tag:blogger.com,1999:blog-69229408387494001012024-03-10T01:28:45.031+00:00The Royal Tunbridge Wells Property BlogThis blog follows the buy-to-let market in Royal Tunbridge Wells. You'll find tips, guidance, and analysis that relates specifically to Royal Tunbridge Wells and you'll also find properties from all the estate agents in the town on here that may make decent investments. I operate Martin and Co in Royal Tunbridge Wells and if you're thinking of buying a property to let in Royal Tunbridge Wells, I'm happy to offer a second opinion.David Rogershttp://www.blogger.com/profile/14282576623452400021noreply@blogger.comBlogger353125tag:blogger.com,1999:blog-6922940838749400101.post-56538953270406959792023-12-31T20:44:00.003+00:002023-12-31T20:44:52.631+00:00How the 23.3% Saleability Drop in the Royal Tunbridge Wells Property Market Might Impact Your 2024 Home Moving Plans<div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgi0ev_BELB-66uta6bH8q4FMbt9YK73zUj9kkV97edFStWwX2C-8dnhDZhAFRSOQWsBddvAh0DQlImXlOTFIuVgkPdubIucjQQlNVhBfeOs6azSde3Q0hXhHg_YhJl4k-_2hnCxjaYvk2o_0LjWve09LpmvjdEsZHc6EgwDVXZ6fmJl-_xsBIUaw3kOEnW/s1000/Copy%20of%20463%20Facebook%20&%20LinkedIn.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgi0ev_BELB-66uta6bH8q4FMbt9YK73zUj9kkV97edFStWwX2C-8dnhDZhAFRSOQWsBddvAh0DQlImXlOTFIuVgkPdubIucjQQlNVhBfeOs6azSde3Q0hXhHg_YhJl4k-_2hnCxjaYvk2o_0LjWve09LpmvjdEsZHc6EgwDVXZ6fmJl-_xsBIUaw3kOEnW/s320/Copy%20of%20463%20Facebook%20&%20LinkedIn.png" width="320" /></a></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> housing market, like many others, has experienced a notable shift in 2023. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The percentage of home </span><span style="line-height: 21.6px;">sale</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;"> agreed</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">and moved (completed) </span><span style="line-height: 21.6px;">compared to those </span><span style="line-height: 21.6px;">withdrawn from the market unsold</span><span style="line-height: 21.6px;"> has decreased relative to 2022</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Looking </span><span style="line-height: 21.6px;">at independent data</span><span style="line-height: 21.6px;"> for the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> area (</span><span style="line-height: 21.6px;">TN1 to TN4</span><span style="line-height: 21.6px;">)</span><span style="line-height: 21.6px;"> …</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">I</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">n 2022, </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">64.7</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">%</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> of properties that left the books of </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">e</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">state </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">a</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">gents agreed a sale, exchanged contracts, and the owners moved home</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s5" style="font-style: italic; line-height: 21.6px;">(</span><span class="s5" style="font-style: italic; line-height: 21.6px;">1,776</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> </span><span class="s5" style="font-style: italic; line-height: 21.6px;">Tunbridge Wells</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> area properties exchanged and completed vs </span><span class="s5" style="font-style: italic; line-height: 21.6px;">966</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> properties that withdrew from the agent’s books, unsold)</span><span class="s5" style="font-style: italic; line-height: 21.6px;">.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">In 2023, </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">49.6</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">%</span></span><span class="s6" style="font-size: 16px; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">of properties that </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">have l</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">eft the books of </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">e</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">state </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">a</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">gents agreed a sale, exchanged contracts, and the owners moved home</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s5" style="font-style: italic; line-height: 21.6px;">(</span><span class="s5" style="font-style: italic; line-height: 21.6px;">1,123</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> </span><span class="s5" style="font-style: italic; line-height: 21.6px;">Tunbridge Wells</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> area properties exchanged and completed vs </span><span class="s5" style="font-style: italic; line-height: 21.6px;">1,142</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> properties that withdrew from the agent’s books, unsold</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> up to the </span><span class="s5" style="font-style: italic; line-height: 21.6px;">20</span><span class="s7" style="font-size: 7px; font-style: italic; line-height: 8.4px; vertical-align: super;">th</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> December 2023</span><span class="s5" style="font-style: italic; line-height: 21.6px;">)</span><span class="s5" style="font-style: italic; line-height: 21.6px;">,</span><span style="line-height: 21.6px;"> meaning there has been a</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">…</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">23.3</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">%</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> proportional reduction in the saleability of</span></span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> homes between 2022 and 2023</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">It's interesting to compare that with the </span><span style="line-height: 21.6px;">South East</span><span style="line-height: 21.6px;"> regional and national stats for both years</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">In the </span><span style="line-height: 21.6px;">South East</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;">63.46</span><span style="line-height: 21.6px;">%</span><span style="line-height: 21.6px;"> of properties were exchanged, completed, and moved in 2022, compared to </span><span style="line-height: 21.6px;">47.54</span><span style="line-height: 21.6px;">%</span><span style="line-height: 21.6px;"> in 2023, a drop of </span><span style="line-height: 21.6px;">25.1</span><span style="line-height: 21.6px;">%.