50.48% of Tamworth is Built on … Building Plot Dilemma or Not?

Well the fallout from the recent Budget is still continuing.  I was chatting to a couple of movers and shakers from the Tamworth area the other day, when one said, “There isn’t enough land to build all these 300,000 houses Philip Hammond wants to build each year”.

…and if you read the Daily Mail, you would be forgiven for thinking the Country was at bursting point … or is it?

It was 60 years ago the first satellite was launched (Sputnik). All the Superpowers have used them to take high definition pictures of each other for decades, but now satellites and their high-powered cameras are being used for more peaceful purposes. The European Environment Agency (EEA) have been taking high definition pictures of the UK from outer-space to give us a focused picture of what every corner of the Country really looks like … and the findings will come as a surprise.

As my blog readers know, I always like to ask the important questions relating to the Tamworth property market. If you are a Tamworth landlord or Tamworth homeowner, this knowledge will enable you to make a more considered opinion on your direction and future in the Tamworth property market. Like every aspect of all economic life, it’s all about supply and demand, because over the last twenty or so years, there has been an imbalance in the British (and Tamworth) housing market, with demand outstripping supply, meaning the average value of a property in Tamworth has risen by 293.74%, taking an average value from £46,300 in 1995 to £182,300 today.

Using the information from the EEA and data crunched by Sheffield University with their Corine-Land Cover project, I posed them a few questions about the local area, interesting questions I would like to share with you …

  1. What proportion of the whole of Tamworth is built on?

50.48%

That surprised you, didn’t it! In the study, land classified as ‘urban fabric’ defined has land which has between 50% and 100% of the land surface is built on, (meaning up to a half might be gardens or small parks, but the majority is built on).

  1. How much land is intensively built on locally?

Of that amount mentioned above, how much of it is high-density urban fabric? (i.e. where 80% to 100% is built on – still leaving 20% for gardens)  Less than 0.1%  – again I bet that surprised you!

  1. So how is the land used locally?

 

Sports Facilities                    1.88%

Green Urban Areas             4.99%

Industry                                 11.34%

Arable Farmland                  19.98%

…the rest being made up of various other types such as pastures and waterways, etc.

Tamworth and the surrounding areas are greener than you think! In fact, I read that property covers less of the UK than the land revealed when the tide goes out. The assumption that vast bands of our local area have been concreted over doesn’t stand up to inspection. However, the effect of housing undoubtedly spreads beyond its actual footprint, in terms of noise, pollution and roads.

Now I am not suggesting for one second we concrete over every inch of the locality, but the bottom line is we, as a country, are growing at a quicker rate than the households we are building. I appreciate the emotional effect of housing is greater than other land use types because most of us spend the vast majority of our time surrounded by it. As Brits, we live our lives driving along roads, walking on footpaths and working and living in buildings meaning we tend, as a result, to considerably overemphasise how much of it there is.

In fact, I was only flying home recently back from a short break abroad, when I looked down and I was reminded just how green Britain actually is!

The bottom line is Tamworth people and the local authorities are going to have to put their weight into building more homes for people to live in. There is going to have to be some give and take on both sides, otherwise house prices will continue to rise exponentially in the future and Tamworth youngster’s won’t be able to buy their own Tamworth home, meaning Tamworth rents and demand for private rented accommodation in Tamworth can (and will) also grow exponentially.

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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One in 31 rental properties in the Tamworth area will be illegal in 2018

As the winter months draw in and the temperature starts to drop, keeping one’s home warm is vital. Yet, with the price of gas and electricity rising quicker than a Saturn V rocket and gas, oil and electricity taking on average 4.4% of a typical Brit’s pay packet (and for those Brit’s with the lowest 10% of incomes, that rockets to an eye watering 9.7%), whether you are a tenant or homeowner, keeping your energy costs as low as possible is vital for the household budget and the environment as a whole.

