The £2,752,893 Ticking Time Bomb for Tamworth Landlords

I just love looking over and keeping up to date the 108 pieces of legislation that govern the rental of residential property in the UK”  

…No Tamworth Landlord, ever

If you are one of the 1,287 Tamworth landlord’s that manages your own property, would it surprise you to know that there are 108 separate pieces of legislation that govern the rental of private houses to tenants. Oh, and on top of the 108 pieces of law, there are further 300+ regulations in the mix. Whilst Tamworth landlords may once have preferred to manage their Tamworth buy-to-let properties themselves to boost their profits, many Tamworth landlords are starting to see this as a false economy.

In the last four years, an additional 495 landlords in Tamworth have converted from self-managed to having their property managed by a letting agent in Tamworth, taking the total number of properties under management in Tamworth to 2,013 (out of a total of 3,300 private rental properties in Tamworth).

Now, don’t get me wrong, self-managing your Tamworth rental property can be a very fulfilling experience, allowing you, as a Tamworth landlord, to build a deep relationship with your tenant and your emergency 24 hour plumber, builder (happy to do small jobs at a drop of a hat), decorators, first name terms with their deposit provider, lawyer and EPC provider to name but a few. (Wow!)

Also, did you know if your tenants deposit isn’t registered, or doesn’t continue to be registered after the end the periodic tenancy upon renewal … you could be fined up to three times your deposit? With the average rental deposit in Tamworth being £713, each self-managed landlord in Tamworth could be fined £2,139 per tenancy if the deposit isn’t currently registered. Therefore…

…if every deposit of every Tamworth self-managed landlord’s property wasn’t registered, the total fines would amount to £2,752,893

Now of course, I am not suggesting for one minute all the self-managed landlords of Tamworth haven’t registered their deposits, yet almost on a daily basis, I come across horror stories to that effect. Another two (but by no means all) hot issues that the Courts are cracking down on, are doing immigration ‘Right To Rent’ checks on all tenants (yes all tenants) and confirmation proving the tenant received the ‘How to Rent’ guide. If that second issue cannot be proved (a ‘sent’ email won’t suffice), the landlord cannot serve the Section 21 Notice, meaning the tenant cannot be served notice to vacate the property.

To many, it’s really a case of DIY or getting a qualified professional in … as those additional Tamworth landlords mentioned above have done since 2014. You might say, “Of course you are going to say all this – you are a Letting Agent”. Well the choice really comes down to your time and your knowledge. If a Tamworth landlord is not equipped, or able, to devote time keeping up-to-date of legislation and law nor doesn’t want to be bothered 24/7/365 about a blown light bulb, dripping taps, have that confrontational conversation with their tenants about missing rental payments, or arbitrate arguments and disagreements between your tenant and the neighbours, it is perhaps better to pass this accountability/responsibility onto a letting agent.

One thing I would say is all letting agents aren’t the same. Would it surprise you to know that letting agents aren’t regulated?

Tamworth landlords that do use a letting agent should not forget that passing over management to a letting agent doesn’t mean they can disregard legislation and they are still responsible for deposit/rent repayment legal directives, civil fines or action if the letting agent makes a mistake. Therefore, it’s important to pick a respectable letting agent from the start.

Nevertheless, for those Tamworth landlords that see their job as a professional landlord and want to be intricately involved in the day to day administration of their rental properties, it can be worthy pursuit.

If you are a self-managed landlord in Tamworth, and want to know if your paperwork is in order please feel free to drop me a line and I am more than happy to do an ‘MOT’ on it to ensure you are the right side of the law.

Contact me on 01827 425195 or lorraine@hallandthompson.co.uk

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Now is the time to prepare your home for a cold winter

If the winter this year is anything like, last then you need to ensure that cold-weather checks and repairs are carried out before winter takes its toll on your home.

