West Bromwich Buy-to-Let 2024 Guide

According to Rightmove, the average property price in West Bromwich is £197,582.

The property portal site shows the most popular sales in West Bromwich over the last 12 months were semi-detached homes, which sold for £220,448 on average. Meanwhile, terraced properties cost £181,795, and flats cost £97,204.

Rightmove puts sold price growth in West Bromwich at 4% over the last year. Prices are 26% higher than they were during the 2020 peak.

In comparison, the UK House Price Index shows the average UK house price is £291,044, making West Bromwich significantly cheaper than the rest of the country.

The same index shows the average price for the West Midlands is £253,519. As such, West Bromwich is also less expensive than the region as a whole. Those who are interested in other parts of the Midlands could be interested in finding out more about Leicester property investment.

In addition, the West Midlands is forecast to enjoy capital growth of 20.2% by 2028 (according to Savills Residential Market Forecast), higher than the national average.

Rising inflation and interest rates have slowed price growth in the region to 1.10%.

West Bromich features a variety of investment property types, including detached properties, semi-detached properties, and flats. While these properties can be expensive, they are significantly less so than the rest of the UK, which means investors may be able to find better-value investment options in this area.

During the past year, most sales in Woking consisted of detached properties, which commanded an average price of £363,381. Semi-detached properties averaged £257,348 in sales, while flats were sold at an average of £134,113.

Furthermore, West Bromwich’s strategic location within the West Midlands offers convenient access to primary transport links, enhancing its appeal to commuters and potential tenants. Additionally, ongoing regeneration initiatives and infrastructure improvements contribute to the area’s long-term growth potential, making it an attractive prospect for property investors seeking both capital appreciation and rental income.

The northern parts of West Bromwich are slightly more expensive than the B70 postcode. The area includes The Hawthorns – home ground of West Bromwich Albion Football Club – and Sandwell General Hospital, both of which contribute to the local employment scene and economy. The Sandwell Valley Country Park is in the eastern part of this postcode.

Average Property Price in B71

The average property price in B71 is £207,120.

Average Rental Yield in B71

The average rental yield here is 4.77%.

Oldbury is a market town in the Sandwell Borough, just south of West Brom. Property prices are slightly more expensive than in West Bromwich. The area attracts older people and has local amenities.

Average Property Price in Oldbury

The average property price in Oldbury is £218,927.

Average Rental Yield in Oldbury

The average rental yield in Oldbury is 4.58%.

Tipton lies between Dudley and West Bromwich. Deprivation in some areas means the average property price is relatively low here.

Average Property Price in Tipton

The average property price is £179,320.

Average Rental Yield in Tipton

The average rental yield here is 4.95%.

Please note: Property prices and rental yields were taken from Rightmove and housesforsaletorent.co.uk.

With a massive gap between existing housing and rising demand, new-builds are becoming the go-to option for many UK buyers.

In West Bromwich, many private developers have been given the go-ahead to begin constructing new housing in the area. In early 2023, for example, GreenSquareAccord secured approval for 147 new affordable homes in an effort to meet this growing demand.

New-builds are popular with landlords, as they typically see lower maintenance fees and require less upkeep, resulting in a more affordable investment.

These properties also utilise the latest trending amenities, opening up a much wider tenant pool for investors. For example, eco-technology (solar panels, air source heat pumps, etc.) is typically at the forefront of design, bringing lower energy bills and making the building generally more sustainable.

As the population becomes more eco-aware, the more sustainable properties will likely become more appealing to tenants.

Read More: Discover more about this investment trend with our recent buy-to-let guides, covering everything from Cheltenham new-builds to the latest UK hotspots!

West Bromwich is in an advantageous location with good-value properties and slightly above-average rental yields. Its property prices make it more attractive than buy-to-let in Birmingham.

However, the area also has a notable issue with crime. In 2022, West Bromwich’s crime rate was 151 per 1,000 people, substantially higher than the next-highest area, Walsall. This makes it the most notorious place in the West Midlands for crime, especially when you consider the last census put the town’s population at 80,000.

For this reason, people may choose to look to other locations when considering renting a property.

As such, you may want to look at other areas with good-value properties and attractive rental yields.

If you look further north, the North West offers both of these and one of the highest capital growth predictions in the country at 20.2%.

For example, properties to buy in Liverpool have low average prices of £180,268 and an average rental yield of around 7%.