Predictions 2018!
Walsall Property Market Predictions 2018!

A belated Happy New Year to all my Blog reading friends!!  Trust the holiday season has treated you all well.  Now that you are rested, relaxed and rejuvenated I’m sure you have gotten into the full swing of things with vigour and enthusiasm.  We’re already passed the middle of January 2018 and finally I feel like the dust has settled allowing me the opportunity to catch my breath to reflect on the past year.

Wasn’t 2017 eventful?!  Last year was the greenest year in the UK.  We broke all previous records by June 2017 when our use of wind, nuclear and solar power created more UK power than gas and coal combined.  From England women winning the World Cup in July to an incredible breakthrough by scientists at University College London who have developed a drug that they hope could stop Huntington’s disease.  To top the end of the year there was the Royal love story with the announcement of romance, a wedding between Prince Harry and Megan Markle and something close to the hearts of every buy to let landlord and homeowner in Walsall… the changes in the local property market.

So, let’s look at the headlines for the Walsall property market in 2017…

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WALSALL LANDLORDS – THREE THINGS I’ll be doing over Christmas 2017!!

Head of Juicing @Ashmore Lettings & Sales Ltd Walsall Property Market , , , , , , , ,
WALSALL LANDLORDS - THREE THINGS I’LL BE DOING OVER CHRISTMAS
WALSALL LANDLORDS – THREE THINGS I’LL BE DOING OVER CHRISTMAS 2017

My Blog reading friends and existing clients will know that at some point over the Christmas break I get fed up of all the eating, drinking and partying.  “Bah! Humbug!” I hear you say…but in reality I think it’s simply that as a busy business owner, my mind and body can’t take the change in pace from mad and hectic to practically a vegetative like state.

So it’s usually around this time of the year, when I hit that point and I need to re-engage my brain, this is what I plan to do…

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Interest Rate Increase Kills the Walsall Property Market!

Head of Juicing @Ashmore Lettings & Sales Ltd Walsall Property Market , , , , , , , , , ,
Interest Rate Increase Kills the Walsall Property Market

We all do something to try and keep fit don’t we?  My choice of the fitness elixir is to take from the cup by combining a bit of fun and comradery which translates to Badminton (alas too many injuries to carry on playing football).  So, this weekend I had one of my Badminton comrades ranting and raving about the latest increase by the Bank of England which he felt will be the death of the Walsall Property Market as we know it today!

Before we all rush off to take drastic evasive manoeuvres we have to look at the entire picture to put matters into perspective.  The recent interest rise is the first increase in 10 years; they have just been raised from 0.25 percent to 0.5 per cent.  The uplift comes as inflation hits a 51-month high of 2.9 per cent whilst the national unemployment rate is at an all-time low of 4.3 per cent.

The average Walsall mortgage is £98,631…

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Walsall Property Sales Drop by 51.83%!

Head of Juicing @Ashmore Lettings & Sales Ltd Walsall Property Market , , , , , , ,
Walsall Property Sales Drop by 51.83%!
Walsall Property Sales Drop by 51.83%!

I was having a lazy Sunday morning, reading through the newspapers at my favourite coffee shop in Walsall.  I find the most interesting bits are their commentaries on the British Housing Market.  Some talk about property prices, whilst others discuss the younger generation grappling to get a foot-hold on the property ladder with difficulties of saving up for the deposit.

Others feature articles about the severe lack of new homes being built (which is especially true in Walsall!).  A group of people that don’t often get any column inches however are those existing Walsall homeowners who can’t move!

You would think that with ultra-low interest rates at 0.50% (albeit recently increased in the budget from 0.25%) the number of people moving would be booming – wouldn’t you?  However, this has not been the case.  Less people are moving because of the following reasons:

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Today’s BTL Deal, One Bed Semi, Wareham Close, Walsall, WS3 Yields Of 7.20%.

Head of Juicing @Ashmore Lettings & Sales Ltd Walsall Buy to Let Property Deals, Walsall Property Market , , , , , , , , , , ,

A one bedroom terraced house in a popular estate in Walsall for rentals. It is a very nice spec and billed as a buy to let opportunity and already being let as is. However, it is not clear from the listing whether the property comes with the current “Sitting tenant”. It is a modern build with all the relevant features e.g. double glazing, gas central heating type, fitted kitchen, bathroom with shower, low maintenance gardens 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.

The current asking price is fore offers over £75k and based on the current rental of £450.00 pcm will return a yield of 7.20%. However, I feel that offers “Over” the asking price are asking a little too much.

Currently on offer with Goodchilds (01922 312016) click here for the full details http://www.zoopla.co.uk/for-sale/details/40817062 and the EPC can be found here.

If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment.

For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01922 311016, you can always email me on salekm@ashmorelettings.co.uk.

Don’t forget to visit the links below to view back dated deals and Walsall Property News

Blog: www.walsallpropertyblog.com

Facebook: https://www.facebook.com/AshmoreLettings

Twitter: https://twitter.com/AshmoreLettings

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How many Walsall properties will be illegal to ‘Rent Out’ in 2018?!

