Tamworth is a thriving place to live and work

#LoveTamworth

From a small market town Tamworth has become the heart of the UK.    Tamworth was England’s original   capital and is

the home of the historic Tamworth CastleChurch of St Editha, Tamworth, and Moat House and was the capital of the Anglo-Saxon Kingdom of Mercia.

The town’s main industries include logistics, engineering, clothing, brick, tile and paper manufacture. Until 2001 it was also home to the Reliant car company, which produced the three-wheeled Robin and the Scimitar sports car. The Snowdome, the UK’s first full-sized real-snow indoor ski slope is in Tamworth, and only a short distance away is Drayton Manor Theme Park.

Also famous for Robert Peel and The Tamworth Pig,

Happy days.

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Homeownership Amongst Tamworth’s Young Adults Slumps to 56.9%

The degree to which young Tamworth people are locked out of the Tamworth housing market has been revealed in new statistics.

A Tamworth landlord was asking me the other week to what effect homeownership rates in Tamworth in the early to middle aged adult age range had affected the demand for rental property in Tamworth since the Millennium. I knew anecdotally that it affected the Tamworth rental market, but I wanted some cold hard numbers to back it up. As you know, I like a challenge when it comes to the stats.. so this is what I found out for the landlord, and I’d like to share them with you as well.

As anyone in Tamworth, and most would say those born more recently, are drastically less likely to own their own home at a given age than those born a decade earlier, let’s roll the clock back to the Millennium and compare the figures from then to today.

In the year 2000, 57.6% of Tamworth 28-year olds (born in 1972) owned their own home, whilst a 28 year old today born in 1990) would have a 30.7% chance of owning their own home. Next, let’s look at someone born ten years before that. So, going back to the Millennium, a 38 year Tamworth person (therefore born in 1962) would have an 85.0% chance of owning his or her own home and a 38 year today in Tamworth (born in 1980) would only have a 66.2% chance of owning their own home.

Since the Millennium, overall general homeownership in the 25 to 44 year old age range in Tamworth has reduced from 78.69% to 56.90%

If you look at the graph below, split into the four age ranges of 25 year olds (yo) to 29yo, 30yo to 34yo, 35yo to 39yo and finally 40yo to 44 yo, you will quite clearly see the changes since the Millennium in Tamworth. The fact is the figures in Tamworth show the homeownership rate has proportionally fallen the most for the youngest (25yo to 29yo) age range compared to the other age ranges.

The landlord suggested this deterioration in homeownership in Tamworth across the age groups could be down to the fact that more of those born in the 1980’s and 1990’s (over those born in the 60’s and 70’) are going to University and hence entering the job market at an older age or those young adults are living with their parents longer.

I read some national homeownership statistics of different age groups with the same number of years after they left education (rather than at the same age) and that gave an identical dip to the graph above.  Neither are these drops in homeownership related with a significant increase in the number of young adults living with their parents. Again, nationally, that has hardly changed over the last 20 years as the percentage of 30-year-olds living with Mum and Dad only increased from 22% of those born in the early ‘70s to 23% of those born in the early ‘80s.

So, what does this mean for the rental market in Tamworth?

Only one thing .. with the local authority not building Council houses, Housing Associations strapped for cash to build new properties and the younger generation not buying, there is only one way these youngsters can obtain a roof over their head and have a home of their own .. through the private landlord sector. Now with the new tax rules and up and coming licensing rules, Tamworth landlords will have to work smarter to ensure they make the investment returns they have in the past. If you ever want to pick my brains on the future direction of the Tamworth rental market .. drop me line or pop in next time you are passing my office.

If you want to learn about the Tamworth Property Market , one source for information is the Tamworth Property Blog authored by yours truly at https://www.tamworthpropertyblog.co.uk

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So who is my Tamworth buyer and do they really know what they are looking for in a property?

I often ask myself, who is my buyer?

Many times I have thought, If I could answer this question it would be easier to market the property towards that group.

What made you buy your home, was it the location – next to your favourite football club or was it situated in a leafy suburb. What attracted you to it in the first instance?

When I conduct a valuation on any home, I like to get entralled into costume and play a part in the play – me as a potential buyer.  For instance I am a young 20 something looking for a love nest with my beau or I will pretend that I am a professional person who is moving with her  high flying job.

I still wear my estate agent hat to create an accurate price tag. Wearing two hats just ensures that I can create an ideal marketing plan for the seller while getting the best possible price.

Many hats Many hats

So how do you capture potential buyers attention and ensure their need – they really must view your home?

An apartment is perfect for those professional buyers who are carefree and single who are looking for a low maintenance home. They do not want gardens to tend every weekend, after all, they have a busy social life.

Show them the great social life close by, the fabulous restaurants and the many evening attractions. Remember to include this in your marketing material.

Why not try some trendy home staging, it doesn’t cost a fortune.

A 2 bed terrace home  is a ideal starter home for a young couple. Money is often tight as they have been saving every penny for a deposit enabling them to get on the property ladder. Entice them with such information that the home has central heating, has been double glazed and is in great condition.

Point out any large local employers. Are there any green areas or woodland close by? Let people know what is in the neighbourhood.

A bungalow will appeal to the retired as there are no stairs to  manoeuvre. They are often looking to downsize and yet still have a spacious home so make your bungalow appear roomy and light.  Keep ornaments and family photographs to a minimum. You need to sell the retired dream home – low maintenance yet still space to entertain those friends who drop by.

Mention the  bus routes and local amenities, all favourites with the retired folk.

A 3 bed semi-detached house is an ideal family home for growing families.

These buyers are looking for more space in order to bring up their family. Show how the house and garden can accommodate their young ones with plenty of space to play.

Something I always bang on about, make sure every room has a purpose and that includes your spare bedroom. If it appears to be a dumping ground this will turn off potential buyers. They need to see how their families lifestyle will fit in perfectly.

Look at the schools in your area, if you have great schools, then ensure they are mentioned.  Houses close to excellent schools are always at a premium.

When selling your home you need to work out who your buyer is likely to be and you need to market these people. Your agent will gladly offer their thoughts and help market to the ideal viewer. Consider home staging and removing the clutter, sell a lifestyle. It can make a huge difference.

My name is Lorraine Thompson  and I am a property valuer at Hall and Thompson  Estate Agents. I’d love to help you move and achieve a great price for your home. Can we make a difference for you? Why not call me on 01827 425195.

Don’t forget to visit the links below to view back dated deals and Tamworth Property News.

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