We have many investors interested in the West Side of Wolverhampton, so we looked into the areas more in-depth and here's what we found!
The hotspots in the West Side are Penn and Tettenhall. Branching over the WV4 and WV6 areas where you will find more upmarket properties in price and style. and you'll also find these postcodes cover a widespread classification of tenants. Rental yields vary dramatically in these areas as you'll find both low budget and top budget qualities in each property.
Within the Penn area in particular we find there is a buy-to-let tendency, which creates more rental properties, however there is a healthy balance of Sale properties available for investors and buyers alike. We find the properties in the area are older style buildings with properties rarely experiencing building defects. This appeals mostly to tenants looking for life long tenancies and the chance to make their rental house a home. We do find that rental yields fall short in the area due to property values being much higher. As many associate the WV4 postcode with Penn itself, you can actually find many different areas within WV4 such as Warstones, Pennfields, Parkfields and even Sedgley. There's unusually no new build activity within the area, which is uncommon for popular postcodes in Wolverhampton, however we did see the birth of a great development in Charles Hayward Drive, Sedgley, where we successfully rented out 16 units in 3 weeks.
Tettenhall is a notably prestigious area due to the high status of the area and many of its' local amenities. Within this area you'll typically find more Sale properties, and less frequent opportunities to re-let properties as tenants' seek longer term tenancies here. There is a lot of new build activity in this area, which is beneficial to investors who are looking for great rental yields with minimal property management. An example of this would be your average new build 3 bed detached house in WV6 reaching a £167,000 asking price with an excellent rental value of £650pcm, with the contrast of an average 3 bed semi detached reaching a £195,000 asking price reaching the same rental valuation of £650pcm - making the new build a higher rental yield.
Our agency manages plenty of property in both areas, so we are highly knowledgeable in both areas and we have a great presence in both. For our specially tailored recommendations please give us a call on our office number. Leave your opinions below!