Our homes which are probably our greatest asset become vulnerable to snow, rain and freezing temperatures. Boilers seem to know when the freezing weather is imminent, breaking down just at the point when we are bracing ourselves for the onslaught of winter.

Hopefully, you have household insurance to claim on, if need be, however premiums have a habit of rising after a claim has been made so I thought I would take you through a few simple things that could help you to avoid costly repairs later on.

Service the boiler

It is every homeowner’s worst nightmare, waking up on a freezing morning only to find the radiators are cold and you have to wash in icy cold water. A broken boiler is not only inconvenient but also costly – replacing the boiler can cost upwards of £1500.

Therefore, I would always recommend booking a full check and service of your boiler with a certified engineer. This should highlight any issues before they become a real headache.

Plumbing

Frozen pipes are a major safety issue, so it is a good idea to add insulation to any external pipes, which will help to stop them from freezing during cold weather. If you are intending to leave your house unoccupied at all this winter, do not forget to set your heating on a timer for a few hours each day to stop the pipes from freezing over.

Gutters and drains

Gutters and drains may become blocked during autumn with leaves and moss. While you may not notice they are blocked in autumn, come winter time gutters and drains play an essential part in keeping your house dry. When they become blocked, rainwater will escape to other parts of your roof and walls. If left untreated, the resulting damp and leaks could cause serious structural damage, which can be costly to repair.

Clean the chimney

Do you love snuggling in front of that open fire on a cold winters evening? Well a dirty chimney is a major fire and safety hazard so remember to sweep and inspect the chimney before you light it for the first time. It is important to find a qualified professional, so check your sweep is registered with either the National Association of Chimney Sweeps or the Guild of Master Chimney Sweeps.

These few essential bits of maintenance should make your home ready for any British weather.

As OAP’s set to rise to 1 in 4 of Tamworth’s population by 2037 – Where are they all going to live?

With constant advances in technology, medicine and lifestyles, people in the Tamworth area are, on average, living longer than they might have a few decades ago. As Tamworth’s population ages, the problem of how the older generation are accommodated is starting to emerge. We, as a town, have to consider how we supply decent and appropriate accommodation for Tamworth’s growing older generation’s accommodation needs while still offering a lifestyle that is both modern and desirable.

In 1997 in Tamworth, around one in every nine people (11%) were aged 65 years and over (and the local authority area as a whole), increasing to more than one in every five people (18%) in 2017 and it is projected to reach one in every four people (26%) by 2037, meaning..

Over the next 19 years, the growth of the over 65 population in Tamworth will grow by 44.4% – whilst the overall growth population of Tamworth is expected to decrease by 1.0% over the same time frame.

In fact, the number of those over 90 is expected to more than double in our local authority from 495 (0.6%) in 2017 to 1,394 (1.8%) by 2037.

And looking at the proportional percentage changes over those years..

Looking at Tamworth and the local authority as a whole, there is a distinct under supply of bungalows and retirement living (i.e. sheltered) accommodation. The majority of sheltered accommodation fit for retirement is in the ex-local authority sector whilst the majority of private sector bungalows were built in the 1960s/70s/80s and are beginning to show their age (although that means there is often an opportunity for Tamworth investors and Tamworth buy to let landlords to buy a tired bungalow, do it up and flip it/rent it out).

In the medium to longer term, we need to build more bungalows and sheltered accommodation and, if we do that, that won’t only be of benefit to the elderly population of Tamworth – it will have a direct knock-on effect to the younger and middle-aged population by unlocking those family homes the older generation homeowners live in.  

There have been 17 Housing Ministers since 1997. No one ever seems to stay in the job long enough to create a consensus and direction in Government Policy on the vital issue of the country’s housing shortage, yet the sound bites and White Papers seem only to focus exclusively on first-time buyers when there is an even more severe and disregarded shortage in suitable housing for the older generation.

