The challenge every Tamworth property buyer has faced over the last few years is a lack of choice – there simply hasn’t been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Tamworth, the market is likely to see upward pressure on property values continue.
However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment, the Tamworth property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Tamworth has increased.
For example, last month B79 saw 62 new properties coming on to the market, not bad when you consider for the last year the average has been in the 35 to 40 range. With the average Tamworth property value hitting a record high, reaching almost £195,100 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure, but there is a glimmer of hope that the Tamworth’s supply crisis may be starting to ease.
As I write this article, 1.51% of Tamworth properties are up for sale. In terms of actual chimney pots, that equates to 366 properties on the market in Tamworth (within 3 miles of the centre of Tamworth) – which, when compared to only a year ago when that figure stood at 320, is a serious increase in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading…
· Detached Properties in Tamworth – 121 on the market a year ago compared to 151 on the market now – an increase of 25%
· Semi Detached Properties in Tamworth – 90 on the market a year ago compared to 100 on the market now – an increase of 11%
· Terraced Properties in Tamworth – 54 on the market a year ago compared to 57 on the market now – an increase of 6%
· Flats / Apartments Properties in Tamworth – 39 on the market a year ago compared to 48 on the market now – an increase of 23%
This is evidence of strength in the Tamworth housing market that many didn’t expect. Many believed that the Tamworth property market wasn’t going to be strong enough post Brexit – as what was a sellers’ market before the Brexit vote and Buyers’ market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won’t continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won’t be down to Brexit but a re-balancing of the Tamworth Property Market – which is good news for everyone.
For more thoughts on the Tamworth Property Market, please visit the Tamworth Property Blog www.tamworthpropertyblog.co.uk
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 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk