Broseley. A fantastic place to live, there’s great bars, cafes and restaurants, a fantastic butchers, a fine grocer, gift shops, playgrounds, good schools and a great community spirit. Being Broseley born and bred, naturally I am somewhat biased towards the town, but if I take a step back and put my property market hat on, this place inspires me in every sense.
Focusing on 3 bedroom properties, 2014 saw on average a sale price of £155,000 and an average rent of £650 per month. Landlords who purchased in 2014, would have achieved a 4.8% gross rental yield. Although 4.8% is arguably very average in terms of property investment, what’s astounding is the huge demand shown by prospective tenants to be in this fantastic town.
During one week in December 2014, arguably the quietest week in the property market there were over 500 individual searches for 3 bedroom properties in TF12 between £500 and £800 per month. People clearly want to be here!
As a letting agent, working in the property market for the last 13 years, tenant demand is key to the success of your property investment. The aforementioned average 4.8% yield all of a sudden becomes that little more attractive.
It gets better. With demand this strong, due to the amount of enquiries we receive landlords have a great selection of quality tenants to choose from. Once the new tenant has settled in, they don’t want to move away from the town.
Sometimes yields aren’t everything. High demand can support finding a quality tenant, providing a steady yield.
I’m constantly looking at the property market in depth, which enables me to give the best advice and opinion. So if you would like any advice on choosing property in the area, please come and see me in our office in The Square Broseley, we have great coffee and love to chat!