For the last 10 years, every private rental property must have an Energy-Performance-Certificate (EPC) rating.  The property is given an energy rating, very similar to those on washing machines and fridges with the rainbow coloured graph, of between A to G (A being the most efficient and G the worst). New legislation comes in to force next spring (2018) for English and Welsh private landlords making it illegal to let a property that does not meet a certain energy rating. After the 1st of April next year, any new tenant moving into a private rented property or an existing tenant renewing their tenancy must have property with an energy performance rating of E or above on the property’s EPC and the new law will apply for all prevailing tenancies in the spring of 2020. After April 2018, if a landlord lets a property in the ‘F’ and ‘G’ ratings (i.e. those properties with the worst energy ratings) Trading Standards could fine the landlord up to £4,000.

Personally, I have grave apprehensions that many Tamworth landlords may be totally unaware that their Tamworth rental properties could fall below these new legal minimum requirements for energy efficiency benchmarks. Whilst some households may require substantial works to get their Tamworth property from an F/G rating to an E rating or above, my experience is most properties may only need some minor work to lift them from illegal to legal. By planning and acting now, it will mitigate the need to find tradespeople in the spring when every other Tamworth landlord will be panicking and paying top dollar for work to comply.

Whilst there is money and effort involved in upgrading the energy efficiency of rental property, a property that is energy efficient will have greater appeal to tenants and other buy-to-let landlords/investors and this will enable you to obtain higher rents and sale price (when you come to sell your investment).

So, how many properties are there in the area that are F and G rated .. well quite a few in fact. Looking at the whole of the Tamworth Borough Council area, of the 3,476 privately rented properties, there are ..

89 rental properties in the F banding

23 rental properties in the G banding

That means just over one in 31 rental properties in the Tamworth and surrounding area has an Energy Performance Certificate (EPC) rating of F or G. From April next year it will be illegal to rent out those homes rated F and G homes with a new tenancy.

Talking with the Energy Assessors that carry out our EPC’s, they tell me most of a building’s heat is lost through draughty windows/doors or poor insulation in the roof and walls. So why not look at your EPC and see what the assessor suggested to improve the efficiency of your property? I can find the EPC of every rental property in Tamworth, so irrespective of whether you are a client of mine or not, don’t hesitate to contact me via email (or phone) if you need some guidance on finding out the EPC rating or need a trustworthy contractor that can help you out?

if you enjoyed reading my article, feel free to take a look my other online resources below:

Hall and Thompson Estate Agents Tamworth Youtube Channelhttps://www.youtube.com/channel/UCyF9OUR3g6E8HywCx7tU4DA

Follow The Buy-To-Let Property Investment Market in Tamworth https://www.tamworthpropertyblog.co.uk

Lorraine’s Tamworth Property Market LinkedIn Page https://www.linkedin.com/in/lorrainethompson2/

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Tamworth House Prices Outstrip Wage Growth by 15.34% since 2007

I recently read a report by the Yorkshire Building Society that 54% of the country has seen wages (salaries) rise faster than property prices in the last 10 years. The report said that in the Midlands and North, salaries had outperformed property prices since 2007, whilst in other parts of the UK, especially in the South, the opposite has happened and property prices have outperformed salaries quite noticeably.

As regular readers of my blog know, I always like to find out what has actually happened locally in Tamworth. To talk of North and South is not specific enough for me. Therefore, to start, I looked at what has happened to salaries locally since 2007. Looking at the Office of National Statistics (ONS) data for Tamworth Borough Council, some interesting figures came out…

Tamworth West Midlands Nationally
2007  £24,357  £22,417  £23,920
2008  £25,059  £23,390  £24,960
2009  £24,216  £23,754  £25,506
2010  £25,246  £24,398  £26,088
2011  £25,761  £24,190  £26,010
2012  £25,002  £24,404  £26,432
2013  £25,121  £25,116  £26,931
2014  £23,769  £25,022  £27,097
2015  £24,903  £25,589  £27,508
2016  £25,527  £26,406  £28,132

Salaries in Tamworth have risen by 4.8% since 2007 (although it’s been a bit of a rollercoaster ride to get there!) – interesting when you compare that with what has happened to salaries regionally (an increase of 17.79%) and nationally, an increase of 17.61%.

