Today’s Buy To Let Deal yields 5.50% is a 2 Bed Terraced house with Loft Conversion, Walsall, WS4.

A 2 bedroom terraced house in the Rushall area of Walsall, WS4, currently marketed by Purple Bricks (0121 721 9601). Plenty of photos here showing the property off at its best. The decor is all neutral and does not need anything doing to it from what I can see.

Without an internal viewing it is impossible to assess if anything needs to be done as regards upgrades, but as it stands it looks good to go. You could expect a rental of £550.00 pcm.   Therefore, if the property sells at the current asking price will result in a yield of 5.50%.

If you would like an instant online appraisal as to the rental value of your property, please click here.

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5 reasons why NOT to use Gumtree to let a Walsall Property

5 reasons why NOT to use Gumtree to let a Walsall Property
5 reasons why NOT to use Gumtree to let a Walsall Property

Honestly I could write a book about this. Time and time again through my agency career I would have landlords calling me, desperate for advice after they’ve placed a “lovely” tenant in their property using a free (or low cost) DIY advertising website. The tenant presented themselves as honest, open, and above all very capable of paying the rent.

But the truth is a different matter. They got into the property by deception, and ended up costing these landlords thousands of pounds in damages, unpaid rent, and above all…the stress. These landlords had to cover the mortgage whilst funding the legal battle. One made very difficult because they weren’t aware of all the legislation surrounding lettings. This could prejudice their position in court. Didn’t serve the Prescribed Information? Didn’t register the deposit within 30 days? That means the tenant could actually sue you for 3 times the deposit amount! And there’s more…

It has been said that some 30% of the PRS is made up of accidental landlords (Source: Landlordnews.co.uk). Here lies the problem. As an accidental, or amateur (not a bad thing!) landlord, it is unlikely that they invest the time to make themselves aware of all the legislation surrounding lettings. There is a lot, but as the saying goes “you don’t know what you don’t know,” so most are blissfully unaware – until it goes wrong, and they can do with disastrous consequences!

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Do we have a ‘triple speed’ Walsall property market?

Do we have a ‘triple speed' Walsall property market?
Do we have a ‘triple speed’ Walsall property market?

As you might imagine…“What’s happening to the Walsall Property Market?” is a question I am asked often & repeatedly.  Well, would it be a surprise to hear that my own research suggests that there isn’t just one big Walsall property market – but many small micro-property markets?  In the past I have written about the dual speed Walsall property market but now I’m seeing the emergence of three!

For ease, I have named them the…

  1. lower’ Walsall Property Market.
  2. lower to middle’ Walsall Property Market.
  3. ‘middle’ Walsall Property Market.

The ‘lower’ and ‘lower to middle’ sectors of the Walsall property market have been fuelled over the last few years by two sets of buyers.  The first set, making up the clear majority of those buyers, are cash rich landlord investors who are throwing themselves into the Walsall property market to take advantage of enticingly low prices and even lower interest rates. The other set of buyers in the ‘lower’and ‘lower to middle’ Walsall property market are the first-time buyers (FTB), although the FTB market is in a state of unparalleled deadlock as it’s been trampled into near-immobility and incapacity by the new 2014 stricter mortgage affordability regulations and also fewer mortgages with low deposits.

Some of you may be interested to know how I have classified the three sectors…

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Walsall Property Blog on Holiday!

Walsall Property Blog on Holiday
Walsall Property Blog on Holiday

Keeping a blog updated can be an exhausting affair so I’ve decided to take a break especially, since the children have holidays.  The wedding season is also in full swing (I’m attending two weddings next week!!).  I hope to return to the blog towards the end of the month.

 

In the meantime, why not visit these property related websites to hone your property investor acumen?

http://www.landlordlaw.co.uk/ – This is a great resource of useful information, especially on legal issues.

www.periodproperty.co.uk is, as you can imagine, the place to find a thatched, listed or historic home, while www.propertyauctions.com lists dates and reserve prices on upcoming auctions plus tips for those bidding for the first time.

www.firstrungnow.com targets first-time buyers and has information on low cost properties for sale. Young buyers wanting to pool resources can find a co-buyer on www.sharedspaces.co.uk or www.co-buywithme.co.uk.

Whilst I’m away if there is anything you would like me to pick up on/ discuss/ write about upon my return please send me an email or message me via any of my social media sites.  Take care and happy holidays…

Phone: 01922 311016

Email: salekm@ashmorelettings.co.uk

 

Walsall people move 19.32 miles when relocating…

How far do Walsall people move house?
How far do Walsall people move house?

 “When Walsall people move home how far do they actually go?” This was a fascinating question asked by one of my clients the other week. Readers of my blog will know I love a challenge, especially when it comes to talking about the Walsall Property Market!

 For the majority, the response is not very far. It is much more common for homeowners and tenants in Great Britain to move across town than to the next town or county. Until now, it’s been hard to say how many homeowners and tenants moved from (and to) relatively far away to buy or rent their new home. However, I carried out some research and requested some statistics from the Royal Mail. What came back was very interesting to say the least!

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Are Walsall landlords denying our Walsall youngsters?

Are Walsall landlords denying our Walsall youngsters?
Are Walsall landlords denying our Walsall youngsters?

I received a very interesting letter the other day from a Walsall resident. He affirmed he was a Walsall homeowner, retired and mortgage free. In the letter he stated how unaffordable Walsall’s rising property prices were and that he worried how the younger generation of Walsall could ever afford to buy? He went on to ask if it was right for landlords to exploit the inability of others to buy property and if, by purchasing a buy to let property, Walsall landlords are denying the younger generation the ability to, in fact, buy their own home?

Whilst doing my research for my many blog posts on the Walsall Property Market, I know that a third of 25 to 30 year olds still live at home. It’s not surprising then that people are kicking out against buy to let landlords; as they are the gluttonous bad people who are cashing in on a social woe. In fact, most people believe the high increases in Walsall’s (and the rest of the UK’s) house prices are the very reason owning a home is outside the grasp of these younger would-be property owners.

However, the numbers tell a different story…

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5 reasons why NOT to use Gumtree to let a Walsall Property

5 reasons why NOT to use Gumtree to let a Walsall Property
5 reasons why NOT to use Gumtree to let a Walsall Property

Honestly I could write a book about this. Time and time again through my agency career I would have landlords calling me, desperate for advice after they’ve placed a “lovely” tenant in their property using a free (or low cost) DIY advertising website. The tenant presented themselves as honest, open, and above all very capable of paying the rent.

But the truth is a different matter. They got into the property by deception, and ended up costing these landlords thousands of pounds in damages, unpaid rent, and above all…the stress. These landlords had to cover the mortgage whilst funding the legal battle. One made very difficult because they weren’t aware of all the legislation surrounding lettings. This could prejudice their position in court. Didn’t serve the Prescribed Information? Didn’t register the deposit within 30 days? That means the tenant could actually sue you for 3 times the deposit amount! And there’s more…

It has been said that some 30% of the PRS is made up of accidental landlords (Source: Landlordnews.co.uk). Here lies the problem. As an accidental, or amateur (not a bad thing!) landlord, it is unlikely that they invest the time to make themselves aware of all the legislation surrounding lettings. There is a lot, but as the saying goes “you don’t know what you don’t know,” so most are blissfully unaware – until it goes wrong, and they can do with disastrous consequences!

Continue reading