This scantiness affects both mature homeowners trapped in unsuitably big family properties, unable to find smaller bungalows or suitable retirement apartments, whilst the waiting list for Council sheltered accommodation is putting a strain on other aspects of social care. In both circumstances, policy coming (or not coming) out of Government is repressing the supply and type of accommodation mature people desire, need and want, whilst at the same time, increasing the cost (and taxes) for social and NHS care.

Maybe we need tax breaks for people to downsize or planning permissions that stipulate bungalows only. Whichever way you look .. There are challenging times ahead for us all.

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2 bed or 3 bed homes – Which Sell the Best in Tamworth?

A few months ago, I wrote an article on the Tamworth Property Blog about the length of time it took to sell a property in Tamworth and the saleability of the different price bands (i.e. whether the lower/middle or upper local property markets were moving slower or quicker than the others). For reference, a few months ago it was taking on average 34 days from the property coming on the market for it to be sold subject to contract (and that was based on every Estate Agent in Tamworth) … and today … 77 days  .. does that surprise you with what is happening in the UK economy?

Well, a number of Tamworth landlords and homeowners, who are looking to sell in the coming months, contacted me following that article to enquire what difference the type of property (i.e. Detached/Semi/Terraced/Apartment) made to saleability and also the saleability of property by the number of bedrooms) As I have said before, whether you are a Tamworth landlord looking to liquidate your buy to let investment or a homeowner looking to sell your home; finding a buyer and selling your property can take an annoyingly long time… but anything you can do to mitigate that is helpful to everyone.

So, I did some research on the whole of the Tamworth property market .. and these were my findings …  to start with by type (i.e. Detached/Semi/Terraced/Apartment)….

As you can see, the star players are the terraced/town house and semi-detached variants of Tamworth property, whilst detached seem to be sticking in Tamworth.

Next I looked at what the number of bedrooms does to the saleability of Tamworth property..

… and as you can see the four bed properties seem to be taking the longest time to sell ..and to answer the question in the title .. it’s three bed properties!

So, what does this mean for Tamworth buy-to-let landlords and homeowners?  

There is no doubt that there is a profusion of properties on the market in Tamworth compared to 18 months ago … it’s not because more houses are coming on to the market, it’s because they are also taking a little longer to sell. This makes it slightly more a buyer’s market than the seller’s market we had back in 2014/5/6. Therefore, in some sectors of the Tamworth property market, it is much tougher to sell, especially if you want to sell your Tamworth home fast.

Therefore, to conclude, on the run up to the New Year, if you are looking to buy and plan to stay in the buy to let market a long time, perhaps take a look at the Tamworth properties that are sticking as there could be some bargains to be had there? Want to know where they are .. drop me a line and I will tell you a nifty little trick to find all the properties that are sticking.

Contact me 01827 425195 lorraine@hallandthompson.co.uk

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Tamworth ‘Home Owning’ Movers and Shakers in 2018

It’s now commonly agreed amongst economists and the general public that the dramatic rise in Tamworth property prices of the last six years has come to an end.

Read the National newspapers, and they talk of doom and gloom in the British housing market with such things as strained buyer affordability (as property prices have increased over the past six years at a far faster pace than average salaries), a lack of new properties being built and the Brexit uncertainties over the last two and half years being blamed for the slow down – yet in the last 12 months, people have still been moving, buying and selling in Tamworth at levels similar to the last six years – something tells me we have a case of ‘bad news selling newspapers’.

So instead, let me share with you what, exactly, is happening in the Tamworth property market, and more specifically, who is moving and why in Tamworth. The majority of sales in Tamworth during the last twelve months were semi-detached properties, selling for an average price of £187,200. Detached properties sold for an average of £294,800, with terraced properties fetching on average £157,100.

In Tamworth, in the homeowner sector in 2018 (i.e. owner occupation), 528 households moved within the tenure (i.e. sold the home they owned and bought another one) and 103 new households were created (i.e. they moved from living with family/friends and bought their first home without privately renting).

