Showing posts from 2019

The leasehold and ground rents scandal of Royal Tunbridge Wells

Freehold or Leasehold .. which is best? Well, when buying a property in the UK there are two main types of ownership – freehold and leasehold and, when boiled down, they mean the following... Freehold : The person who owns the freehold of a property owns the property and the land it stands on. Leasehold : As a leaseholder you do not own the land the property is built on. A leaseholder essentially rents the property from the freeholder for a number of years, decades or in some Victorian terraced houses, for centuries.  All apartments have to be sold as leasehold properties because of the very nature that you have a neighbour above or below you (so both of you can’t own the land) with the length of the lease being over 100 years (even more sometimes).  However, with some apartments – particularly Victorian and Edwardian houses converted into numerous apartments – which are sold on the basis that the leasehold apartment owner also owns part of the freehold (with other leaseholders in the

How long is an average Royal Tunbridge Wells property on the market for?

If you are either selling or buying a property in Royal Tunbridge Wells, there are a few reasons why it may be taking some time to sell your Royal Tunbridge Wells home or find that perfect place to call your new home. It may be taking longer than you thought to find a buyer for your home because of the current state of the property market or finding that perfect Royal Tunbridge Wells home may be taking too long because of a lack of properties to buy. So, taking everything into consideration, all of these factors invite an obvious question ; how long is too long to persist in the Royal Tunbridge Wells property market? If you are looking to sell your Royal Tunbridge Wells property, it may have become infuriating when your home has been on the market for longer than you anticipated. Perhaps the property market is purely in a position where it's challenging to get a property sold quickly, or sold at the price you want to achieve for it. If you do live in a Royal Tunbridge Wells home th

What’s the biggest street in Royal Tunbridge Wells (TN1)?

Most weeks, my articles on the Royal Tunbridge Wells property market tackle some of the big issues about the local property market, such as the lack of new homes being built in Royal Tunbridge Wells, the trials and tribulations of being a Royal Tunbridge Wells buy-to-let landlord and the future of the Royal Tunbridge Wells property market .. yet in this article, I wanted to give you some fun facts about the Royal Tunbridge Wells property market – which is the largest street in TN1 by the number of properties on it? The biggest street in TN1, when it comes to the number of houses on it is Upper Grosvenor Road, with 758 homes. In second place is St James Road with 239 homes and in third is London Road with 220 homes. Not surprisingly, the most valuable street of the top 20 biggest streets is Upper Grosvenor Road at £214.2m with an average value of £283,000 per property. The street with the greatest number of movers in the last 3 years is also Upper Grosvenor Road, yet its saleability rat

Royal Tunbridge Wells Property Market Update Summer 2019

The foundations of the Royal Tunbridge Wells Property Market over the summer have continued to be principally sound; yet the existing political macroclimate means that the critical element of consumer confidence has been reduced and that is triggering some potential Royal Tunbridge Wells property buyers and Royal Tunbridge Wells house sellers to falter slightly and hang fire making any firm decisions on property. With record low interest rates at 0.75%, low unemployment rates of 3.8%, and decent mortgage availability (even those with low deposits - there were 224 mortgage deals available on the day of writing this article where only a 5% deposit was required and 5 main stream lenders that would offer 100% no deposit mortgages), Royal Tunbridge Wells buyers have a lot going in their favour, aside from the perceived political uncertainty.  Interestingly, Rightmove have stated there are more properties for sale today in the Country, than at any time since 2016, and Royal Tunbridge Wells f

Royal Tunbridge Wells Homeowners can now build larger extensions without planning permission.

The need for more homes has always been one of the biggest issues with regard to the Country’s housing crisis.  One of the main reasons for families wanting to move home is the need for more accommodation as their families grow and so in 2013 and 2015, the planning permission rules were relaxed to try an alleviate this issue. Initially in 2013, Nick Clegg, as Deputy Prime Mister, brought in temporary planning rules to allow larger single storey rear extensions without the requirement of a full planning application.  The temporary rules allowed terraced and semi-detached homes to be extended by just over 19ft, whilst detached houses were able to add even bigger extensions of up to 24ft.  Since those rules were relaxed six years ago, 109,320 people have taken advantage of the temporary rules (aka “permitted development size guidelines”). Homeowners wanting to extend within these permitted development guidelines, must still inform the local authority of the extension beforehand, and local

Royal Tunbridge Wells’ Homeowners Sell Their Home Over a Third More Than the UK Average

The average homeowner in the UK moves every 20.2 years…  That average in the 1970’s and 80’s was around every 10 to 11 years; in the 1990’s it increased to the mid-teens (in terms of years) and in the early part of the Millennium, it dropped again to the low teens. When we had the Credit Crunch years of 2008/09/10, that shot up to every 25.3 years and has been steadily decreasing ever since to the 2018 figure of 18.7 years. The graph shows that as the economy improved after the Credit Crunch, British homeowners started to move home more and may have be taking advantage of higher demand and lower supply in the housing market to sell their homes and move on to the next property. Yet, most Royal Tunbridge Wells (and British) homeowners are more often than not buyers as well, so that cannot be the real cause. As mentioned already, people in the 70’s and 80’s moved a lot more than today. So why is the long-term average length of time between moves since 2000 still much higher than it was in

Which Royal Tunbridge Wells Properties are Selling the Best?

Moving home is said to be the third most stressful life event, following a member of your family dying or getting divorced . So it is always best to keep your stress levels down by investigating and doing your homework on both the particular area of Royal Tunbridge Wells (or nearby conurbations) where you live (i.e. where you are selling) and where you want to search for your next Royal Tunbridge Wells home. Being mindful of how fast (or slow) the different aspects of the Royal Tunbridge Wells property market is moving is key.. because it could save you much heartache and many thousands of pounds.  You see, if you know you are selling a property in a sluggish price range and buying in a faster moving price range in Royal Tunbridge Wells then putting your property on the market first is vital, otherwise you will always find the one you want to buy tends to sell before your property sells -  there is nothing worse than pondering over a property only to find that someone else has bought i