During these trying times of National and Local Government spending cuts, councils must find ways of surviving the deep cuts they all must make.
More and more, Local Councils must find ways of raising cash quickly and it seems that in Tamworth one way of plugging the deficit is by selling off some of the Social Housing. Once an area of many Council Houses today we find that many are now privately owned or privately rented.
The latest statistics show that Social Housing makes up just 19.8% of a Town which was once famed for being one of the first, after the Second World War, to build high quality council houses en masse. Now a days we are finding that many applicants are applying and demand currently far out weighs supply. The website Finding a home in Tamworth counts the amount of applicants per cycle per house – and we can see from the latest one that only one house became available and had 47 people bid on it, clearly there is large local demand for affordable housing.
This led me curiously looking to see if I could find out the total amounts of applicants still waiting for housing, well we can see that from 2013 to 2014 (which are the latest figures) a drop of just 56 applicants occurred, so there is clearly demand in the areas where these housing sell offs are happening. Many of these housing “sell offs” are still at a fantastic prices for example this three bedroomed house in Chapelon is just £99,950. We would expect to achieve rent of £650. pcm which would earn an annual yield of 7.80% – And houses in this area are still rising, as more and more are becoming privately owned so now might be the last opportunity you get to buy into the market before it’s propelled into the stratosphere.
It’s time for Tamworth savvy private landlords to sweep in and fill the gaps, in a time where more and more people are in work in the area and a lack of social housing, you could be doing yourself and those unable to find houses to rent in the areas a favour – it’s a win win situation for both tenant and landlord and that’s one of the great reasons why houses are fantastic investment opportunities – not only are you making great yields for yourself, you’re also helping those people out who rely on Local Authority Housing, which is frankly inadequate at the moment.