Next, I needed to find what had happened to property prices locally over the same time frame of 2007 and today. Net property values in Tamworth are 20.14% higher than they were in late 2007 (not forgetting they did dip in 2008 and 2009). Therefore…

Property values in the Tamworth area have increased at a higher rate than wages to the tune of 15.34% … meaning, Tamworth is bucking the regional trend

All this is important, as the relationship between salaries and property values is the basis on how affordable property is to first (and second, third etc.) time buyers. It is also vitally relevant for Tamworth landlords as they need to be aware of this when making their buy-to-let plans for the future. If more Tamworth people are buying, then demand for Tamworth rental properties will drop (and vice versa).

As I have discussed in a few articles in my blog recently, this issue of ‘property-affordability’ is a great bellwether to the future direction of the Tamworth property market. Now of course, it isn’t as simple as comparing salaries and property prices, as that measurement disregards issues such as low mortgage rates and the diminishing proportion of disposable income that is spent on mortgage repayments.

On the face of it, the change between 2007 and 2017 in terms of the ‘property-affordability’ hasn’t been that great. However, look back another 10 years to 1997, and that tells a completely different story. Nationally, the affordability of property more than halved between 1997 and today. In 1997, house prices were on average 3.5 times workers’ annual wages, whereas in 2016 workers could typically expect to spend around 7.7 times annual wages on purchasing a home.

The issue of a lack of homeownership has its roots in the 1980’s and 1990’s. It’s quite hard as a tenant to pay your rent and save money for a deposit simultaneously, meaning for many Tamworth people, home ownership isn’t a realistic goal. Earlier in the year, the Tories released proposals to combat the country’s ‘broken’ housing market, setting out plans to make renting more affordable, while increasing the security of rental deals and threatening to bring tougher legal action to cases involving bad landlords.

This is all great news for Tamworth tenants and decent law-abiding Tamworth landlords (and indirectly owner occupier homeowners). Whatever has happened to salaries or property prices in Tamworth in the last 10 (or 20) years … the demand for decent high-quality rental property keeps growing. If you want a chat about where the Tamworth property market is going – please read my other blog posts on www.tamworthpropertyblog.co.uk or drop me note via email, like many Tamworth landlords are doing.

If you enjoyed reading my article, feel free to take a look my other online resources below:

Hall and Thompson Estate Agents Tamworth Youtube Channel https://www.youtube.com/channel/UCyF9OUR3g6E8HywCx7tU4DA

Follow The Buy-To-Let Property Investment Market in Tamworth https://www.tamworthpropertyblog.co.uk

Lorraine’s Tamworth Property Market LinkedIn Page https://www.linkedin.com/in/lorrainethompson2/

Hall and Thompson Estate Agents Tamworth Facebook Page https://www.facebook.com/Hallandthompsonestateagents/

Tamworth Hall and Thompson Estate Agents Twitter Page  https://twitter.com/hallandthompson

Tamworth’s New 3 Speed Property Market

“What’s happening to the Tamworth Property Market” is a question I am asked repeatedly.  Well, would it be a surprise to hear that my own research suggests that there isn’t just one big Tamworth property market – but many small micro-property markets?

According to recent data released by the Office of National Statistics (ONS), I have discovered that at least three of these micro-property markets have emerged over the last 20+ years in the town.

For ease, I have named them the …

  1. lower’ Tamworth Property Market.
  2. lower to middle’ Tamworth Property Market.
  3. ‘middle’ Tamworth Property Market.

    Tamworth's 3 speed local property market
    Tamworth’s 3 speed local property market?

