Terrific Tamworth Terrace!

Hello Everyone, did you all have a good time over the weekend? It’s a shame they go so fast!

Today I have a great property with a potentially good annual yield, so here’s something to get you over your Monday blues!

The house, advertised by our very good friends Bairstow Eves on Rightmove.co.uk is located in Dordon. This 3 bedroom terrace would be fantastic for families. The current owner is asking for offers over £110,000, however the house would be in dire need of modernisation due to it’s dated interior.The good news is there is no upward chain, so there would be minimal waiting time on acquiring the property and making it work for you!
I would estimate around £6000 tops would be required to get the property to a good standard. From the pictures it looks like you could possibly get away with painting the bathroom and adding a new cabinet as it looks fairly new.
I would expect the house to achieve a monthly rental income of £625, which if you purchased for the asking price of £110,000 and allocated £6000 for renovations, you would receive a healthy annual yield of 6.46%
Get the best advice and opinion you can. Speak to me, speak to others, do your homework. As long as landlords buy the right sort of property, that allows for a reasonable yield, decent capital growth, everyone will be a happy winner.

If you would like to contact me about any of the featured properties or any other property investment you might be thinking of, please feel free to contact Lorraine on 07531484956.
The property can be found in full at the following address:

Don’t hold your breath thinking the election will cure the Tamworth property shortfalls!

The 7th May 2015 is looming like a runaway train. All  the parties are furiously trying to win voters with policies and  promises of Utopia.
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There are 43,864 renters in Tamworth, a large proportion of these are in private rented accommodation.  In what’s thought to be a a tight election, every vote is crucial.

The Conservatives believe that “Rent to Buy” is the solution, whereas Labour are in favour of rent caps and extended tenancy terms.

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Since the turn of the Millennium, there has been a significant change in the proportion of people who own their own homes in Tamworth. In 2001, 73.15% of homes in Tamworth were owner occupied, today the figure is 68.23% a decline in such a short time.  Buy to let landlords find that young tenants are increasing in numbers because the young, say they can’t afford a deposit to buy, unless of course, parents finance them. Today’s young folk have different values, it used to be, that saving for a deposit was the number one priority and you went without to save up, now though owing a property is no longer high on their list.

After the war millions of council homes were built to keep up with the demand. Large council estates shot up from nowhere and Tamworth became known as the Birmingham overspill as large numbers of people flocked here to begin a new life.
Private house building also increased, and as the Country became more prosperous in the early 1970’s, there were more home owners than renters. As the population has steadily grown, the same cannot be said for the number of properties being built. In fact since the 1970’s, the number of new properties being built hasn’t kept up at the same rate. The boom in property prices hit us in the late 1980’s and again in 2004, are we due another boom?

Image result for images of 95% mortgage offersFirst time buyers have been able to obtain 95% mortgages since 2009. This should have helped them get on the property ladder, but as first time buyers save their deposit, house prices rise and their deposit is continually having to rise at the same rate. A treadmill that is not easy to get off!

New stricter mortgage rules introduced in 2014, means that most 20-25 something’s in Tamworth are renting instead of buying. We can’t blame landlords for this, they are not responsible for buying up all the property. For every mortgage approved for a landlord last year, three were approved for first time buyers!