The Blog

The average property price in Telford as of 2022 is around £200,000, with prices varying depending on the type of property and location. Prices for detached houses in Telford tend to be higher than for semi-detached or terraced properties. Prices also tend to be higher in the more desirable areas of Telford, such as Telford town centre and the surrounding towns like Ironbridge and Wellington. Prices for apartments and flats in Telford are generally lower than for houses, with an average price of around £120,000. It's important to note that property prices can fluctuate depending on various factors such as the local economy, demand for housing and changes in interest rates. Overall, Telford is a relatively affordable option compared to other towns in the region, making it a popular choice for first-time buyers and those looking for a more affordable option. Contact us today if you are thinking of selling or letting out your property.

Commercial and residential incline

As Birmingham is expanding with a lot of corporations relocating from London to Birmingham, we are seeing an increase in property prices in and around train stations leading into Birmingham. Prices in Worcestershire, Staffordshire, Shropshire and the Midlands in general have increased substantially due to this.  Historically this occurred in Surrey and Kent, where people work in the city but want to live in a quieter, leafier suburb. Similarly with Birmingham and the West Midlands expanding, demand for commercial warehouse / industrial space is increasing near motorways accordingly. We have noticed an increase in demand for commercial property along the M6, M5 and M54. Prices for commercial rentals due to this has contributed to for a rental increase of 25% - 30% in rent prices from 2020.

If you want to sell a property during a fixed-term tenancy, you don’t have to wait until the agreement ends before going to market. Selling a property with sitting tenants is often an excellent opportunity for landlords – and a very attractive sale for some buyers. But, alongside the pros, there are some cons to consider as well. In this article, we’ll discuss the pros and cons of selling with a sitting tenant in Wolverhampton to help landlords prepare for a sitting-tenant sale. What is a Sitting Tenant? In short, a sitting tenant is someone who rents a property from you on a fixed-term tenancy agreement at the same time that you decide to sell. Even though you are selling, they can stay in the property until the fixed term expires. Pros of Selling With a Sitting Tenant It’s Attractive to Landlords While most landlords worry that it’s hard to sell a house with sitting tenants, it can be very attractive to landlords looking to buy. Since there are already tenants living in the property, it means they won’t need to market it themselves or experience any voids in the first few weeks or months after buying. You Won’t Have Voids Selling a property can take several months. If your rental is empty when you’re selling, this can lead to an extended period of voids. However, the benefit of selling with a sitting tenant is that your tenants will be staying in situ, so you’ll continue getting rent payments throughout the selling process. There’s Less Risk of break-ins Empty properties can be at risk of break-ins or vandalism. With a good security system and smart home features that simulate the presence of people, you can often deter burglars from breaking into an empty property for sale. However, when you have sitting tenants, you could be at less risk of a break-in since your tenants will be living in the property as normal. Cons of Selling With a Sitting Tenant Limited Target Market While you can still sell a property with sitting tenants to homeowners, really, your target market is limited to other landlords. This can mean you’ll have a smaller buying pool – which isn’t necessarily a bad thing, especially as a property with sitting tenants can be very attractive to buying landlords. Risk of Lower Offers if Selling to Homeowners You can still sell a property with sitting tenants to homeowners, but it likely won’t be as attractive to them. If they buy, they’ll need to follow the eviction process before they can live in the property themselves. This can take time and create extra admin work for a homeowner, so they may undercut you on the asking price to make up for the inconvenience. Extra Admin It isn’t a huge issue, and working with a letting agent will make the process easier, but extra administration work needs to be done when selling with sitting tenants. You’ll need to issue the buyer with a series of documentation, including all Right to Rent documents, tenancy agreements, gas & electricity safety certificates etc. Plus, you’ll need to transfer the tenants’ deposit to the buyer’s name. Get Expert Advice At Morgan Payne & Knightly Estate Agents, we are your local property experts in Wolverhampton. If you need expert letting advice about selling your property with a sitting tenant, our friendly team are happy to answer all your questions. Give us a call today on 1902 504448 or browse our letting and property management services at www.mpkestateagents.co.uk