In recent weeks I have had the pleasure of meeting up with a few investors who were looking to enter the Walsall Property Market. There are so many approaches to investing in property and many ‘Guru’ type figures out there, all willing and able to help…all for a fee of course (some of the fees are eye watering)!! Having attended the course, some of the investors found my Blog and decided to take me up on the offer of a meeting over a cuppa. The common theme/ question that came up repeatedly was… “Do I buy with or without a mortgage”!?
For most Walsall people, a mortgage is the only way to buy a property. However, for some, especially Walsall homeowners who have paid off their mortgage or Walsall buy to let landlords, many have the choice to pay exclusively with cash. So, the real question is, should you use all your cash, or could a mortgage be a more suitable option?
Roll up, roll up guys and gals and feast your eyes on this little beauty! My advice? Get in there now and arrange a viewing! Marketed by Connells (01922 716026) at £110k and stated as a ‘Fantastic buy to let investment opportunity’. The spec is bang on the money and ready to go. The full property details can be found here.
Only recently added to the sales market, this is technically a two bed semi with a loft conversion for the third bedroom, but we will call it a three bed just for the sake of argument. Situated on Edinburgh Avenue, Walsall, WS2. Currently marketed with Purple Bricks 0121 721 9601 for an asking price of £125k and based on a minimum pcm rental of £550.00 will yield 5.28%.
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.
Millennials were born between the mid 1980’s and late 1990’s making them between the age of around 22 to late 30’s. They are the imaginative, artistic youngsters who grew up with the newest tech and computers and who are huge enthusiasts of music festivals, gourmet pizzas, emoji’s, selfies and old school nostalgia AKA…generation rent.
Countless Millennials have discovered that renting is a good choice for their shelter and accommodation needs without the hassle that comes from buying a home. Nonetheless, that is not the only reason they don’t buy property. When they should be concentrating on their profession, putting down roots and starting a family, Millennials are still going through the pressures and constraints on their finances of student loan liabilities whilst, at the same time, finding it hard-hitting to pay rent.
The hot topic at the moment is the cost of renting, as both our main political parties have seen mileage in wooing these Millennial Generation Renters. The average rent in Walsall is currently £618 per month making this a big-ticket item on the monthly budget. I was inquisitive to find out exactly how much Walsall Millennials will spend on rent by the time they reach their mid 30’s. The average age people leave home in the UK is 22; so looking at a Walsall 22-year-old (or Millennial) who left home in 2005 then between 2005 and today that Walsall Millennial will have shelled out £90,348 in rent.
Don’t know about you but I had heard so much about the new GDPR laws which came into force towards the end of May 2018 that I thought many of my Blog reading friends wouldn’t wish to hear another word on the matter!! On the contrary…I’ve received several requests to clear matters up for you guys especially, around your personal responsibility when it came to staying on the right side of the law.
If you are letting a property in Walsall or indeed the UK for that matter, GDPR for landlords certainly affects you in a few key ways. Before I address these major changes, let’s take a quick look at how we got to this point.
A brief history of UK data protection
In essence, data protection regulation has been enforced in the UK as a way to ensure that businesses and business owners do not abuse or misuse the data of their customers. The purpose is to ensure it is not just used correctly but also stored safely. In the UK, the first Data Protection Act was introduced in 1984.
It has been subsequently revised over the years and in 1993, a famous case was brought forward which saw PC Brown being prosecuted for mishandling data. Though the ruling was eventually overturned, it was a landmark case and UK businesses seemed to start taking data protection more seriously.
A good looking traditional terraced house on the Darlaston Road, Walsall, WS2. It has a decent sized and low maintenance rear garden. Overall it looks like it doesn’t need anything major doing to it. Obviously a closer inspection would be the final arbiter. So, it possibly could be lout out as is. There are two double bedrooms and a single, though the size of the single means you could get a double bed in there, but that wouldn’t leave much room for anything else. Sadly, no photos are on the listing.