</span><span style="line-height: 21.6px;"> Nationally, 65.55% of properties were exchanged, completed and moved in 2022 compared to 52.39% in 2023, a decline of 20.1%.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">This could</span><span style="line-height: 21.6px;"> rais</span><span style="line-height: 21.6px;">e</span><span style="line-height: 21.6px;"> concerns among</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">local </span><span style="line-height: 21.6px;">homeowners and potential sellers. As a seasoned estate agent in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">, I have observed these trends closely and offer insights into this phenomenon and strategies to enhance your home's saleability in 2024.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Understanding the Dip in Saleability in </span></span><span class="s8" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Tunbridge Wells</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s9" style="font-weight: bold; line-height: 21.6px;">Economic Influences</span><span style="line-height: 21.6px;">: much like the rest of the UK, </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> has been subject to financial pressures such as inflation and </span><span style="line-height: 21.6px;">Bank of England </span><span style="line-height: 21.6px;">interest rate </span><span style="line-height: 21.6px;">increases</span><span style="line-height: 21.6px;">. These factors have affected buyer affordability, leading to a more cautious approach to home purchasing.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s9" style="font-weight: bold; line-height: 21.6px;">Market Saturation and Buyer's Market</span><span style="line-height: 21.6px;">: 202</span><span style="line-height: 21.6px;">3</span><span style="line-height: 21.6px;"> saw a surge in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">propert</span><span style="line-height: 21.6px;">ies</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">on the market</span><span style="line-height: 21.6px;">. This </span><span style="line-height: 21.6px;">increase </span><span style="line-height: 21.6px;"></span><span style="line-height: 21.6px;">changed the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property market from a strong seller's market to a balanced </span><span style="line-height: 21.6px;">market or even a buyer's market in some parts of </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> throughout 2023, where the availability of choices led to a more selective purchasing behaviour.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s9" style="font-weight: bold; line-height: 21.6px;">Changing Buyer Preferences</span><span style="line-height: 21.6px;">: In </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">, buyer preferences have evolved. There's a growing demand for properties that offer flexible living spaces, energy efficiency, and modern amenities, which not all available homes meet.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s9" style="font-weight: bold; line-height: 21.6px;">Local Economic and Social Factors:</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">Tunbridge </span><span style="line-height: 21.6px;">Wells’</span><span style="line-height: 21.6px;"> local economic and social developments, such as job market shifts and community developments, have also played a role in influencing the housing market dynamics.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Six Tips to </span></span><span class="s8" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">M</span></span><span class="s8" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">aximising Your </span></span><span class="s8" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Tunbridge Wells </span></span><span class="s8" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Home's Saleability in 2024</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> p</span><span style="line-height: 21.6px;">roperties are still selling</span><span style="line-height: 21.6px;">, yet not at the rate they were in 2021 and 2022.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">J</span><span style="line-height: 21.6px;">ust </span><span style="line-height: 21.6px;">under</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">5</span><span style="line-height: 21.6px;"> out of </span><span style="line-height: 21.6px;">10</span><span style="line-height: 21.6px;"> local </span><span style="line-height: 21.6px;">people in 2023 have sold and moved</span><span style="line-height: 21.6px;"> (</span><span class="s5" style="font-style: italic; line-height: 21.6px;">i.e.</span><span class="s5" style="font-style: italic; line-height: 21.6px;">,</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> the </span><span class="s5" style="font-style: italic; line-height: 21.6px;">49.6</span><span class="s5" style="font-style: italic; line-height: 21.6px;">%</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> figure mentioned above</span><span style="line-height: 21.6px;">)</span><span style="line-height: 21.6px;">. </span><span style="line-height: 21.6px;">I</span><span style="line-height: 21.6px;">f </span><span style="line-height: 21.6px;">you </span><span style="line-height: 21.6px;">want</span><span style="line-height: 21.6px;"> to avoid being in the </span><span style="line-height: 21.6px;">5</span><span style="line-height: 21.6px;"> out of </span><span style="line-height: 21.6px;">10</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">Tunbridge Wells </span><span style="line-height: 21.6px;">people who were unable to se</span><span style="line-height: 21.6px;">ll </span><span style="line-height: 21.6px;">and move</span><span style="line-height: 21.6px;"> this year</span><span style="line-height: 21.6px;">, there are some things that you can do to stack the cards in your favour.