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

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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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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Interest Rate Increase Kills the 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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Today’s 3 Bed Semi Buy To Let Deal Yields 5.57%, Alderley Crescent, Walsall, WS3.

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.

There are plenty of photos to show off the very attractive spec of this property. My personal experience with this estate is that the estate is very popular and highly sought after for rentals.

The location benefits from being within easy reach of all the major road networks, services and other amenities lending easy access to Walsall and Bloxwich town centres.

The property is of modern design and has off-road parking as well as a garage. There is a fully fitted kitchen and has gas central heating and double glazing. Additionally there is a large lounge, two double bedrooms and a fair sized garden. the only blip on the horizon for me is the bathroom, which looks a little dated and could do with an upgrade. However, do not let that be a deal breaker, the property can definitely be let as is. But don’t take my word for it, go and take a look for yourself and book a viewing appointment.

The current asking price is £139950k and based on a rental of £650.00 pcm will return a yield of 5.57% though I do feel that the property is slightly overpriced.

Currently on offer with House Simple (0330 098 9870) click here for the full property details.

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

 

Walsall Property – Jargon Busting Terminology (PART 2)

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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Buy To Let Deal Of The Day, Gower Street, Walsall, WS2. Yields 4.95%.

A two bedroom semi detached house in the Pleck area of Walsall, WS2. It has been listed with Zoopla just two days ago. There are plenty of photos, which show decent property spec including a modern kitchen and bathroom. The decor is neutral, both bedrooms are large and there is double glazing and central heating. This one could be let as is, but I would recommend doing something with the grass in the rear garden, it does look a bit worse for wear. Parking looks like it is on-road.

The selling price is £120k and it is located in an area popular for rented accommodation.

There are a selection of local schools, healthcare amenities such as doctors, dentists and chemists within easy each. Transport services are very good with bus routes and major road networks nearby and Walsall town centre only a couple of miles away.

I appraise the rental to be £495.00 pcm giving a yield of 4.95%. Currently on offer with Connells (01922 716026) click here for the full property details.

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