Property is renowned for being a stable, reliable asset class, leading many budding investors to put their money into the buy-to-let market to produce steady yields. The question is, which region in the UK is best for creating a lettings portfolio? Today, we’re making the case for creating a lettings portfolio in Solihull, a region that is experiencing immense growth.
Solihull is considered to be one of Birmingham’s most desirable suburbs, with Birmingham International Airport, Jaguar Land Rover HQ, and the National Exhibition on its doorstep, as well as easy access to two of the West Midland’s largest cities, Coventry and Birmingham. However, it’s the future of the town that’s truly exciting: with HS2 nearing completion, Solihull will become more accessible than ever, putting it within 38 minutes of London. For Solihull locals, even the town centre is getting a makeover, as well as Kinghurst Village Centre and Chelmsley Wood Town Centre, making it more than just a pleasant place to visit, but an exceptional place to live.
Thinking of investing in the West Midland’s most promising region? Here’s Centrick’s advice…
As a primary consideration, any budding portfolio landlord ought to seek out their property specialty. If you’re new to investment, or new to the West Midlands, it would be good to enlist the help of a local estate agency to help you pinpoint the best areas to invest in and which type of property can yield the results you’re looking for.
It may be challenging to strike the right balance when deciding on what areas to invest in: popular areas that can attract high rental values will likely be more expensive to purchase, and competition for these units can also be tough. In Solihull, you may expect to pay a premium price for accommodation in Knowle with its swathes of million-pound properties, with Lovelace Avenue just to the West of Knowle being one of the most expensive roads in Britain. What’s more, these properties would make for very expensive rental properties that would appeal to a very small demographic so, if you are wishing to add one of these houses to your property portfolio, we advise speaking to your local Centrick expert to find an property with a high yield.
As Solihull locals, Centrick know which parts of the region will yield you the best results for your lettings portfolio – here’s our rundown:
Looking for large family homes with an upmarket, luxury feel? Try Knowle.
Hoping to invest in student property, shared accommodation or HMO’s? Try Dickens Heath.
Searching for a property with ideal commuter routes to the city centre – ideal for working professionals? Try Shirley or Castle Bromwich.
Speaking of properties such as HMO’s, you should be look to determine which kinds of properties are going to deliver the returns you desire from your Solihull lettings portfolio. This will largely depend on the last point – your area of focus – with certain parts of wider Solihull having a greater concentration of detached houses and others having a larger selection of apartments. As an example, you would expect to see more flats and apartments available in the centre of Solihull due to competition for space and higher population density near key amenities, whereas you may be able to find more detached and semi-detached houses in areas such as Knowle or Shirley, which have more of a family focus.
Property focus is inextricably associated with the type of tenants you wish to appeal to. Detached homes make ideal accommodation for growing families, especially for those who are relocating to the West Midlands and want to rent a home before committing themselves to a fully-fledged purchase. With Birmingham International Airport and HS2 on Solihull’s doorstep, we anticipate that more working professionals will be attracted to the region to take advantage of the fantastic career opportunities it can offer. Similarly, HMO’s will attract students and sharers, making them fantastic investments in suburbs that are commutable to university campuses, hospitals and business hubs. It is advisable to consider creating a diverse portfolio with the help of an asset management company such as Centrick. This constitutes investing in differing types of property tailored towards different audiences, so that, in the event of one property type becoming less desirable, you have other options to fall back on while the market stabilises. An asset manager will be able to advise which types of property will be beneficial to your portfolio, to generate sustainable, long-term returns.
Prior to investing in buy-to-let property or expanding your existing portfolio, you must decide who will be responsible for the day-to-day management of your properties. Some landlords choose to delegate this role to a property management agency, which is an effective solution for those that wish to free up their time, or have additional commitments. This is an option often chosen by those with larger portfolios that require the expertise of a property manager, or someone that simply doesn’t find that they have enough hours in the day to handle their Solihull property portfolio.
On the other hand, some landlords prefer to be more hands-on with their property portfolios – this can be a particularly good option for those with smaller portfolios and experience in property management, or those who are committed to managing their properties as a full-time job. These landlords can choose to handle anything from maintenance, to finding a tenant and implementing seasonal rent increases. However, there can still be a benefit to involving a professional who can take care of any legal requirements, liaise with tenants and find occupants for vacant properties, even if some of the other management responsibilities remain with the landlord. A property manager like Centrick will have the benefit of existing contacts, local knowledge and utilisation of property platforms such as Rightmove, Zoopla and Boomin.
Still looking for guidance on expanding your Solihull lettings portfolio? Centrick is here to help you get the best out of your buy-to-let properties: whether you require a comprehensive asset management package, a property manager to help you with lettings and maintenance, or simply wish to talk to one of our resident experts about which up-and-coming East Midlands regions are best to invest in, Centrick can help. Contact us using the form below or visit our City Centre office on Solihull High Street for more information.
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