June 22, 2018

The value of all the homes in Telford has risen by more than 231% in the past two decades, to £8.826bn, meaning its worth more than the stock listed house building company Persimmon, which is worth £8.036bn.

Those Telford homeowners and Buy-to-Let landlords who bought their homes twenty or more years ago have come out on top, adding thousands and thousands of pounds to the value of their own Telford homes as the younger generation in Telford continue to be priced out of the market.  This is even more remarkable because, in those twenty years, we had the years of 2008 and 2009 following the global financial crisis, where we saw a short term drop in Telford house prices of between 15% and 20% (depending on the type of property). And although there have been a number of consecutive years of growth in...

June 20, 2018

Buying and selling a home in Telford isn’t the easiest or cheapest thing you will ever do. Estate Agent fees, Solicitors fees, Survey fees, Mortgage fees, Removal Van … the costs just mount up throughout every step of the move. Last week, a Telford landlord asked me whether the Council Tax Band made a difference to a property’s appeal, be it tenanted or to owner occupiers, when it comes to being sold on the open market and whether extensions or improvements made a difference to the tax banding?

Well, like I said, the first point you should always be aware of is what Council Tax Band your new house or apartment will fall under. Being aware of this before you buy/move will help when planning month by month for life in your home (or investment). But what exactly are Council Tax Bands, and how do they...

June 16, 2018

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

A Telford landlord was asking me the other week to what effect homeownership rates in Telford in the early to middle aged adult age range had affected the demand for rental property in Telford since the Millennium. I knew that it affected the Telford 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 Telford, 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 comp...

June 11, 2018

A little bit of good news this week on the Telford Property Market as recently released data shows that the number of first time buyers taking out their first mortgage in 2017 increased more than in any other year since the global financial crisis in 2009. The data shows there were 565 first time buyers in Telford, the largest number since 2006.

I expect in 2018 that this increase of first time buyers will level out and maybe dip slightly as, nationally, figures demonstrate that first time buyer’s average household income was £40,691 and this represented 17.3% of their take home pay. Although, it might surprise readers that it is actually cheaper to buy than it is to rent at the ‘starter home’ end of the housing market. Many of you can remember mortgage rates at 12% ... even 15%. Today, at the time...

June 8, 2018

As our families grow bigger the need for more space, be that bedrooms or reception rooms, has grown with it. Also, as our older generation lives longer and nursing home bills continue to rise quicker than a rocket on the 5th of November  (the average nursing home bill in the area being £634.88 per week) many families are bringing two households into one larger one.

So, should you move somewhere larger, or extend your Telford property to make it large enough for you and your family? In some circumstances the choice has been made for you. If you live in an apartment with no garden, there isn’t much of an opportunity of making it larger. But if you have a house with a garden or an attic with sufficient headroom, extending your home becomes a real prospect.

Even if it makes more sense to extend or move,...

June 5, 2018

According to the National House Building Council (NHBC), more than 14,900 new homes were registered to be built in the West Midlands last year, an increase of 13.2% on 2016 levels of 13,200 dwellings. Great news when you consider it is one of the highest number of new builds in the region since the pre-recession levels of the Credit Crunch and the uncertainty of Brexit and the General Election.

So, when a landlord recently asked me why the brand-new property she was considering buying was a lot more expensive compared to a second-hand/existing property of similar type, accommodation, location and structure I thought this would make a fascinating topic to do some homework on … homework I want to share with the homeowners and landlords of Telford.

You might believe that the difference between purchasi...

May 31, 2018

That got your attention ... didn’t it!

But before we start, what is Generation X, let alone Generation Z, Millennials, Baby Boomers  ... these are phrases banded around about the different life stages (or subcomponents) of our society. But when terminologies like this are used as often and habitually as these phrases (i.e. Gen X this, Millennial that etc.), it appears particularly vital we have some practical idea of what these terms actually mean. The fact is that everyone uses these phrases, but often, like myself, they are not exactly sure where the lines are drawn ...until now…

So, for clarity …

Generation Z:              Born after 1996

Millennials:                 Born 1977 to 1995...

May 22, 2018

Yes, I said ‘rentirement’, not retirement ... rentirement and it relates to the 1,199 (and growing) Telford people, who don’t own their own Telford home but rent their home, privately from a buy to let landlord and who are currently in their 50’s and early to mid-60’s.

The truth is that these Telford people are prospectively soon to retire with little more than their state pension of £155.95 per week, probably with a small private pension of a couple of hundred pounds a month, meaning the average Telford retiree can expect to retire on about £200 a week once they retire at 67.

The average rent in Telford is £563 a month, so a lot of the retirement “income” will be taken up in rent, meaning the remainder will have to be paid for out their savings or the taxpayer will have to stump up the bill (and wi...

May 15, 2018

As I am sure you are aware, one the best things about my job as an agent is helping Telford landlords with their strategic portfolio management. Gone are the days of making money by buying any old Telford property to rent out or sell on. Nowadays, property investment is both an art and science. The art is your gut reaction to a property, but with the power of the internet and the way the Telford property market has gone in the last 11 years, science must also play its part on a property’s future viability for investment.

Many metrics most property professionals (including myself) use when deciding the viability of a rental property is what properties are selling for, the average rent, the yield and an average value per square foot.

However, another metric I like to use is the average rent per square...

May 8, 2018

As we go headlong into 2018, I believe UK interest rates will stay low, even with the additional 0.25% increase that is expected in the next few months. That rise will add just over £20 to the typical £160,000 tracker mortgage, although with 57.1% of all borrowers on fixed rates, it will probably go undetected by most buy-to-let landlords and homeowners. I forecast that we won’t see any more interest rate rises due to the fragile nature of the British economy and the Brexit challenge. Even though mortgages will remain inexpensive, with retail price inflation outstripping salary rises, it will still very much feel like a heavy weight to some Telford households.

Now it’s certain the Telford housing market in 2017 was a little more subdued than 2016 and that will continue into 2018. Property ownership...

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Ellie Garbett
Property Expert
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Combining great communication skills with an eye for detail, Ellie is a licensed ARLA letting agent and a qualified book-keeper. As a landlord herself, Ellie knows what both landlords and tenants want from the local property market. 

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