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">To start with, t</span><span style="line-height: 21.6px;">he saleability levels in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> in 2023 are very </span><span style="line-height: 21.6px;">similar</span><span style="line-height: 21.6px;"> to the saleability rates between 201</span><span style="line-height: 21.6px;">4</span><span style="line-height: 21.6px;"> and 20</span><span style="line-height: 21.6px;">19</span><span style="line-height: 21.6px;">. </span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><br /></p><div class="s10" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s9" style="font-weight: bold; line-height: 21.6px;">1. </span><span class="s9" style="font-weight: bold; line-height: 21.6px;">Strategic Pricing:</span><span style="line-height: 21.6px;"> Understanding the </span><span style="line-height: 21.6px;">local </span><span style="line-height: 21.6px;">market is critical. Homes priced correctly from the outset are more likely to attract serious buyers. This requires a deep understanding of the local market trends, something a knowledgeable estate agent can provide.</span></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><div class="s10" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s9" style="font-weight: bold; line-height: 21.6px;">2. </span><span class="s9" style="font-weight: bold; line-height: 21.6px;">Tailoring to Buyer Preferences:</span><span style="line-height: 21.6px;"> Align your </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">home with current trends. This could mean investing in creating flexible work-from-home spaces, upgrading energy systems, or moderni</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ing key areas like kitchens and bathrooms.</span><span style="line-height: 21.6px;"> However, before you start spending </span><span style="line-height: 21.6px;">tens </span><span style="line-height: 21.6px;">o</span><span style="line-height: 21.6px;">f</span><span style="line-height: 21.6px;"> thousands of pounds on this, please do pick up the phone so I can give you the best advice for the type of property you own </span><span style="line-height: 21.6px;">in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">.</span><span style="line-height: 21.6px;"> I have lost count of the number of times I've seen a</span><span style="line-height: 21.6px;"> homeowner spend money on the wrong things without advice, only to find the money they spent did nothing for the value of their home nor ma</span><span style="line-height: 21.6px;">d</span><span style="line-height: 21.6px;">e it more saleable. </span></div><p class="s11" style="line-height: 21.6px; margin-bottom: 0px; margin-left: 36px;"><span style="line-height: 21.6px;"> </span></p><div class="s10" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s9" style="font-weight: bold; line-height: 21.6px;">3. </span><span class="s9" style="font-weight: bold; line-height: 21.6px;">Effective Marketing:</span><span style="line-height: 21.6px;"> Utili</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">e a comprehensive marketing strategy that </span><span style="line-height: 21.6px;">includes high-quality photography, </span><span style="line-height: 21.6px;">possibly </span><span style="line-height: 21.6px;">virtual tours, and leveraging online </span><span style="line-height: 21.6px;">social media and portals</span><span style="line-height: 21.6px;">.</span><span style="line-height: 21.6px;"> As experts in the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property market, we can target the correct demographic and present your home in </span><span style="line-height: 21.6px;">it</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;"> best light.</span></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><div class="s10" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s9" style="font-weight: bold; line-height: 21.6px;">4. </span><span class="s9" style="font-weight: bold; line-height: 21.6px;">Preparing for Viewings:</span><span style="line-height: 21.6px;"> First impressions matter. Ensure your</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">home is well-presented, clean, and decluttered. We can offer personali</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ed advice on </span><span style="line-height: 21.6px;">the </span><span style="line-height: 21.6px;">presentation of </span><span style="line-height: 21.6px;">your home to appeal to potential buyers.</span></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><div class="s10" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s9" style="font-weight: bold; line-height: 21.6px;">5. </span><span class="s9" style="font-weight: bold; line-height: 21.6px;">Flexibility and Negotiation</span><span style="line-height: 21.6px;">: Be prepared for negotiation and show flexibility in terms of viewing times and conditions of sale. This approach can make your property more appealing compared to others </span><span style="line-height: 21.6px;">o</span><span style="line-height: 21.6px;">n the market.</span></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><div class="s10" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s9" style="font-weight: bold; line-height: 21.6px;">6. </span><span class="s9" style="font-weight: bold; line-height: 21.6px;">Capitali</span><span class="s9" style="font-weight: bold; line-height: 21.6px;">s</span><span class="s9" style="font-weight: bold; line-height: 21.6px;">ing on Local Knowledge</span><span style="line-height: 21.6px;">: </span><span style="line-height: 21.6px;">The </span><span style="line-height: 21.6px;">unique charm and amenities </span><span style="line-height: 21.6px;">of </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">should be highlighted. As a local market expert</span><span style="line-height: 21.6px;"> in the </span><span style="line-height: 21.6px;">town</span><span style="line-height: 21.6px;">, I can help showcase these aspects effectively to potential buyers.</span></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The decrease in the saleability rate</span><span style="line-height: 21.6px;"> reflects broader economic trends and evolving buyer preferences. However, with the right approach and strategies, selling your home in 2024 can be a realistic and successful endeavour. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">By understanding the </span><span style="line-height: 21.6px;">market, pricing strategically, aligning with buyer preferences, and utili</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ing effective marketing and presentation techniques, you can significantly enhance your chances of a successful sale.