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Showing posts from July, 2018

How Affordable is Property for Royal Tunbridge Wells’ Average Working Families?

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The simple fact is we are not building enough properties. If the supply of new properties is limited and demand continues to soar with heightened divorce rates, i.e. one household becoming two, people living longer and continued immigration, this means the values of those existing properties continues to remain high and out of reach for a lot of people, especially the blue collar working families of Royal Tunbridge Wells. Looking at some recent statistics released by the Government, the ratio of the lower quartile house prices to lower quartile gross annual salaries in Tunbridge Wells Borough Council has hit 13.21 to 1.  What does that mean exactly and why does it matter to Royal Tunbridge Wells’ landlords and homeowners? If we ordered every property in the  Tunbridge Wells Borough Council area by the value of those properties, the average value of the lower quartile properties (i.e. lowest 25%) would be £265,500. If we then did the same, and ordered everyone’s salary in the same counc

858 Royal Tunbridge Wells Landlords Plan to Expand Their Buy To Let Portfolios

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A noteworthy number of buy to let landlords in Britain plan to buy more properties over the next year notwithstanding the frustrations, challenges and seismic changes in the private rented sector. According to Aldermore, the specialist Buy To Let lender, their research shows around 41% of portfolio buy to let landlord’s objective is to grow their buy to let portfolio ( Portfolio landlords are landlords that own more than one property ).  So, I thought, “Are Royal Tunbridge Wells landlords feeling the same?” If so, if these numbers were applied to the Royal Tunbridge Wells private rental market, what sort effect would it have on the Royal Tunbridge Wells property market as whole? Talking to the landlords I deal with, most are feeling quite optimistic about the future of the Royal Tunbridge Wells rental market and the prospect it presents notwithstanding the doom and gloom prophecies that the property market will shrink. Many of those landlords who are looking to enlarge their portfolio

Extra Funding Is Required for Affordable Homes in Royal Tunbridge Wells

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In my blog about the Royal Tunbridge Wells Property Market I mostly only talk about two of the three main sectors of the local property market, the ‘private rented sector’ and the ‘owner-occupier sector’. However, as I often stress when talking to my clients, one cannot forget the third sector, that being the ‘social housing sector’ (or council housing as some people call it).  In previous articles, I have spoken at length about the crisis in supply of property in Royal Tunbridge Wells ( i.e. not enough property is being built ), but in this article I want to talk about the other crisis – that of affordability. It is not just about the pure number of houses being built but also the equilibrium of tenure (ownership vs rented) and therein, the affordability of housing, which needs to be considered carefully for an efficient and effectual housing market. An efficient and effectual housing market is in everyone’s interests, including Royal Tunbridge Wells homeowners and Royal Tunbridge We

Royal Tunbridge WellsProperty Market – Asking Prices Down 1.1% in the Last 12 Months

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The average asking price of property in Royal Tunbridge Wells dropped by 1.1% or £6,141 compared to a year ago, taking the current average asking price to £535,131 compared with £541,272 this time last year. The overall drop in asking prices is being put down to sellers being more realistic with their pricing and looking to benefit from the impending mortgage interest rate rises later in 2018. This is great news for first, second and third time buyers in Royal Tunbridge Wells starting their property hunting in the usually active spring market this year facing the opportunity of paying less for the property of their  dreams. Even better news is that whilst first time buyers also have to pay less for their property, they also have the bonus of the Chancellor stopping Stamp Duty being paid by first time buyers! Looking at the different sectors of the Royal Tunbridge Wells property market, splitting it down into property types, one can see what is happening to each sector of the market wit

Royal Tunbridge Wells Millennials Have Spent £155,978 On Rent By The Age of 35

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The Millennials were born between the mid 1980’s and late 1990’s thus making them between the age of around 22 to late 30’s. They are the imaginative, artistic youngsters who grew up with the newest tech and computers and who are huge aficionados of music festivals, gourmet pizzas, emoji’s, selfies and old school nostalgia. Also known as Generation Rent, many Millennials have discovered that renting is a good choice for their shelter and accommodation needs without the hassle that comes from buying a home. Nonetheless, that is not the only reason they don’t buy property. When they should be concentrating on their profession, putting down roots and starting a family, Millennials are still going through the pressure and strain of student loan liabilities whilst, at the same time, finding it tough to pay rent. The hot topic at the moment is the cost of renting, as both political parties have seen mileage in wooing these Millennial Generation Renters. The average rent in Royal Tunbridge