What does this mean for Tamworth buy to let landlords? Well looking at the graph, it appears bad news for landlords. There were 246 households that moved into the home owning (owner occupation) tenure from the private rented sector, whilst on the other side of the coin, 193 Tamworth households moved to the private rented sector from owner occupation … which appears on the face of it, a reduction in the private sector.

My research has calculated that in 2018, an additional 256 new households in the Tamworth private rental sector were created

…and it will continue to grow at those levels for the foreseeable future.

I have one final thought and opportunity for you Tamworth property investors. 127 owner occupied households in Tamworth sold in last year where the homeowners had passed away. These properties can be a potential goldmine and offer great returns. The reason being is some members of the older generation who have owned these homes for decades have spent money on high capital items (double glazing / central heating etc.) but not spent money on more superficial low-ticket items such as up to date carpets, kitchen, bathroom and decorating (vital if you want to sell your property for top dollar). These properties can often be bought cheaply because most buyers can’t see past the avocado or brown bathroom suite from the 1970’s and the dated decor, so if you were to buy wisely and do the works, you could sell it on for a healthy profit.

So, whatever is happening in the world with Brexit, Trump, China, and the Stock Market … the Tamworth housing market is in decent shape for the medium to long term. If we do have small corrections in values in the next 12 to 18 months, in the long term, house prices have always returned … and returned with vengeance. Like I say to anyone buying a property, be they a first time buyer, landlord or homeowner … property is a long game … and if you play the long game, you will always win (although isn’t that true in most aspects of life?).

Many of you reading my blog ask why I say these things. I want to share my thoughts and opinions on the real issues affecting the Tamworth property market, warts and all. If you want rose tinted glasses articles – then my articles are not for you. However, if you want someone to tell you the real story about the Tamworth property market, be it good, bad or indifferent, then maybe you should start reading my blog regularly.https://www.Tamworthpropertyblog.co.uk

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Top 25 Most Saleable Streets in Tamworth B77 Postcode

Following on from my last article, if you recall I said that Tamworth Road had the most properties sold in the B77 Tamworth postcode, yet I felt that this information wasn’t telling the whole story, as some roads in Tamworth have more properties on them than others. Therefore, I promised that I would compare the average number of properties sold by the actual number of properties on that street, to find out the streets whose owners proportionally moved (or sold) more often than the rest of the locality.

To give some foundation to the article, in 2017 Tamworth homeowners had, on average, lived at their existing address for 17 years and 6 months. However, when I looked at the difference between homeowners with and without a mortgage; Tamworth homeowners without a mortgage had lived in their Tamworth home for an average of 23 years and 9 months compared with 10 years and 1 month for homeowners with a mortgage. Interestingly, Tamworth’s Council house tenants have on average resided at their present home for 11 years and 4 months, whilst finally for those who rent from a private landlord, tenants generally have lived in their property for an average of 3 years and 11 months (up from 3 years 5 months only five years ago).

The B77 street in the top 25 saleable streets with the highest number of households on it is Tamworth Road, which has 548 residential addresses (including surrounding villages). Yet since 1995, only 510 properties have changed hands (some multiple times!)  .. which means the street’s saleability or churn rate is 93.1%.

However, the street or road that has the highest saleability or churn rate is Celandine … which has 105 households on it, yet since 1995 there have been 254 house sales … a saleability rate of 241.9%. Here is the full breakdown of the top 25 streets …

So, as you can see, some interesting statistics and a lot more correlation between saleability rate and property values (unlike the article last time where we compared value to ‘out and out’ raw sales figures).

Therefore, what does this all mean to Tamworth homeowners and Tamworth landlords?  Well these 25 streets are the best performing streets out of the 609 streets in the Tamworth (B77) area so if you live/own a property on those 25 streets … you are sitting on a very saleable street. If you want to find out how saleable your street is .. please drop me a line and we can discuss this further.

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Tamworth Road … the road where people move the most in Tamworth!