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">As a </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property market expert, I offer more than just transactional advice; I provide insights into what makes our local </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> market tick. By partnering with a knowledgeable estate agent, you can confidently navigate these challenging times and maximi</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">e your chances of a successful home sale in 2024.</span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.26369522.822143163821153 -34.892555 79.442610836178844 35.419945tag:blogger.com,1999:blog-6922940838749400101.post-48878958910420988912023-12-18T06:00:00.045+00:002023-12-31T20:31:00.751+00:00Embarking on the Landlord Journey:Insights for Aspiring and Seasoned Landlords in Royal Tunbridge Wells<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidnBBqD5dcqOQcPXv-g1VrKRrlDBpRx4dnno-fKXS6bZUIksI71GjwL-HXFDN1cHdpszaegYpqQwn5FkxU6SGbtd1K6m5OB9bCWZiBpa44bYFY0ASZ_dKlY13uwR_IOhK1_4qR3n5gYKCGfjsInNnuKAMZHRjG9E4BP6Y_r3aoCyar61sKD0qSo4xX7-sf/s1000/Copy%20of%20461%20Facebook%20&%20LinkedIn.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidnBBqD5dcqOQcPXv-g1VrKRrlDBpRx4dnno-fKXS6bZUIksI71GjwL-HXFDN1cHdpszaegYpqQwn5FkxU6SGbtd1K6m5OB9bCWZiBpa44bYFY0ASZ_dKlY13uwR_IOhK1_4qR3n5gYKCGfjsInNnuKAMZHRjG9E4BP6Y_r3aoCyar61sKD0qSo4xX7-sf/s320/Copy%20of%20461%20Facebook%20&%20LinkedIn.png" width="320" /></a><span style="text-align: left;"> </span></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Property investment</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">has long been a staple in British retirement planning. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The introduction of the buy-to-let mortgage over a quarter-century ago marked a significant turn, presenting opportunities for dual returns: rental income </span><span style="line-height: 21.6px;">in the short term </span><span style="line-height: 21.6px;">and capital growth</span><span style="line-height: 21.6px;"> in the long</span><span style="line-height: 21.6px;">-</span><span style="line-height: 21.6px;">term.</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">You can see why there </span><span style="line-height: 21.6px;"></span><span style="line-height: 21.6px;">are</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">a substantial number of </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">landlords </span><span style="line-height: 21.6px;">who </span><span style="line-height: 21.6px;">view property investment as a cornerstone of their retirement strategy.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">However, this path is full of challenges. Recent shifts in tax and regulatory landscapes, coupled with escalating interest rates, have imposed pressures on profitability, compelling some </span><span style="line-height: 21.6px;">landlord</span><span style="line-height: 21.6px;">s </span><span style="line-height: 21.6px;">to reconsider their positions. Thus, becoming a landlord</span><span style="line-height: 21.6px;"> necessitates meticulous research and a strategic approach.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">The Foundations of Buy-to-Let Mortgages in </span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Tunbridge Wells</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">A critical step in this venture is securing a buy-to-let mortgage, a process distinct from obtaining a homeowner loan. Lenders assess buy-to-let applicants based on an interest-coverage ratio (ICR), which demands that rental income meets or exceeds a certain percentage of the monthly mortgage interest</span><span style="line-height: 21.6px;"> (</span><span class="s5" style="font-style: italic; line-height: 21.6px;">a minimum of 125% for standard </span><span class="s5" style="font-style: italic; line-height: 21.6px;">taxpayers </span><span class="s5" style="font-style: italic; line-height: 21.6px;">and 145% for higher-rate </span><span class="s5" style="font-style: italic; line-height: 21.6px;">taxpayers</span><span style="line-height: 21.6px;">)</span><span style="line-height: 21.6px;">. Additionally, many lenders require that buy-to-let borrowers have a minimum annual income outside of rental earnings to mitigate dependence on rental income.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Regarding the initial investment, a typical deposit hovers around 25% of the property's value. The borrowing landscape has experienced upheavals</span><span style="line-height: 21.6px;"> with the Bank of England's recent base rate increases. However,</span><span style="line-height: 21.6px;"> the average rate for </span><span style="line-height: 21.6px;">a five</span><span style="line-height: 21.6px;">-year fixed buy-to-let mortgage</span><span style="line-height: 21.6px;"> has</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">witnessed </span><span style="line-height: 21.6px;">a reduction in rates recently. For example, at the time of writing, HSBC has a </span><span style="line-height: 21.6px;">5-year</span><span style="line-height: 21.6px;"> BTL mortgage at 4.84% with a 75% Loan to Value (</span><span class="s5" style="font-style: italic; line-height: 21.6px;">i.e. you put down a 25% deposit</span><span style="line-height: 21.6px;">) with an arrangement fee of £1,999</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Prospective </span><span style="line-height: 21.6px;">local</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">landlords must judiciously consider these factors, evaluating the sustainability of their investment against potential interest rate hikes.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Understanding Costs and Preparations</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The financial commitment extends beyond the deposit. Prospective landlords in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> should account for additional </span><span style="line-height: 21.6px;">expenses like stamp duty, which</span><span style="line-height: 21.6px;"> includes a 3% surcharge for second homes. Furthermore, maintaining a contingency fund for maintenance and unforeseen rental voids is prudent. It's advisable to earmark approximately 1% of the property’s value annually for repairs and upkeep.