April 28, 2018

With the average 5-year fixed rate mortgage at 1.98% (down from 3.47% in 2014) and 2-year fixed rate at 1.47% (down from 2.37% in 2014), mortgage interest rates offered by lenders are at an all-time low (even with the slight increase on the Bank of England base rate a few months ago). Added to this, there has been a low unemployment rate of 4.4% in Telford, which has contributed to maintain a decent level demand for property in Telford in 2017 (interestingly – an impressive 1,869 Telford properties were sold in last 12 months), whilst finally, the number of properties for sale in the town has remained limited, thus providing support for Telford house prices, meaning …

Telford Property Values are 6.6% higher than a year ago

However, in 2018, there will be greater pressures on people’s incomes as infl...

March 23, 2018

I was recently reading a report by the Home website which suggested that hordes of landlords are selling their buy-to-let investments due to increasing burdens on them in the buy-to-let market. Their findings suggest the number of new properties that came onto the market nationally (for sale) jumped by 11% across the UK as a result.

Those increasing burdens include new tax rules coming in over the next 3 to 4 years and the announcement that all self-managing landlords (i.e. landlords that don’t use a letting agent to look after their buy-to-let property) will soon need to register with a compulsory redress scheme to resolve tenant arguments and disputes; as Westminster wants to heighten standards in the Private Rented Sector. 

Interestingly I was chatting with a self-managed landlord from Newport, w...

March 7, 2018

My research shows that certain types of Telford property are more affordable today than before the 2007 credit crunch.

Roll the clock back to 2007 just before the credit crunch hit which saw Telford property values plummet like a lead balloon and the Telford property market had reached a peak with the prices for Telford property hitting the highest level they had ever reached.  Between 2008 and 2010, Telford property values lay in the doldrums and only started to rise in 2011, albeit quite slowly to begin with.

Nevertheless, even though property values have now passed those 2007 peaks, my research indicates that Telford property, especially flats/apartments, are now more affordable than they were before the 2008 credit crunch.

Back in 2007, the average value of a Telford flat/apartment stood at £90,4...

March 1, 2018

Talk to many Telford 20 something’s, where home ownership has looked but a vague dream, many of them have been annoyed towards the Baby Boomer generation and their pushover ‘easy go lucky’ walk through life; jealous of their free university education with grants, their eye watering property windfalls, their golden final salary pensions and their free bus passes.

If you had bought a property in Telford for say £12,000 in first quarter of 1977, today it would be worth £186,829, a windfall increase of 1456.9%.

But to blame the 60 and 70 year olds of Telford for that sort of rise seems a little unfair, with the value of the homes rising like rocket, I don't believe they can be censured or made liable for that. A few weeks ago, I discussed in my blog the number of people in the Telford area who have two...

February 13, 2018

Well the fallout from the recent Budget is still continuing.  I was chatting to a couple of movers and shakers from the Telford 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 real...

January 12, 2018

I miss the good old days of George Osborne as Chancellor, with his hardhat and hi-vis jacket. He must have visited every new home building site in the UK with his trademark attire! For the last few years, the nearest Philip Hammond got to donning a ‘Bob the Builder’ outfit was at his grandchild’s birthday party. However, with what appears to be a change in focus by the Tories to ensure they get back in power in 2022, they appear to have fallen in love with house building again with the Chancellor’s promise to create 300,000 new households in a year.

Nationally, the number of new homes created has topped 217,344 in the last year, the highest since the financial crash of 2007/8. Looking closer to home: in total there were 1,148 ‘net additional dwellings’ in the last 12 months in the Telford and Wreki...

January 10, 2018

It’s now been a good 12/18 months since annual rental price inflation in Telford peaked at 3.9%. Since then we have seen increasingly more humble rent increases. In fact, in certain parts of the Telford rental market over the autumn, the rental market saw some slight falls in rents. So, could this be the earliest indication that the trend of high rent increases seen over the last few years, may now be starting to buck that trend?

Well, possibly in the short term, but in the coming few years, it is my opinion Telford rents will regain their upward trend and continue to increase as demand for Telford rental property will outstrip supply, and this is why.

The only counterbalance to that improved rental growth would be to meaningfully increase rental stock (i.e. the number of rental properties in Telfor...

December 20, 2017

Telford homeowners will be among those affected by the latest rise in the Bank of England interest rates. The first increase in 10 years; they have just been raised from 0.25 percent to 0.5 per cent. This uplift comes as inflation hits a 51-month high of 2.9 per cent whilst the national unemployment rate is at an all-time low of 4.3 per cent.

    

Interestingly, the Governor of the Bank of England has indicated that the interest rate is likely to increase again over the next couple of years, but Mr Carney said mortgages and savings would not be affected in the short term. However, look at all the big banks and just about all of them have increased their standard variable mortgage rate..  

The average Telford mortgage is £74,964

I have to ask by how much Telford homeowners (on variable r...

December 1, 2017

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)....

November 28, 2017

In the credit crunch of 2008/9 the rate of home moving plunged to its lowest level ever. In 2009 the rate at which a typical house would change hands slumped to only once every 29 years. The biggest reason being that confidence was low and many homeowners didn’t want to sell their home as Telford property prices plunged after the onset of the financial crisis in 2008. However, since 2009, the rate of home moving has increased (see the table and graph below), meaning today:

The average period of time between home moves in

Telford is now 14.5 years.

This is an increase of 102.47 per cent between the credit crunch fallout year of 2009 and today, but still it is a 27.55 per cent drop in moves by homeowners, compared to 15 years ago (The Noughties).

So why aren’t Telford homeowners moving as much as they d...

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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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