How to Find a Great Walsall Buy To Let Property!

How to Find a Great Walsall Buy To Let Property!
How to Find a Great Walsall Buy To Let Property!

One of the best things I love about my job as an agent is helping Walsall landlords with their strategic portfolio management.  Gone are the days of making money by buying any old Walsall property to rent out or sell on.  These days, property investment is both an art and science.  The art is your gut reaction to a property, but with the power of the internet and the way the Walsall property market has gone in the last 10-15 years, science must also play its part on a property’s future viability for investment.

As a property professional I use many metrics (as do others), when deciding the viability of a rental property i.e. the price, the average rent, the yield and one you may not be too familiar with is – an average value per square foot.

However, another metric I like to use is the average rent per square foot.  The reason being is that it’s a great way to judge a property from the point of view of the tenant … what space they get for their money.  Now of course, location plays a huge influencing factor when it comes to rents (and hence rent per square foot).  Like people buying a property, tenants also have that balancing act between better/worse location, more vs. less money and size of accommodation (bigger and more rooms equalling more money) and where they live (location) verses making ends meet.

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Recovering Possession of a Walsall Property.

Recovering Possession of a Walsall Property
Recovering Possession of a Walsall Property

I am getting more and more enquiries from my blog reading friends on some technical aspects of property management.  In the past I’ve avoided writing about these types of questions on the Blog by answering them directly.  I find writing about the Walsall property market more interesting but people power has to prevail and I feel I must provide the readership what they seek.

There are various reasons why you may need to recover possession of your rental property.  Below is an enquiry I received recently and my answer.  Hope you find it informative and as always I welcome your feedback.  Do let me know if you have any burning questions you would like me to answer in a similar vein and I’ll do my best to accommodate.

Question:

‘Dear Salek,

I rented my property out when I moved into my husband’s house about 6 years ago and we are now going through a divorce.  I need my property back as I need to move in as soon as possible, so I know I will need to evict the current tenants. How do I correctly serve a notice?

Thank you,

Sue.

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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 Property Market Predictions 2018!

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!!

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!

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

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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