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Navigating the Buy-to-Let Landscape</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Investment in</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">buy-to-let properties is not merely a financial decision but also an emotional one. Landlords must be prepared for the demands of property management, ranging from addressing maintenance issues to dealing with tenant-related </span><span style="line-height: 21.6px;">challenges. The complexity of landlord responsibilities is underscored by over 1</span><span style="line-height: 21.6px;">5</span><span style="line-height: 21.6px;">0 pieces of legislation governing the sector, a figure poised to rise with impending regulations</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Demand </span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">& Supply of</span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;"> </span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;"> Rental Properties</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">Our local rental market has experienced a sustained period of significant rental inflation over the past </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">few</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> years</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">. </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">Despite that, </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">Zoopla </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">recently </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">stat</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">ed that demand for rental properties on its portal</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">was</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> 51% higher </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">in Q3 2023 </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">than the five-year average</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">In</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> the </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">Tunbridge Wells</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> area (</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">TN1 to TN4</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">), </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">the numbers of properties being let </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">over the last six years are as follows.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">In 2018, an average </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">of </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">152</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> properties were let per month </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">In 2019, an average of </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">156</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> properties were let per month</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">In 2020, an average of </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">138</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> properties were let per month</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">In 2021, an average of </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">131</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> properties were let per month</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">In 2022, an average of </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">133</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> properties were let per month </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">In 2023, an average of </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">143</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> properties were let per month </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;"><br /></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLv7e3HxBGagKukblHhrdZIgz3N75i1GS-ucsKJBJKhwJG1VSsjA2NzImZmA5Dp4hzgfHm2yRPpZKxn9s6CObTweUj146ecSc-DY8e_QJ1xR94G7jICxM1tK59EOHlt2sLceXRtVkE6smRUgaW88GSWiYySUu0CCoXDOSuDv7hPztnOojdEgTVGSRJe5k0/s1000/Copy%20of%20461%20Facebook%20&%20LinkedIn%20(1).png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLv7e3HxBGagKukblHhrdZIgz3N75i1GS-ucsKJBJKhwJG1VSsjA2NzImZmA5Dp4hzgfHm2yRPpZKxn9s6CObTweUj146ecSc-DY8e_QJ1xR94G7jICxM1tK59EOHlt2sLceXRtVkE6smRUgaW88GSWiYySUu0CCoXDOSuDv7hPztnOojdEgTVGSRJe5k0/w424-h297/Copy%20of%20461%20Facebook%20&%20LinkedIn%20(1).png" width="424" /></a></div><br /><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;"><br /></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;"><br /></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;"><br /></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;"><br /></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;"><br /></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;"><br /></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">Even</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> though demand is higher</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> and there’s a slight increase in properties let in 2023, </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">the long-term supply of rental properties coming onto the market in the area has dropped. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">So, we have increased demand and reduced supply, which can only mean rents will continue to grow as they have for the last couple of years.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-family: Calibri; line-height: 21.6px;">This ongoing imbalance between supply and demand is a consistent characteristic of the rental market throughout all regions and countries in the UK. Currently, the annual rent growth rate in the UK stands at </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">just over </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">10%.</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> It's not good new</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">s for tenants, yet it still makes </span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">b</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">uy-to-</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">l</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;">et financially viable for most</span><span class="s6" style="font-family: Calibri; line-height: 21.6px;"> landlords, especially as interest rates have risen significantly in the last few years.