Monthly Landlord report – February 2015

. by James Laurence Estate Agents

Reading time: 2 Minutes

 

 

That all important decision-where to make the next property investment!? Where are the best yields ensuring you will get the best returns in Birmingham?

 

 

The latest lettings statistics produced by James Laurence this month show rentals have increased already in 2015, with the competitive Birmingham City Centre market in particular strong currently with a 13.7% increase in number of properties being let from January.

 

This makes even more interesting by the fact that the average rent for one, two and three bedroom apartments in the city’s core market (B1 postcode) have increased to an average rent of £683.5 pcm, £1,061.12 pcm and £1829.00 pcm (for 1, 2 and 3 beds respectively).

 

 

The number of properties let in B1 has doubled month on month-with 33% of all properties currently let, with 32% for the equivalent in B3-St Pauls Square and surrounding-an increase alone of 7.25%.

 

 

A prime example being a property let in Friday Bridge, city centre: http://www.jameslaurenceuk.comproperty-details/3642033

 

 

Whilst the rental market is always deemed to be quick quick quick, the supply is increasing at alarming rates, with Edgbaston and Harborne seeing an influx of good quality rental properties, potentially as the sales market holds firm but as a lot of vendors sit tight in election year.

 

 

Edgbaston (based on B15) have seen the biggest increase in activity in our letting territory as three bedroom properties show an average increase of 10.1% over the last month, with the average rental asking price for a three bedroom home in the B15 postcode now at £1,081.84 pcm. Edgbaston has also seen an increase of properties let in the past month with 21.8% under offer presently.

 

 

Harborne, with a focus solely on B17, has more supply but with slightly less success this month, offering the highest number of available properties with a total of 244 properties on the market. Landlords take note, Two bedroom properties in Harborne reveal to be the most appealing for tenants with 17.4% of the properties listed on Rightmove having a let agreed on them with an average (not to shabby) rent of £1,006.19 pcm.

 

 

The buy to let market is strong for landlords, and there could well be a further influx of a new breed of landlord, due to the pension reform in April 2015. 

 

Mortgage lending has become even more competitive-817 products available for buy to let investors (at last count), according to the latest cost index reported by Mortgages for business. As low LTV fix rate mortgages proved most popular in Q4 of 2014, the Managing Director of Mortgages for Business, David Whittaker, reports “This unprecedented pick up reflects the huge increase in demand as well as the wider importance of the buy to let industry….Looking at total lending in 2014 the trend is clear. For a second consecutive year the value of the buy to let market grew by almost a quarter.”

 

2015, potentially the year of the landlord!?

 

James Laurence Sales and Lettings can not only source your next investment within the area, but also manage existing properties, whether you boast a large portfolio or indeed looking to let out your first property-the upcoming election may have an impact on first time landlords, we can discuss what the above stats mean specific to you and your property.

 

 

Contact us at your convenience on 0121 604 4060 or contact the lettings manager Andy McHugo on [email protected].

 

 
*Stats are correct between February 5th -9th 2015, average rental figures based on available and let properties on Rightmove.com
 

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