Many folks say moving home is the most stressful thing.Moving home is like someone (and that someone is usually you and you are the cause of this devastation) has collected all your worldly goods, put them into brown boxes and into a lorry making your whole life look like a Amazon delivery van, only to spend the next six months unpacking it all, whilst unable to find important things like your bank cards, ‘those’ shoes or special jewellery!

We wish we could be instantly transported like in Star Trek “Beam me up Scotty to a blissful moved in state”.  Yet the week you move, it’s like an episode from the original 1960’s series Star Trek, when the crew had a transporter accident with an ion-storm sends Kirk and Spock into an alternate reality, where the caring Federation is the merciless Terran Empire, and the USS Enterprise is a warship and chaos eschews!!!

Star Trek aside, when you decide to move and before the stress of living out of cardboard boxes for months descends; first you trawl the portals (Rightmove/Zoopla/On The Market) to find a new house, which out of the hundreds of properties available to buy, you will probably only view around four or five of them, for no more than 20 minutes each. Then, you will arrange a second viewing of one or two of those initially viewed properties for the estate agency industry stated average of 30/45 minutes maximum (fascinating when you think most people take hours to decide what clothes or shoes to buy but minutes to spend hundreds of thousands of pounds on their next home!).  Then you put your property on the market with an estate agent, find a buyer for your Tamworth property, agree a price for both, then instruct solicitors. The property becomes sold ‘subject to euphuism’ … sorry ‘contract’ … as solicitors and surveyors and mortgage companies pick holes in the paperwork, threatening to wreck the chain at any moment, whilst you can’t get too attached to the property you want to purchase in case the sale falls through … phew – stressful or what??!!

Is it worth it? Worth the stress? The brown cardboard boxes? Well many Tamworth people think so.

In the last 12 months, 629 families have sold and moved home in Tamworth (B77)

Yet the question I want raise is … do people on certain streets in the B77 postcode move more often than others? Well, the answer might surprise you. I looked at the Land Registry for the all the property sales going back 23 years (to 1995) in the B77 postcode whilst also calculating the average value of a property on a particular street/road (to see if there was a correlation between price and moving). So initially looking at the top 10 streets in the postcode, in terms of pure out and out house sales, Tamworth Road is the winner with an average of 22.17 house sales per year (since 1995) as on the graph below.

And to look at the bigger picture, the table below shows the top 25 streets, with the average value of a property on that street.  As you can see, there is no correlation between the average value of a property and the number of times a property gets sold on that street.

Street Average Value of a Property
On that Street/Road
Average Number of
Properties Sold per Year (since 1995)
Tamworth Road £175,855 22.17
Celandine £181,733 11.04
Furness £145,066 10.52
Peel Drive £174,471 10.00
Kettlebrook Road £134,067 9.70
Glascote Road £158,820 8.57
Hockley Road £169,509 8.43
Sycamore £144,656 8.17
Grazier Avenue £172,175 7.30
Brambling £149,886 7.09
Ascot Drive £255,583 7.09
Emberton Way £263,000 7.00
Moor Lane £130,773 7.00
Foxglove £160,665 6.70
Loughshaw £156,628 6.65
Watling Street £134,811 6.78
Lindisfarne £234,523 5.87
Goldsborough £146,119 5.91
Amington Road £153,416 5.87
Wilnecote Lane £161,259 5.61
Quince £138,920 5.57
Greenheart £160,455 5.43
Grassholme £142,813 5.48
Broadlee £253,987 5.30
Valley Drive £204,703 5.13

However, I still felt the information wasn’t telling the whole story … some roads in Tamworth have many more properties on than others, so I wanted to then compare the average number of properties sold by the actual number of properties on that street, to find out the streets whose owners proportionally moved (or sold more often) than the rest of the locality.

In the next article, (and I promise I won’t mention Star Trek again), I will answer that question in great depth … and the results should (as they did me) certainly raise an eyebrow. The question is … do you live on one the top 25 Tamworth most saleable streets in Tamworth (B77)?  