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Rent Adjustments and Tenant Relations in </span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Tunbridge Wells</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">For landlords, understanding the regulations surrounding rent increases is crucial. These rules vary depending on the tenancy type, with periodic tenancies allowing for annual rent reviews. Ensuring transparent communication and fair practices in rent adjustments can foster harmonious landlord-tenant relationships.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">The Eviction Process: A Delicate Matter</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Eviction is a process governed by strict legal parameters. The anticipated changes in the Renters’ Reform Bill, particularly concerning Section 21 evictions, are set to alter the landscape, emphasizing tenant protection. Landlords must be well-versed in these regulations to navigate tenant eviction legally and ethically.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Conclusion: The Role of Expertise in Property Investment</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Having a knowledgeable and experienced guide is invaluable in the intricate world of property letting. </span><span style="line-height: 21.6px;">As a seasoned agent in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;">I</span><span style="line-height: 21.6px;"> offer a wealth of expertise and insight, making </span><span style="line-height: 21.6px;">me</span><span style="line-height: 21.6px;"> and </span><span style="line-height: 21.6px;">my team</span><span style="line-height: 21.6px;"> an ideal partner for both novice and experienced landlords.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Whether navigating the complexities of buy-to-let mortgages, understanding the nuances of property investment</span><span style="line-height: 21.6px;">, or managing tenant relationships, </span><span style="line-height: 21.6px;">our </span><span style="line-height: 21.6px;">proficiency is a vital resource for anyone looking to explore or deepen their involvement in the property market.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">In</span><span style="line-height: 21.6px;"> conclusion, the journey to becoming a landlord, especially in a market like </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">, rewards careful planning, informed decision-making, and strategic foresight. With the guidance of seasoned professional</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;"> like </span><span style="line-height: 21.6px;">us</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;">landlords can navigate the challenges and complexities of the property market, ensuring their investment not only endures but thrives.</span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.26369522.822143163821153 -34.892555 79.442610836178844 35.419945tag:blogger.com,1999:blog-6922940838749400101.post-51029425701788781882023-12-02T08:35:00.000+00:002023-12-02T08:36:19.191+00:00The Future of Royal Tunbridge Wells House Prices<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG7CCv_6lq3SPagYBw4Uzwugn-wS1GUIOFwO3tz0lenB3qMnB5E0w-Yhil8WAAwmZsii2zG3QU3KO9oGdYJNHmHF0WpuY8vpv767v81g_I8-zkEPHR7zI-ie2KCIhC4D9DuLsIGx-mpuJY2FuYxqKPk6rvwGrM6lAoYB3Y5yT2ZnzdiIHcOGSgwgqKgt6r/s1000/Copy%20of%20459%20Facebook%20&%20Linkedin.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG7CCv_6lq3SPagYBw4Uzwugn-wS1GUIOFwO3tz0lenB3qMnB5E0w-Yhil8WAAwmZsii2zG3QU3KO9oGdYJNHmHF0WpuY8vpv767v81g_I8-zkEPHR7zI-ie2KCIhC4D9DuLsIGx-mpuJY2FuYxqKPk6rvwGrM6lAoYB3Y5yT2ZnzdiIHcOGSgwgqKgt6r/s320/Copy%20of%20459%20Facebook%20&%20Linkedin.png" width="320" /></a></div><p></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><br /></p><p><span style="font-family: Calibri, sans-serif; font-size: 12pt; white-space-collapse: preserve;">In the ever-changing landscape of the Tunbridge Wells property market, predicting future house price trends can be akin to navigating a labyrinth. The past two years have witnessed unprecedented upheaval, primarily due to fluctuating interest rates that significantly impacted household finances, reminiscent of the challenges not faced since 2008.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">The average rates for fixed-rate mortgages have dramatically risen, notably from late 2021. This hike in the Bank of England base rates has led to a substantial increase in monthly mortgage payments, consequently affecting people's ability to purchase new homes.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">However, the Tunbridge Wells property market has</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">begun to show signs of stabilisation.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Recently, there's been a pause in the rise of the Bank’s base interest rate, maintaining the same rate for two consecutive months after a consistent increase since late 2021. This stability is mirrored in the mortgage sector, with lenders offering more competitive rates.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">As an agent who likes to analyse the Tunbridge Wells property market, I have found it difficult to predict the market trends. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">The initial forecasts by many pundits at the start of the year saw them predicting a significant decline in property prices. Savills were expecting a drop of 10% in 2023, whilst </span><span style="background-color: white; color: #121212; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Jones Lang LaSalle predicted a 6% drop. </span><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Yet, looking at the press in the last few weeks, these opinions have been adjusted, with recent data indicating a less drastic reduction than anticipated. This trend suggests a potential levelling out of house prices soon.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Looking locally… </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Tunbridge Wells house prices are only 3.97% lower</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">than December 2022.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">The average home in Tunbridge Wells was £477,374 in December, and the last set of figures for August showed that it had decreased to £458,438.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Overall, these statistics look very good considering the dark clouds at the start of the year, yet four months of statistics are still left before the year ends. In measuring house prices, the Land Registry is often seen as the definitive measure of local property market house prices. The issue is the time lag in the data.