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West Bromwich Buy-to-Let 2024 Guide

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    Everything You Need to Know About West Bromwich Buy-to-Let

    West Bromwich – or West Brom – is a market town in the heart of the West Midlands. It is known for the local football team and the West Bromwich Building Society. The area benefits from being close to larger regional cities, such as Birmingham, Coventry and Wolverhampton.

    Typically, the West Midlands has low living costs despite being in an advantageous position for businesses and companies looking to serve the entirety of England.

    Property investors may be inclined to research the West Bromwich property market for those reasons.

    Sitting just outside of Birmingham, you would expect the area to have lower property prices. While this is true, there are numerous things you need to know about investing in buy-to-let in West Bromwich before making any investment decisions.

    This guide will look at house prices and local rental yields. We will also compare the town to the rest of the country, helping you decide whether a West Bromwich buy-to-let is worth your time and capital.

    Read on for more information.

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      West Bromwich, UK. Statue called: 'I am King of the Castle' and The Catholic Church of Saint Michael and the Holy Angels on High Street - in the light of sunset.

      Buy-to-Let Property Prices in West Bromwich

      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%.

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      Buy-to-Let Rental Market in West Bromwich

      The West Bromwich Market Rent Summary on Home.co.uk shows the average rent in the area is £1,025 PCM. Coupled with the average property price, this gives an average rental yield of 6.22%.

      The average UK rent is £1,274 PCM (according to the Homelet Rental Index), and the average rental yield is around 5.2%.

      While there are several universities in the West Midlands, such as the University of Birmingham, West Bromwich is not known as a student letting hotspot and may not be the best choice for a property investor targeting student tenants.

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        Investment Properties for Sale in West Bromwich

        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.

         

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          Buy-to-Let Investment in West Bromwich: Area Breakdown

          B70

          The West Bromwich B70 postcode includes the town centre and the southern and western parts of town. Property prices are low in this part of town. The most popular property type is terraced housing. Buy-to-let investors may find some good deals.

          As you’d expect with the town centre, B70 includes many local amenities. However, the area has some levels of deprivation and a high crime rate, which may put off tenants from moving into the area – the high street, in particular, has a reputation for being a dangerous place.

          Average Property Price in B70

          The average property price in this postcode is £194,295.

          Average Rental Yield in B70

          The average rental yield in B70 is 4.92%.

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          B71

          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%.

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          West Bromwich6 - Dudley

          Dudley

          Dudley is a separate market town to the west of West Bromwich. In 2022, Dudley was ranked one of the best places to live in the West Midlands. The area has a castle and zoo, as well as plenty of local amenities and a mix of good-value property types. Dudley connects to West Bromwich via New Birmingham Rd/A4123 and is only 4.5 miles away.

          Average Property Price in Dudley

          The average property price in Dudley is £202,808.

          Average Rental Yield in Dudley

          The average rental yield in Dudley is 4.54%.

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            Oldbury

            Oldbury

            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%.

            West-Bromwich highway

            Wednesbury

            Wednesbury is another separate town in Sandwell. The town provides good access to West Bromwich, Walsall and Wolverhampton. Property prices are low in this area. It has a population of over 37,000.

            Average Property Price in Wednesbury

            The average property price is £189,714.

            Average Rental Yield in Wednesbury

            The average rental yield in Wednesbury is 4.86%.

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              Tipton Aerial View

              Tipton

              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.

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                Why You Should Consider a Buy-to-Let Investment in West Bromwich

                Convenient Location and Transport Links for Commuters

                As part of the West Midlands, West Bromwich is conveniently placed for commuters who need to access wider parts of the UK with ease.

                Birmingham Airport is only 45 minutes away and serves flights to 400 locations across the globe.

                90% of the UK is accessible via road within four hours in any direction.

                The M5 runs past West Bromwich, connecting the area with the South West.

                Trains from Sandwell and Dudley reach Birmingham in around 12 minutes – you can reach the city by car in 25 minutes. London is less than three hours away by car.

                West Midlands Is Good for Business

                The West Midlands has a vibrant £117bn economy. Coupled with relatively low living costs and house prices, many people relocate to areas like West Bromwich to commute across the West Midlands for job opportunities. Many businesses come to the area because of its advantageous location in the country’s centre.

                Regeneration Plans to Boost Business Confidence

                West Bromwich has a masterplan set to introduce numerous amenities, expand on the town’s residential sector, and bring new employment opportunities, creating a sustainable and vibrant town centre.

                The masterplan includes:

                • A Metro gateway
                • A new town square for events with modern public spaces, parks and green links
                • Improvements to the local transport network
                • A significant mixed-use community with new residential and commercial spaces

                The master plan is expected to generate more than 1,000 new homes, 1,700+ new jobs, 130,000 sq ft of retail space, and £6.6 million additional spending by residents in West Bromwich.

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                  West Bromwich New-Builds

                  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!

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                  Off-Plan Property in West Bromwich

                  Increased levels of regeneration within an area will usually indicate increased levels of interest from developers looking to introduce new-build properties.

                  As mentioned, West Bromwich is set to experience significant regeneration work over the next few years. In time, the effects of this work will hopefully boost the local economy and the rental market, which will likely also increase the number of new-build investment opportunities.

                  This is undoubtedly great news for investors but could come with a hefty price tag.

                  Despite its advantages over standard residential properties, new-build properties are typically far more expensive.

                  However, one way to mitigate the cost is to invest through off-plan.

                  Off-plan investment involves purchasing a new-build early in its development/construction, usually at a discounted price below market value. Flexible payment plans are also available, increasing affordability for investors even further.

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                  How Does West Bromwich Compare to Other UK Regions When it Comes to Buy-to-Let?

                  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%.

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                    Want to Invest in West Bromwich in 2024?

                    West Bromwich has some merits when it comes to buy-to-let, but other areas of the UK may offer a property investor a better deal.

                    To learn more about other buy-to-let hotspots around the country and find the best investments for 2023, take a look at our latest buy-to-let guides:

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                    Author

                    Dale Barham

                    Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

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