Broseley – Property everywhere (apparently) but none to rent…

    Rental demand in Broseley
  • Rental demand in Broseley

With the new Taylor Wimpey site (Haycop Rise) in view out of our office window, it got me thinking…. what’s needed in this town? Looking on the various local social media sites, some say we need more affordable housing others say family homes, very few say rented accommodation. Whilst we’re a nation who believe in owning your own home, there’s still a huge demand for quality rental accommodation. On the last count in 2011, there were just 349 private rented properties in Broseley! That’s just 14% of the total number of homes in the town.

 

As a qualified mortgage adviser, I am fully aware of price to earnings ratios. The average purchase price in Broseley is £171,200 (according to mouseprice.com), and the average salary in Broseley is £20,964. Price to earnings ratios are effective measures of the relative affordability of property in a given area (the higher the number – the more expensive it is to buy). In Broseley the ratio is 8.17. Whilst this is much stronger that the national average, where the earning ratio sits at 10.33, it can still be somewhat disappointing to those trying to get on the property ladder in such a wonderful town.

 

Being Broseley born and bred, I do feel there’s a relatively good old fashioned working class attitude in the town (some will disagree), the majority of people are also achievers, however people do just seem to struggle to make that next step to owning their own home. This is where the rental market comes in to play.

 

Whilst in my opinion Haycop Rise is absolutely needed, and also great for the town. I also feel there’s a huge need for more quality rented accommodation for those who cannot quite meet the demands of buying a home. Having studied the site plan for Haycop Rise it will really only accommodate a lucky few, or 88 to be precise!

Having the office on the high street, we know there’s huge demand for people wanting to rent.