Lichfield is situated just north of Birmingham, and is best described as a vibrant and historic city, which is popular with professional couples and families, due to its community feel, proximity to major cities, its transport links and its excellent amenities for residents.
Get in touch with our Lichfield office today to find out more or get your free valuation to discover your potential rental yield.
The city has a population of around 105,000 people, and also plays host to one of Staffordshire University’s campuses. As a result, it is very popular with buy-to-let investors.
The average price of a property in Lichfield is just over £300,000, with average rent in the area around £700 per calendar month. Taking these figures into account, this represents an average yield of around 3%.
One bedroom properties in the area can be secured for as little as £90,000, however the average price is between £140,000 and £160,000, depending on the type of property and their level of decoration. Typically, you can expect to receive a monthly rental income of around £525, representing a yield of between 4% and 4.5%.
Two bedroom properties can be available for just under £100,000, which presents a fantastic investment opportunity. Properties with this sort of price tag usually have a rental income of £550pcm, which in turn provides a yield of 6.5%.
However, the average price of a two bedroom property is closer to £180,000, with average monthly incomes in excess of £600. From this, you will comfortably achieve a yield of over 4%.
With a typical asking price of £250,000, three bedroom properties also provide an option for property investors. Rental income for properties of this size varies, but you can expect over £800 per calendar month. With this in mind, you will likely see a yield of between 3.5% and 4.25%.
Finally, four bedroom properties can start from £250,000, but you are much more likely to pay in excess of £350,000 for a sizeable property. Taking this into account, rental incomes are typically between £900pcm and £1500pcm, which represents a yield of around 4.5%, although it may be possible to get closer to 5%, depending on the location and standard of the property.
Our guide is only an indication of the current buy-to-let market in Lichfield, and so it is important that potential landlords and property investors speak to a member of our team before making a decision on any property. Our expert staff are always on hand to offer their knowledge, support and are able to provide a strategy to boost potential rental income.
Get in touch with our Lichfield office today on 01543 418500, email us at lichfield.lettings@hunters.com or us the contact form on our local branch page.