With news that Birmingham is one of the UK’s property hot spots for 2017, we’re expecting there to be a number of property investments from people who aren’t necessarily from the Birmingham area.
As a property investor, there are many things that need to be considered before putting the money down on a property, especially in a new area. Investors need to research the market, do some math and identify their target tenant. However, when entering a new area, they need to look into what hot spots there are and understand the region.
Property investors need to match the property with affordability and locations that potential renters will want to live in. Here are some potential areas in Birmingham for property investors to look to:
Aston is famously home to one of Britain’s oldest football clubs, Aston Villa. According to rental yield data, landlords in Aston can receive above 10 per cent gross rental yield. Returns are high but investors shouldn’t expect a high rise in the property’s too – while crime rates have lowered, the area is still higher in crime than others.
Ladywood has a low rate of home ownership. The amount of rented accommodation is higher than the national average meaning that this area has a high demand for renters. It is a particularly appealing spot for young professionals as it is close to Broad Street, Birmingham’s main nightlife area, and the National Indoor Arena.
Just a couple of miles from the town centre and a mile from Birmingham University, Moseley has emerged as a desirable suburb of Birmingham. Its close proximity to parks helps play the area as host to a number of festivals including the Jazz Funk & Soul Festival. The average house price in the area is around £240,000 and terraced houses are often the most sold but it also boats large Edwardian houses that can reach over £500,000.
Solihull is regularly recognised as a pleasant place to live and regular places highly in the best places to live in the UK. It is found between Birmingham and Coventry but is home to good transport links including a 20-minute journey to Birmingham. Solihull has a diverse range of housing styles and price brackets but is typically home to families.
Things to consider
Overall, Birmingham is an attractive proposition for high rental yields. To maximise your investment consider proximity to Birmingham’s impressive transport links, universities, work hubs, regeneration projects and local amenities.
Whether you’re an experienced landlord in Birmingham or are new to the industry and to Birmingham, a property inventory is needed to prevent disputes between you and the tenant at the end of a tenure.
Skribes is Birmingham’s leading independent inventory and property services specialists. We provide landlords with inventory reports, check-in reports, interim reports, check-out reports and legionella reports.
To find out how we can help make it easier to manage your property, call us today on 07891 551 905 or email email@example.com.