Head of Juicing @Ashmore Lettings & Sales Ltd Walsall Property Market , , , , , , , ,
How many Walsall properties will be illegal to ‘Rent Out’ in 2018?!
How many Walsall properties will be illegal to ‘Rent Out’ in 2018?!

For the last 10 years, every private rental property must have an Energy Performance Certificate (EPC) rating before being marketed.  The property is given an energy rating, very similar to those on washing machines and fridges with the rainbow coloured graph, of between A to G (A being the most efficient and G the worst).

New legislation comes in to force next spring (2018) for English and Welsh private landlords making it illegal to let a property that does not meet a certain energy rating.  After the 1st of April next year, any new tenant moving into a private rented property or an existing tenant renewing their tenancy must have property with an energy performance rating of E or above on the property’s EPC and the new law will apply for all prevailing tenancies in the spring of 2020. After April 2018, if a landlord lets a property in the ‘F’ and ‘G’ ratings (i.e. those properties with the worst energy ratings) Trading Standards could fine Walsall landlords up to £4,000.

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How much are Walsall Buy-to-Let Yields a year?

Head of Juicing @Ashmore Lettings & Sales Ltd Walsall Property Market , , , , , , , , , ,
How much are Walsall Buy-to-Let Yields a year?
How much are Walsall Buy-to-Let Yields a year?

Purchasing your first Walsall buy to let (BTL) property is not the same as buying one to live in.  You have to employ a completely different set of tactics, methodology and mind-set.

The main difference is when purchasing your own property, you may well pay a little more to get the home you and your family want, and are less likely to compromise.  When buying for your own use, it is only human nature you will want the best, so that quite often it is at the top end of your budget; because as my parents always used to tell me – you get what you pay for in this world!

Yet with a Walsall buy to let property, if your goal is a higher rental return – a higher price doesn’t always equate to higher monthly returns – in fact quite the opposite.  Reasonably priced Walsall properties can bring in higher monthly returns.  Most landlords use the phrase ‘yield’ instead of monthly return.  To calculate the yield on a buy to let property one basically takes the monthly rent, multiplies it by 12 to get the annual rent and then divides it by the value of the property.

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Walsall Property – Jargon Busting Terminology (PART 2)

Head of Juicing @Ashmore Lettings & Sales Ltd Walsall Property Market , , , , , , , , ,
Walsall Property - Jargon Busting Terminology - PART 2
Walsall Property – Jargon Busting Terminology – PART 2

I have had a massive response from my Blog reading friends since I posted last weeks article on Jargon Busting. The thought had crossed my mind to do something different this week however, my readers have convinced me otherwise. So without further ‘ado’ here is part 2 (part 1 can be found here – just in case you missed it…)!!

N

Negative Equity – When the value of the mortgage which is outstanding on the property, is more than the market value of the property.

NHBC – National House Building Council. A warranty scheme for new properties providing cover against major structural defects for 10 years.

Non Resident Landlords – If you live overseas and are not a UK tax payer you can apply to receive rent without tax being deducted. For more information and details on how to apply for the Non Resident Landlords (NRL) Scheme – click HERE

 

O

Office Copy Entries – If the property has a registered title, the vendor’s (seller) solicitor will need to apply for office copy entries from the Land Registry before a draft contract can be prepared.

Ombudsman – An independent professional body which is set up by law to help settle individual disputes between consumers and firms, for example, estate agents, solicitors and insurance companies. There are now three ombudsman schemes.

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Walsall Property – Jargon Busting Terminology (PART 1)

Head of Juicing @Ashmore Lettings & Sales Ltd Walsall Property Market , , , , , , ,
Walsall Property - Jargon Busting Terminology (PART 1)
Walsall Property – Jargon Busting Terminology (PART 1)

Something different this week for my blog reading friends…in recent months I have been asked on several occasions to explain certain terminology that has cropped up during Walsall property transactions or just in conversation.  For ease of reference I have gone through the list in alphabetical order; the overwhelming array of acronyms and specialist terminology in simple layperson terms.  To save the article from being endless pages I have split this into two parts with part 2 releasing soon – so watch this space!  If there is anything I may have missed please feel free to comment or get in touch.

The meaning behind the lingo…

A

Abandonment – Abandonment is when a tenant leaves the property (usually without notifying the landlord or agent) before the tenancy has ended.  Very often this occurs when the tenant owes rent and the tenant may or may not leave possessions in the property.  Although the tenant is in the wrong for many reasons, they still have a legal tenancy and can return and demand to take up residence at any time, despite not paying rent.  Taking over an abandoned property is fraught with difficulties for the landlord and specialist advice should be sought.

Advance – A mortgage loan – an additional loan is referred to as a further advance.

Adverse Credit – Used to apply to a borrower or application that has past problems with bad credit, for instance frequent late payment, breached arrangement, bankruptcy or County Court Judgement.

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