Last week, a landlord who lives in Dorridge came
in to our office to discuss the rising property values in our part of the West
Midlands. He owns a varied portfolio of rental properties, primarily in Solihull
and Knowle with one in Balsall Common, so it seemed prudent to compare the
increase in property values around the area.
Over the last 12 months in Solihull average
property values have risen from £305,800 to £327,700 (or £421per week). When I
looked at some of the surrounding areas, Knowle has had a much higher average
increase in property values, at around £548 per week (as the average value of a
Knowle property has risen from £448,000 to £459,300 , whilst Balsall Common has
had a slightly lower rise of around £428 per week (taking an average property
in Balsall Common from £372,400 to £394,700).
When one looks at the percentages, Solihull
has performed the best, rising by 7.1% in the last 12 months, compared to Knowle
at 6.6% and Balsall Common at 6.6%. It
is, nonetheless, a rise in all the town’s average property values which
suggests the market is increasing steadily in our area, but especially Solihull–
great news for home owners and landlords alike.
However, back to Solihull; the questions I am regularly asked on an
almost daily basis by this landlord and others are:-
·
“Should I sell my property in Solihull,
or even buy another?”
·
“Is the time right to buy another buy
to let property in Solihull and if not Solihull, where?”
·
“Are there any property bargains out
there in Solihull?”
When considering this landlord’s buy to let
portfolio, yields can be in the order of an average 3% to 6% per year,
depending where you buy. So, combine that with steady rental growth and excellent
increases in capital values and it could be a great time to invest in the
property market in Solihull as property values are showing a steady trend
upwards.
If you would
like some advice about buying to let, be you a landlord with a portfolio or
someone thinking of investing in the rental market, do visit
the ‘Solihull Property Blog’ where I discuss the Solihull property market, how Solihull
compares with its neighbouring towns/ rivals, and at the same time, I can
hopefully answer the three questions above. I don’t do hard sell, I will just
give you my honest and straight talking opinion. If you’re ever passing, do pop
in and see me at our office on 158 High Street, Solihull, email me at
jane.morcom@centrickproperty.co.uk or telephone
me on 0121 705 3242.