The ‘lower’ and ‘lower to middle’ sectors of the Tamworth property market have been fuelled over the last few years by two sets of buyers. The first set, making up the clear majority of those buyers, are cash rich landlord investors who are throwing themselves into the Tamworth property market to take advantage of alluringly low prices and even lower interest rates. The other set of buyers in the ‘lower’ and ‘lower to middle’ Tamworth property market are the first-time buyers (FTB), although the FTB market is in a state of unparalleled deadlock as it’s been trampled into near-immobility and incapacity by the new 2014 stricter mortgage affordability regulations and also fewer mortgages with low deposits.

Some of you may be interested to know how I have classified the three sectors ..

  1. lower’ Tamworth housing market – the bottom 10% (in terms of value) of properties sold
  2. lower to middle’ Tamworth housing market – lower Quartile (or lowest 25% in terms of value) of properties sold
  3. middle’ Tamworth housing market – which is the median in terms of value
Change in house prices in Tamworth borough Council area between 1995 and 2017
Change in house prices in Tamworth borough Council area between 1995 and 2017

 

 

 

 

 

…. and if one looks at the figures for Tamworth Borough Council area you can see the three different sectors (lower, lower/middle and middle) have performed quite differently.

Tamworth Borough Council Property Market – Sold Prices Price Paid in 1995 Price Paid in 2017 Percentage Uplift

1995 – 2017

Lower (Bottom 10%) £32,000 £110,000 243.75%
Lower to Middle (Lower Quartile) £39,000 £131,000 235.90%
Middle (The Median) £49,954 £178,445 257.22%

You can quite clearly see that it is the ‘middle’ market that has performed the best.

You might ask, what do all these different figures mean to homeowners and landlords alike?  Quite a lot – so let me explain. The worst performing sector (with the lowest Percentage uplift) was the ‘lower to middle’ housing market. Therefore, interestingly, if we applied the best percentage uplift figure (i.e. from the ‘middle’ market percentage uplift), to the ‘lower to middle’ 1995 housing market figure, the 2017 figure of £131,000, would have been £139,316 instead.

Now, I have specifically not mentioned the upper reaches of the Tamworth housing market for several reasons.  Firstly, the lower or middle market is where most of the buy to let investment landlords buy their property and where the majority of property transactions take place. Secondly, due to the unique and distinctive nature of Tamworth’s up-market property scene (because every property is different and they don’t tend to sell as often as the lower to middle market), it is much more difficult to calculate what changes have occurred to property prices in that part of the Tamworth property market – looking at the stats for the up-market Tamworth property market from Land Registry, only 6 properties in Tamworth (and a 3 mile radius around it) have sold for £1,000,000 or more since 1997.

Uplift percentage
uplift percentage

So, what should every homeowner and buy to let landlord take from the information that there are many micro-property markets? Well, when you realise there isn’t just one Tamworth Property Market, but many Tamworth “micro-property markets”, you can spot trends and bag yourself some potential bargains. Even in this market, I have spotted a number of bargains over the last few months that I have shared in my Property Blog and to my landlord database, especially in the ‘lower’ and ‘lower/middle’ market. If you want to be kept informed of those buy to let bargains, have a look at my blog  .. https://www.tamworthpropertyblog.co.uk  it’s free to do so and I’m sure you wouldn’t want to miss out – would you?

I would love to know if you have spotted any micro-property markets in Tamworth.

Email me  on lorraine@hallandthompson.co.uk or give me a call on 07531484956. We can always meet up for a chat and a coffee, we can even walk the dog.

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Energy Performance Certificate – How will this effect Tamworth’s Landlords?

In April 2018, residential private properties will need to have a minimum energy performance certificate (EPC) rating of E or it will be illegal to rent them out to tenants. The change from April 2018 will only apply to new tenancies and renewals. For existing tenancies the regulations will not apply until April 2020.