Come back to my Tamworth Property Blog for the next articleto find out!

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

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

Blog  – https://www.Tamworthpropertyblog.co.uk

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Tamworth First Time Buyers Need 7.1 Times Annual Salary to Get on Housing Ladder

welcome to Tamworth
welcome to Tamworth

What is it to be British? Our stubbornness, long-suffering stoicism, our vexation at injustice, our obsession with football and rugby, we are weather obsessed external awkward noncommittal modest people whilst underneath seething like a volcano because someone jumped the queue….. and our No.1 obsession is with the property ladder.

This ‘love affair’ with owning our own home has been both good and bad for the UK as a whole. This has given people financial freedom in their later years whilst also reducing the quantity (and quality) of housing provision whilst adding the extra pressure of a ‘them and us’ society. Strong words I know .. but let me explain more.

I honestly believe that most Governments since the end of the 1970’s, Conservative and Labour, have attempted to nourish our addiction to home ownership (to keep the housing market on track) with the Council House Right to Buy sell off in the 1980’s, tax relief of mortgages, relaxation of the mortgage rules in the late 1990’s/early 2000’s and most recently, the Help to Buy scheme.

But the Brits haven’t always had this obsession.

Roll the clock back 100 years and, in 1918, just under a quarter of all Brits owned their own homes and the other 77% rented. Go back 50 years to 1968, and only 46% of people owned their own home, the rest rented. This homeownership thing is quite a recent phenomenon.

According to my research, anyone looking to get a foot onto the property ladder as a first-time buyer in Tamworth today, AS A SINGLE PERSON, would need to spend 7.1 times their earnings on a Tamworth first time buyer property.

Using the numbers from the Office of National Statistics (ONS), the average value of a first-time buyer property in Tamworth today is £139,000, compared to £116,000 in 2007. If we divide those property values by the average annual earnings of first time buyers – in 2007, that was £17,281 pa and that has risen to £19,673 pa .. giving us the ratio of 7.1 to 1.

However, what must be remembered is that these are raw statistics from the ONS and don’t take into account other factors, like most people buy their first home as a couple. Also, mortgage rates are at an all-time low and who can remember mortgage rates of 15%+ in the 1990’s, meaning borrowing today is relatively cheap. Also, 95% Loan to Value first time buyer mortgages have been available since the end of 2009  (i.e. you only need to save a 5% deposit) and first time buyer rates of 2.19% fixed for 5 years can be obtained (correct at time of writing this article)… it is cheaper to buy than rent .. fact!

I believe there has been a mind-set change to owning a home. Home ownership was the goal of the youngsters in the latter half of the 20th century. Britain is changing to a more European model of homeownership, where people rent in early to mid-life, wait to inherit the money from their parents when in their 50’s and then buy.. thus continuing the circle – albeit in a different way to the last Century.

This means the demand for privately rented accommodation will, in the long term, only continue to grow. If you would like to know more about where the hot spots are for that growth in Tamworth, then one place would be my property blog www.tamworthpropertyblog.co.uk or if you want to drop me an email or telephone call, feel free to pick my brain on the best places to buy (and not to buy) in Tamworth to ensure your rental investment gets you want you want. The choice is yours!

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

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

Blog  – https://www.Tamworthpropertyblog.co.uk

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Ask Lorraine – Abandoned items by my Tamworth tenant!

Ask Lorraine  – My tenant has vacated the property and left a single bed, a washing machine, a bicycle and a wardrobe full of mens clothes. I have tried to contact her but her phone number appears to have been disconnected!

Is the law on my side, can I dispose of everything at the local tip?

Ben

Lorraines Answer  – There are many scenarios :-

  • A tenant has left furniture or personal items.
  • A vehicle has been abandoned on your property.
  • Students have moved out of your property and items have been left behind and you aren’t sure who they belong to.

