Hey guys, I’ve got another interesting article for you all today – For a small town, ranked just 28th in the West Midlands for population many of you might have noticed that just a couple of streets difference can make a massive amount of change in property price. The most expensive houses in the Dosthill area sell for just over £390,000, however just down the road in Harrow Close, Wilnecote (a 1.5 mile distance away) you are looking at just over £42,000 – granted they are very different houses in very different areas but these two roads are both the highest and lowest values in Tamworth – with price differences like that you’d expect them to be opposite sides of the Town!
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.
It’s that time of the week again, where I share with you all, a fantastic local property of exceeding quality, dubbed our “Properties of The Week” these magnificent buildings are the very best the region has to offer in terms of quality and price. Although these homes aren’t for everyone, this blog is intended to show you all what fabulous buildings are in the local area.
I often talk about being the Lord or Lady of a property, this week I am offering you a chance to be the King or Queen with an awesomely ancient property, advertised by our good friends at Mark Evans & Co. of Tamworth. This impressive home has a guide price of £755,000.
Parts of this amazing property date from 1509 and have been restored to a high standard as the property is a Grade II listed building. The interior is very tastefully decorated and fitting for a property of it’s stature. Key features include access to the canal a colossal garage which is perfect for hobbyists and cars alike! The property has a crenelated tower with interior living space and a patio area on the roof ideal for surveying your lands or just basking in the warm summer sun! The very large garden contains a beautiful wrought iron dome and a few cannons to deter the pesky parliamentarians from attacking… Seriously – this property has cannons in the garden! (I’m pretty sure that nobody would attack you though!)
All in all a wonderful property the types of which rarely come onto market in such a good condition and one that I’m sure anyone would love to live in! But what do you think? Drop me a comment and let me know!
Getting the right advice is important with properties, especially where an expert opinion can be the difference between success and failure, if you would like local, trusted advice from someone who is devoted to their job and working with people to bring only the best results please call me, Lorraine.
For more information about the featured property, please visit the following URL:
After the shock of the Conservatives returning to power with a majority vote, any uncertainties of a hung parliament has been lifted and landlords up and down the country are now asking – what does this mean for me?
Labour’s election promises of rent controls and three year tenancies had seen some Tamworth landlords holding off commiting themselves to adding to their buy to let portfolios. As a result the property market across the country had been subdued for several months, this being confirmed when speaking to local solicitors, surveyors and agents.
Well the growing buy-to-let market is unlikely to slow down under a Conservative government. Inflation in Britain hit -0.1% in April. In other words, prices – as measured by the consumer prices index (CPI) – fell by 0.1% over the past year. That’s the lowest level since 1960, as the papers keep telling us.
There has never been a better time for landlords and potential landlords to take a good look at the property market since mortgage rates are at their lowest levels since 2010. Pension pots are being released and landlords with large deposits will now be enticed by the mortgage industry as rates remain low.
Tamworth landlords have benefited from a booming local jobs market as Tamworth has seen the largest fall in unemployment of anywhere in the country in the last three years. The town’s unemployment rates have been plummeting since 2009 – and recent figures show that out of a population of 77,000 there are now just 286 people out the work. With evermore jobs and better pay there has been an increase in the rental price tenants are willing to pay for good Tamworth properties.
Landlords may be feeling a little nervous about the Conservatives plans for the housing market over the next few years, one of David’s plans is for Housing Association renters to have the right to buy their property, for those that do, they will be adding to the supply and demand of properties in the housing stock in many years to come.
Landlords were also worried about the Government “Help to Buy Scheme” however this hasn’t had a major effect on our local property market.
Tamworth is ever growing, meaning that there is a bigger demand for property than ever before. Renters are no longer classed as second class citizens as attitudes towards renting has changed considerably over the past 10 years. Youngsters no longer want to tie themselves down to a mortgage, their priorities are different than those of our parents so renting continues to offer good value for money for renters.
So what does the second largest town in Staffordshire offer in the way of house building in 2015?
We’ll start off with our beautiful Tamworth home, located on the Buckingham Road and advertised with our good friends Smith’s Estate Agents on Rightmove.
For a house of this calibre you would be looking for a monthly rental income of £995.00 which if purchased for the £225,00 asking price would equate to a yield of 5.30%.
In this example, a house of similar square footage and build is £90,000 more than the asking price just under 6 miles away, however, this really doesn’t detract from the beauty of the area.
So onto our second smashing house located in Freeford Gardens, Lichfield advertised by Hunters Estate Agents on Rightmove.
The house is very similar in proportion to the Tamworth house and was last sold in 2013 for 265,000 and is now being advertised with an asking price of £315,000 which is a whopping £50,000 increase in just 3 years.
We would estimate the house would attain a monthly rental income of £1015 which equals a yield of around 4.06% if the property is bought at the £315,000 asking price.
So the choice is really yours to make will it be The Castle or The Cathedral?
http://bit.ly/1PkwbTo – The Lichfield Property
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.