Local authorities will be responsible for enforcing the regulations, whether Tamworth BC have the time or manpower to do this added task,  I hardly think so! The local authorities  will have the power to serve a notice and request that a landlord provides documentation to prove compliance. Landlords who do not comply with these new regulations could find themselves with a hefty £5,000 fine.

Energy Performance Certificate
Energy Performance Certificate

 

 

 

 

 

 

 

 

Properties where the EPC rating is an F or G  are considered substandard  and will either need improvements carried out or will have to cease to be rented out. With only 8 months away to legislation, landlords are reminded to look at implementing improvement works sooner rather than later.

Works need to be cost effective for the landlord and permissible but landlords are at liberty to carry out works to an even higher standard, should they wish. 
As always there are exemptions to the rule –
  • The landlord’s tenant withholds consent for the works.
  • The landlord  was required to obtain a third party’s permission to undertake improvements, and the permission was denied. Or the third party imposed unreasonable conditions.
  • A qualified independent surveyor considers that the works will cause a capital devaluation of the property of more than 5%.

Exemption for listed buildings or buildings in a conservation area has not been made clear but it is hoped, when the  Government publish specific guidance for landlords in October this year, it will  confirm that listed building are exempt from the change. 

As with all Government policies until they are actually published there is no saying what they have deferred and if further exemptions are to be applied. So landlords it is a waiting game but  if you do decide to commence with improvements, it would probably be best not to commit lots of money and big improvements until all has been made clear.

 

Unhappy with your Property Manager? The best time to switch Letting Agents is mid-tenancy. Take us up on our offer and allow us to take care of the switching process. http://www.hallandthompson.co.uk or call Lorraine, Jackie or Jody on 01827 425195.

If you enjoyed reading my article, feel free to take a look my other online resources below:

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Do Embarrassing Street Names Affect Your Tamworth Property Price?

As a child do you remember chuckling when you saw a rude street name or have you refused to buy a house that you really loved as it was on a street with a particularly embarrassing name.

Well, have you considered how the name of your street could possibly be affecting the price of your home?

A recent study carried out by Hometrack claims that is your property is situated on “Lane” this is the most sought after address, with a road named “Way” coming in a close second.

Properties situated on roads named “Drive”, “Street” or “Avenue”  were the most affordable.  I personally would have thought that “Avenue” would have been in the top 3, for me this conjures up leafy suburbs.

Most Valuable Street Names

  1. Lane
  2. Way
  3. Road
  4. Close
  5. Avenue
  6. Drive
  7. Street

Rude or embarrassing road names tend to command a lower than average price.

A semi-detached home on Bell End, Rowley Regis costs an average of £126,408, whereas a neighbouring road, Uplands Avenue, a similar property costs an average of £187,027.

Properties on Minge Lane in Upton-on-Severn are worth half as much as a property on  neighbouring roads.

Rude Street Names

 

 

 

 

 

Trying to sell a property on a rude sounding road may possibly take longer to sell? Imagine if people where to ask where you lived and you replied on Minge Lane or Coppers End, I can imagine the chuckles and tittering. Living in houses with rude road names is not for the faint hearted.

In October 2015 Tamworth Borough Council gave residents  the chance to choose street names for new council house projects for the Tinkers Green and Kerria Centre developments. The flats on Tinkers Green Road are currently being demolished, so I’m sure we will soon see what names the Tamworth residents have chosen.  lets hope the residents don’t go for :-

  • Boggy Bottom, Abbots Langley, Herts, UK
  • Booty Lane, NorthYorkshire
  • Bottoms Fold, Lancashire
  • Broadbottom, Cheshire, UK
  • Brown Willy, Cornwall,UK
  • Bushygap, Northumberland, UK
  • Catsgore, Somerset, UK
  • Charles Bottom, Devon, UK
  • Clap Hill, village in Kent, UK
  • Scratchy Bottom, Dorset, UK

Residents will get the chance to choose the street names for the Tinkers Green and Kerria Centre development replacing homes such as these in Linthouse Walk.

