£90,348 spent in Rent by Walsall Millennials Age 35

Walsall Rent Inreases Outstrips Inflation Since 2005
Walsall Rent Inreases Outstrips Inflation Since 2005

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.

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My BTL Deal Of The Day, 3 Bed Semi House, Larchwood Road, Walsall, WS5 With Yields Of 5.57%.

A very nicely presented three bedroom semi detached house on Larchwood Road, Tamebridge, Walsall, WS5. The asking price is £140k with Yopa (01322 584475), you can find the full property details here.

Located in the highly popular and very desirable Tamebridge estate, speaks volumes as to the location and therefore the potential for long term letting.

There are two double bedrooms and a single bedroom. There is a conservatory extension to the rear.

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“Will the Walsall Property Market Crash…?”

Will the Walsall Property Market Crash
Will the Walsall Property Market Crash…?

A question posed by a local portfolio landlord of mine last week.  Who would be the gainers and losers…?

Those Walsall people wanting property values to drop would be those 30 or 40 something’s, sitting on a sizeable amount of equity and hoping to trade up (because the percentage drop of your current ‘cheaper’ property will be much less than the same percentage drop of the more expensive property– and trading up is all about the difference). If you have children planning to buy their first home or you are a 20 something wanting to buy your first home – you want them to drop.  Also, Walsall landlords looking to add to their portfolio will want to bag a bargain (or two) and they would love a drop!

Yet, if you have recently bought a Walsall property with a gigantic mortgage, you’ll want property values to rise. If you are retired and are preparing to downsize, you will also want Walsall property values to rise (because you will have more cash left over after the move).  Also, if you, a landlord looking to sell your portfolio or a Walsall home owner, who has remortgaged to raise money for other projects (meaning you have very little equity), you will want property values to rise to enable you to put a bigger deposit down on the next purchase.

So, before I discuss my thoughts on the future, it’s important to look at the past…

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My BTL Deal Of The Day Is A 3 Bed Semi In Shelfield, WS4 Yielding 7.50%.

This 3 bed semi detached home is situated on Woodbridge Close, Shelfield, Walsall, WS4.  On the market with Bairstow Eves (01922 312791).  Priced at £100k, but asking for offers over that amount. The full details can be found here.

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

The property looks well maintained and in good decorative order, but without an internal viewing it is difficult to assess what improvements are required, if any.

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Today’s Buy To Let Deal, 2 Bed Town House, Wolfsbane Drive, Walsall, WS5 With Yields Of 5.28%.

A two bedroom town house on Wolfsbane Drive, Tamebridge, Walsall, WS5. The asking price is £125k with Purple Bricks (0121 721 9601).  The Full property details can be found here.

Located in the highly popular and very desirable Tamebridge estate, speaks volumes as to the location and therefore the potential for long term letting.

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Today’s Buy To Let Deal Is A 3 Bed Terraced House, Yew Tree, Walsall, WS5 Yields 5.49%

A 3 bed terraced house on Birchfield Way, Yew Tree, Walsall, WS5. On the market with Bairstoweves (01922 312791) and priced at £130k. Full details can be found here.

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Walsall Property Market has a ‘Rentirement’ problem.

Walsall Property Market has a ‘Rentirement_ problem.
Walsall Property Market has a ‘Rentirement_ problem.

I think I’ve created a new word! Yes, I said ‘rentirement’, not retirement. Let me define it: rentirement , Renters who are currently in their 50’s and 60’s who don’t own their own home but rent their home, privately, from a buy to let landlord.

In Walsall, there are just under 1416 rentirees and this number is growing steadily! How…?! Read on to find out…

The truth is that these Walsall people are prospectively soon to retire with little more than their state pension of £155.95 per week, probably with a small private pension of a couple of hundred pounds a month, meaning the average Walsall rentiree can expect to bring in about £200 per week once they retire at 67.

The ‘Rentirement’ Time Bomb…

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