Is it fair to Blame The Walsall Landlord?

Is it fair to blame the Walsall Landlord?
Is it fair to blame the Walsall Landlord?

Over the last couple of decades, the rise in the number buy to let properties in Walsall has been nothing short of extraordinary.  Many in the “left leaning” press have spoken of a broken nation, the fact many youngsters are unable to buy their first home with the rise of a new cohort of younger renters, whom have been daubed ‘Generation Rent’ as landlords hoover up all the properties for their buy to let property empires. Government has been blamed in the past for giving landlords an unfair advantage with the tax system. It is also true many of my fellow professionals have done nothing to cover themselves in glory, with some suspect, if not on some rare occasions, downright dubious practices.

Yet has the vilification and unfair criticism of some Walsall landlords gone too far?

It was only a few weeks ago, I read an article in a newspaper of one landlord who had decided to sell their modest buy to let portfolio for a number of reasons, one of which being the new tax rules on buy to let that were introduced last year. The comments section of the newspaper and the associated social media posts were pure hate, and certainly not deserved.

Like all aspects in life, there are always good (and bad) landlords, just like there are good (and bad) letting agents… and so it should be said, there are good tenants and in equal measure bad tenants. Bad letting agents and bad landlords should be routed out… but not at the expense of the vast majority who are good and decent.

But are the 3,983 Walsall portfolio buy to let landlords at fault?

The Tories allowed people to buy their own Council house in the 1980’s, taking them out of the collective pot of social rented houses for future generations to rent them. Landlords have been vilified by many, as it has been suggested by some they have an unhealthy and ravenous materialism approach to make cash and profit at the expense of poor renters, unable to buy their first home. Yet, looking beyond the headline grabbing press, this is in fact ‘fake news’. There are seven reasons that have created the perfect storm for private renting to explode in the 2000’s.

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My BTL Deal Of The Day 2 Bed End Terraced House Bloxwich Road, Walsall, WS2 Yields 5.73%

A traditional two bedroom end terraced house in between Walsall and Bloxwich town centres. The spec is decent enough with the decoration having been recently upgraded.

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Today’s BTL Deal 3 Bed Semi, New Forest Road, Walsall, WS3 Yields Of 5.21%.

A three bedroom semi detached house on a prestigious and popular estate in the Coalpool area in Walsall. Since major redevelopment in the area, the area’s profile has now been raised substantially making it a popular choice for rental.

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My Buy To Let Deal Of The Day, 3 Bedroom Semi Detached House, West Bromwich Road, Walsall, WS5. With Yields Of 5.78%

A very nice specced 3 bed semi on West Bromwich Road, Walsall, WS5, marketed by Purple Bricks (0121 721 9601). It doesn’t need anything doing to it from what I can see of it and can be let as is as far as I am concerned. There is gas central heating and double glazing. The bathroom is on the ground floor and does not have a bath, but does have a bidet.

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Today’s Buy To Let Deal – 2 Bed Terraced House, Essex Street, Walsall, WS2 – Yields 7.00%

A traditional terraced house on the north side of the town. The spec is very good and should be good to go pending an actual viewing, which I would highly recommend.

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Today’s Buy To Let Deal Is A Winner, Winner Chicken Dinner!

Leading on from my last BTL deal, I came across another similar property on Tamebridge on Harebell Close this time. Namely, a two bedroom terraced house, WS5. The full details here.

The marketed value is for offers around £124950k. Now, if the stats on the listing are correct, the last sale of the property on 22/08/2017 was £90k. Therefore, this means in just under 4 months, the property has increased in value by almost £35k! Now that’s some mad capital growth in such a short space of time!

Again, I don’t see this property selling at the asking price. Seems to me the seller bought it at a bargain price and is now trying to capitalise quickly, but as to whether it is worth the asking price, I don’t think it is. The spec is absolutely what you would expect from a property on Tamebridge and there is nothing out of the ordinary nor unique that would set it apart from other similar properties on the estate

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

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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