 Flats on Tinkers Green Road currently being demolished

 

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on lorraine@hallandthompson.co.uk

 

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Should the 8,064 home owning OAP’s of Tamworth be forced to downsize?

This was a question posed to me on social media a few weeks ago, after my article about our mature members of Tamworth society and the fact many retirees feel trapped in their homes. After working hard for many years and buying a home for themselves and their family, the children have subsequently flown the nest and now they are left to rattle round in a big house. Many feel trapped in their big homes (hence I dubbed these Tamworth home owning mature members of our society, ‘Generation Trapped’).

So, should we force OAP Tamworth homeowners to downsize?

Well in the original article, I suggested that we as a society should encourage, through building, tax breaks and social acceptance that it’s a good thing to downsize. But should the Government force OAP’s?

Well, one of the biggest reasons OAP’s move home is health (or lack of it).

Looking at the statistics for Tamworth, of the 8,064 homeowners who are 65 years and older, whilst 4,113 of them described themselves in good or very good health, a sizeable 2,841 home owning OAPs described themselves as in fair health and 1,110 in bad or very bad health.

13.76% of Tamworth home owning OAP’s are in poor health

Tamworth Home Owners 65Years +

Tamworth Home Owners 65Years + HealthBut if you look at the figures for the whole of Tamworth Borough Council, there are only 119 specialist retirement homes that one could buy (if they were in fact for sale) and 568 homes available to rent from the Council and other specialist providers (again- you would be waiting for dead man’s shoes to get your foot in the door) and many older homeowners wouldn’t feel comfortable with the idea of renting a retirement property after enjoying the security of owning their own home for most of their adult lives.

My intuition tells me the majority ‘would be’ Tamworth downsizers could certainly afford to move but are staying put in bigger family homes because they can’t find a suitable smaller property. The fact is there simply aren’t enough bungalows for the healthy older members of the Tamworth population and specialist retirement properties for the ones who aren’t in such good health … we need to build more appropriate houses in Tamworth.

 The Government’s Housing White Paper, published a few weeks ago, could have solved so many problems with the UK housing market, including the issue of homing our aging population. Instead, it ended up feeling annoyingly ambiguous. Forcing our older generation to move with such measures as a punitive taxation (say a tax on wasted bedrooms for people who are retired) would be the wrong thing to do. Instead of the stick – maybe the Government could use the carrot tactics and offered tax breaks for downsizers. Who knows – but something has to happen?

.. and come to think about it, isn’t the word ‘downsize’ such an awful word?  I prefer to use the word ‘decent-size’ instead of ‘down-size’- as the other phrase feels like they are lowering themselves, as though they are having to downgrade themselves in their retirement (and let’s be frank – no one likes to be downgraded).

The simple fact is we are living longer as a population and constantly growing with increased birth rates and immigration. So, what I would say to all the homeowners and property owning public of Tamworth is … more houses and apartments need to be built in the Tamworth area, especially more specialist retirement properties and bungalows. The Government had a golden opportunity with the White Paper – and were sadly found lacking.

And a message to my Tamworth property investor readers whilst this issue gets sorted in the coming decade(s)  – maybe seriously consider doing up older bungalows – people will pay handsomely for them – be they for sale or even rent? Just a thought!

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact us to find out how we can get the best out of your investment property.

Email me  on lorraine@hallandthompson.co.uk or give me a call on 07531484956. We can always meet up for a chat and a coffee, we can even walk the dog.