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">However, the Land Registry house price index can be predicted with very high certainty. The key to this forward-looking perspective lies in the sale agreed </span><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: italic; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">(i.e., when a property becomes sold stc</span><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">) pound per square foot figures.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">A meticulous examination of both the £/sq.ft at sale agreed and the Land Registry Index data over the last five years by Denton House Research reveals a robust 90.5% positive relationship between the national £/sq.ft at sale agreed and the eventual national Land Registry Index four or five months later. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">For homebuyers and sellers, this insight is groundbreaking. It means that the pulse of the property market can be gauged in advance, allowing for strategic decisions well before the official figures roll in, giving them a substantial edge in the property market.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Therefore, whilst UK house prices are currently 0.236% higher from December 2022 to August 2023, the £/sq.ft data suggests they will end the year between 0.5% and 1.3% lower.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Again, nothing like the 6% to 10% drops suggested at the start of the year by many.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">What about 2024 and 2025 in Tunbridge Wells? To judge that, we must look at the national picture first. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">The first half of 2024 will see continued treading water of house prices (when some months there will be a slight increase and other months where they will dip slightly). By the end of December 2024, the net effect will show national house prices around 2% to 3% lower. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Then, in 2025, there should be a slow and steady increase in average national house prices between 2% and 3%, with more normal rises of 4% to 6% a year by 2027/8.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Another key indicator of market confidence is the surveyor sentiment, which, although still cautious, shows signs of improvement despite the lower number of property transactions predicted for the current year compared to pre-pandemic levels.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">This resilience is partly attributed to homeowners managing the increased financial strain of rising interest rates better than expected, with minimal cases of forced sales or repossessions. Financial institutions have played a role, offering flexible mortgage options and extended terms.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Another factor contributing to this resilience is the financial buffer created by savings accumulated during the pandemic. These savings have allowed many to continue their purchase plans or meet increased mortgage payments. A robust employment market and rising wages have also helped mitigate the mortgage debt burden.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">The landscape for first-time buyers also appears promising, with their numbers potentially recovering more rapidly than home-movers. This trend is partly fuelled by financial support from the Bank of Mum and Dad, a contrast to home-movers who might be constrained by higher rates and larger mortgages.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">The rental market, however, faces continued challenges.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Some doom-mongers have pointed their finger at the buy-to-let market as signs of an impending house price crash as buy-to-let landlords are reportedly 'dumping' their rental portfolios on the property market. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">The number of landlords selling their portfolios has indeed increased. On average, 96,700 rentals are sold by UK buy-to-let landlords yearly; the tax year ending April 2023 that had risen to </span><span style="background-color: white; color: black; font-family: Calibri,sans-serif; font-size: 11.5pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">153,000 UK rental properties. Many have picked up on this in the press as an indication of a massive landlord exodus. However, it must be remembered that there are 4.6 million private rental properties in the UK, so these disposals only represent 3.32% of all the rental properties. Also, whilst fewer landlords are expanding their portfolio, buy-to-let purchases (looking at the stamp duty statistics) show that they are only 22% lower than the long-term average. Interestingly, 144,000 properties were bought for buy-to-let in the tax year ending April 2023. So overall, it's not the exodus the newspapers are saying!</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: white; color: black; font-family: Calibri,sans-serif; font-size: 11.5pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Therefore, with the number of buy-to-let properties available to rent remaining roughly the same as last year but demand increasing, that has created upward pressure on rents. This situation is exacerbated by landlords’ increased mortgage costs, resulting in the need for even higher rents (as I have discussed many times in my articles recently).</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">So, where will Tunbridge Wells house prices be in 2028?</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Subject to no further black swan events getting out of control (e.g., energy prices, Ukraine, Taiwan or the Middle East, etc.), Tunbridge Wells house prices will be between 14% and 16% higher by the middle of 2028.</span></p><p><span style="font-family: Calibri, sans-serif; font-size: 12pt; white-space-collapse: preserve;">This is an educated guess, yet the Tunbridge Wells property market is navigating through a period of adjustment marked by gradual stabilisation and cautious optimism. While challenges remain, particularly in the rental sector, the overall outlook for the Tunbridge Wells property market suggests a slow but steady recovery, with variations in different parts of the town and a shift in buyer behaviour. As the property market adapts, potential buyers and investors must remain attuned to these evolving dynamics to make informed decisions.