Should items be left on your land or in your property you cannot simply remove them unless you have given the owner reasonable notice of your intention to remove and dispose of the goods.  It may seem ridiculous, however, this also includes trespassers leaving items.

Make a list/inventory with lots of photographs of any items which have been left. Make contact with the person/s concerned providing the information below.  If you are unable to contact them, you should make a couple of signs with the following information:

  • Your name and contact details
  • A list of the items
  • Any fees  you intend to charge for storage upon collection of the goods
  • A reasonable timescale for collection, 14 days is the norm.
  • Where the items will be sold if this is your intention, and any storage cost incurred that will need to be repaid

Post the sign on the inside of a ground floor front window so that it can be seen and post the other sign on the rear access door (if appropriate)  and take photograph evidence of the signs in situ so that if you are asked you can provide evidence you have carried out the steps outlined.

Once the 14 days in either case has passed, you can now sell or dispose of the items.

Retain details – how you have disposed of the items.

Until next time.

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Tamworth Property Market: Is Sell to Rent the new Buy to Let?

It doesn’t seem two minutes ago that it was 90 degrees Fahrenheit in the shade (32 degrees Celsius for my younger readers), hosepipe bans looked likely and it was simply too hot to sleep at night, yet early indications were, that as the temperatures soared, the Tamworth property market appeared to be doing the reverse and was already starting to cool down.

8.49% less people moved home in the Tamworth area in the first part of 2018, when compared to the average number of people moving home (in the same time frame) between 2014 and 2017

The average number of households who sold and moved locally between 2014 and 2017 in the winter and spring months was 82 homes a month.. yet in the same time frame in 2018, only 75 (on average) sold and moved.

So, what is the issue? Many have cited Brexit as the issue – but I think its deeper than that.

Brexit seems to be the “go to excuse” for everything at the moment – my neighbour even blamed it for the potholes! Anyway a few weeks ago, I was out for a family get together in another part of the UK when one of my extended family said that they were planning on buying their first home this autumn most of those present said they were stupid to do so because of Brexit. Nonetheless, half an hour later, another distant cousin said to the same family crowd that they were planning to sell their home; to which most said they were also daft to do so because of Brexit.

Both sides of the argument can’t be right! So, what exactly is happening?

Well if you have been reading my blog on the Tamworth property market over the last few months, I have been discussing the threats and opportunities of the current state of fluidity in the Tamworth property market, including the issue of OAPs staying in homes that are too big for them as their children have flown the nest, interest rates, inflation, lack of new homes being built and the long term attitude to homeownership.. yet I have noticed a new trend in the last few months.. the emergence of the ‘sell to renter’.

Sell to Renter?

I have seen a subtle, yet noticeable number of Tamworth homeowners that have been selling their Tamworth homes, renting and wagering that, in the next few years, the Tamworth property market will tumble by more than what they spend on their short-term rental home, before they buy another Tamworth home in a couple of years i.e. a ‘sell to renter’. This type of ‘sell to renter’ is mostly predominant at the middle to upper end of the Tamworth property market – so I’m not too sure if it will catch on in the main ‘core’ market?

So, what does this all mean for Tamworth homeowners and Tamworth Buy To Let landlords?

Well, in the short term, demand for middle to upper market Tamworth rental properties could increase as these ‘sell to renters’ demand such properties. I would however give a note of caution to Tamworth landlords buying in this sector of the Tamworth property market as yields in this sector can be quite low. However, for homeowners of middle to upper market Tamworth properties, you might have less people wanting to buy your type of property, as some buyers are turning to renting?

Like I have always said, Tamworth properties are selling if they are realistically priced (realistic for the market – not a rose-tinted version where someone will pay 10% over the odds because everyone has access to the market stats with the likes of Rightmove and Zoopla!).

P.S Notice the spike in the graph, where the number of property sales jumped to 164 in the month of March 2016? That was all the Tamworth buy to let landlords snapping up buy to let properties before the stamp duty rules changed!

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