If you enjoyed reading my article, feel free to take a look my other online resources below:

Hall and Thompson Estate Agents Tamworth Youtube Channel

Follow The Buy-To-Let Property Investment Market in Tamworth

Lorraine’s Tamworth Property Market LinkedIn Page

Hall and Thompson Estate Agents Tamworth Facebook Page

Tamworth Hall and Thompson Estate Agents Twitter Page

Tamworth Unemployment Drops to 3.1% and its effect on the Tamworth Property Market

 

It was late May 2016, The Right Hon. Member for Tatton, Mr George Osborne, published an official HM Treasury analysis stating UK house prices would be lower by at least 10% (and up to 18%) by the middle of 2018 compared with what is expected if the UK remained in the European Union. So, eight months on from the Referendum, are we beginning to show signs of that prophecy? The simple answer is yes and no.

Good barometers of the housing market are the share prices of the big UK builders. Much was made of Barratt’s share price dropping by 42.5% in the two weeks after Brexit, along with Taylor Wimpey’s equally eye watering drop in the same two weeks by 37.9%. Looking at the most recent set of data from the Land Registry, property values in Tamworth are 1.19% down month on month (and the month before that, they had grown with a increase of only 1.3%) – so is this the time to panic and run for the hills?

Doom and Gloom then? Well, let me consider the other side of the coin.

Well, as I have spoken about many times in my blog, it is dangerous to look at short term. I have mentioned in several recent articles, the heady days of the Tamworth property prices rising quicker than a thermometer in the desert sun between the years 2011 and late 2016 are long gone – and good riddance. Yet it might surprise you during those impressive years of house price growth, the growth wasn’t smooth and all upward. Tamworth property values dropped by an eye watering 2.39% in April 2013 and 1.39% in January 2015 – and no one batted an eyelid then.

You see, property values in Tamworth are still 7.57% higher than a year ago, meaning the average value of a Tamworth property today is £201,500. Even the shares of those new home builders Barratt have increased by 43.3% since early July and Taylor Wimpey’s have increased by 37.3%. The Office for Budget Responsibility, the Government Spending Watchdog, recently revised down its forecast for house-price growth in the coming years – but only slightly.

The Tamworth housing market has been steadfast partly because, so far at least, the wider economy has performed better than expected since Brexit. There is a robust link between the unemployment rate and property prices, and a flimsier one with wage growth. Unemployment in the Tamworth Borough Council area stands at 1,300 people (3.1%), which is considerably better than a few years ago in 2012 when there were 3,500 people unemployed (9.8%) in the same council area.

unemployment, Tamworth, average house price, inflation, Tamworth housing market

However, inflation is the only thing that does worry me. Looking at all the pundits, it will get to at least 3% (if not more) in the latter part of 2017 as the drop in Sterling in late 2016 renders our imports with higher prices. If that transpires then the Bank of England, whose target for inflation is 2%, may raise interest rates from 0.25% to 2%+. However, that won’t be so much of an issue as 81.6% of new mortgages in the UK in the last two years have been fixed-rate and who amongst us can remember 1992 with Interest rates of 15%!

Forget Brexit and yes inflation will be a thorn in the side – but the greatest risk to the Tamworth (and British) property market is that there are simply not enough properties being built thus keeping house prices artificially high. Good news for those on the property ladder, but not for those first-time buyers that aren’t! In the coming weeks in my articles on the Tamworth Property Market, I will discuss this matter further!

don’t forget you can keep up to date with all our articles on the Tamworth Property Market here….https://www.tamworthpropertyblog.co.uk

If you are a landlord or thinking of becoming one for the first time and you want to read more articles like this about the Tamworth Property Market, together with regular postings on what I consider the best buy to let deals in Tamworth (out of the many of properties on the market, irrespective of which agent is selling it) then feel free to get in touch!

Email me on Lorraine@hallandthompson.co.uk or call on 07531484956.

If you enjoyed reading my article, feel free to take a look my other online resources below:

Follow The Buy-To-Let Property Investment Market in Tamworth

Lorraine’s Tamworth Property Market LinkedIn Page

Hall and Thompson Estate Agents Tamworth Facebook Page

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