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">As we look ahead to the future of the Tunbridge Wells property market, I'd like to hear your thoughts. Do you agree or disagree with my perspectives? Please share your views in the comments—every opinion is valuable and contributes to our understanding. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Calibri,sans-serif; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap; white-space: pre;">Also, don't forget to check out my previous articles on Tunbridge Wells property market growth for more insights. Your engagement and feedback are what make these discussions genuinely insightful.</span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-52405810079242396532023-11-23T08:17:00.001+00:002023-12-31T20:51:50.391+00:0047.6% More Royal Tunbridge Wells Properties on the Market in Last 20 Months:<p></p><p><span class="s2" style="-webkit-text-size-adjust: 100%; font-size: 24px; font-weight: bold; line-height: 28.8px; text-size-adjust: 100%;"><br /></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6O4bqprvBhPcTUnmSoWjzSBBfI0ZTxQFE3HP3571zNM26TnqlFC4lDg7LSvf1WziGfL_OOdZm7BHZhIsMZFbzLoxM7UnIH7mJCVvysKYio_Ih4RrbFvYMDnwsKUpXXDd1XFX07qzyAbddwxWIPcnaofOq4hqcJXft_EbVLbDE-PmJKVZwN34pPpapMSoq/s1000/Copy%20of%20453%20Facebook%20.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6O4bqprvBhPcTUnmSoWjzSBBfI0ZTxQFE3HP3571zNM26TnqlFC4lDg7LSvf1WziGfL_OOdZm7BHZhIsMZFbzLoxM7UnIH7mJCVvysKYio_Ih4RrbFvYMDnwsKUpXXDd1XFX07qzyAbddwxWIPcnaofOq4hqcJXft_EbVLbDE-PmJKVZwN34pPpapMSoq/s320/Copy%20of%20453%20Facebook%20.png" width="320" /></a></div><br /><p><br /></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s3" style="line-height: 21.6px;">How </span><span class="s3" style="line-height: 21.6px;">Tunbridge Wells</span><span class="s3" style="line-height: 21.6px;"> </span><span class="s3" style="line-height: 21.6px;">Home</span><span class="s3" style="line-height: 21.6px;"> S</span><span class="s3" style="line-height: 21.6px;">ellers are Navigating the Storm</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">In recent months, </span><span style="line-height: 21.6px;">in certain parts of the country</span><span style="line-height: 21.6px;">,</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">the </span><span style="line-height: 21.6px;">British </span><span style="line-height: 21.6px;">property market has exhibited signs of cooling. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">As a result, homeowners selling their homes face increasing competition from more homes on the market.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The increase in mortgage rates has played a pivotal role in this cooling, taking a toll on potential buyers' incomes, thereby lowering affordability and demand. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The consequence? Some previously buoyant regions, especially in </span><span style="line-height: 21.6px;">the South</span><span style="line-height: 21.6px;">, have experienced price corrections. </span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">As the market faces this cold</span><span style="line-height: 21.6px;">er</span><span style="line-height: 21.6px;"> front, local factors like the availability of reputed schools, amenities, and public services remain paramount for those looking to </span><span style="line-height: 21.6px;">buy</span><span style="line-height: 21.6px;">. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">The Overpricing Trap</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">In a tougher </span><span style="line-height: 21.6px;">property </span><span style="line-height: 21.6px;">market, a common strategy by </span><span style="line-height: 21.6px;">some </span><span style="line-height: 21.6px;">agents is to </span><span style="line-height: 21.6px;">suggest you put your property</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">on the market </span><span style="line-height: 21.6px;">at an inflated price, only to encourage the </span><span style="line-height: 21.6px;">homeowner</span><span style="line-height: 21.6px;"> to drop it </span><span style="line-height: 21.6px;">months </span><span style="line-height: 21.6px;">later. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Large </span><span style="line-height: 21.6px;">estate </span><span style="line-height: 21.6px;">agencies have the resources to allow </span><span style="line-height: 21.6px;">many </span><span style="line-height: 21.6px;">listed homes to remain unsold, whereas smaller agencies rely heavily on consistent sales. Hence, the latter often propose more realistic prices to ensure </span><span style="line-height: 21.6px;">they get the house sold.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">I have encountered countless </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> homeowner</span><span style="line-height: 21.6px;">s </span><span style="line-height: 21.6px;">being advised to list </span><span style="line-height: 21.6px;">their property</span><span style="line-height: 21.6px;"> at an elevated price despite </span><span style="line-height: 21.6px;">their</span><span style="line-height: 21.6px;"> reservations. Over time, with </span><span style="line-height: 21.6px;">sparse</span><span style="line-height: 21.6px;"> viewings and no genuine offers, </span><span style="line-height: 21.6px;">they</span><span style="line-height: 21.6px;"> drop the </span><span style="line-height: 21.6px;">asking </span><span style="line-height: 21.6px;">price. The original overestimation meant a prolonged waiting period and </span><span style="line-height: 21.6px;">they </span><span style="line-height: 21.6px;">lost </span><span style="line-height: 21.6px;">homes </span><span style="line-height: 21.6px;">they</span><span style="line-height: 21.6px;"> wanted to buy</span><span style="line-height: 21.6px;">.</span><span style="line-height: 21.6px;"> People like to think they are level-headed and wise to such tricks. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">So why does this happen? Remember, greed can take over when an estate agent says they can get you an extra £30k than another agent. That is why estate agents do it.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Of course, it's tempting to price your </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> home ambitiously. While testing the waters with a slightly higher price tag is understandable</span><span style="line-height: 21.6px;"> (we do it often at our agency)</span><span style="line-height: 21.6px;">, refusing to adjust the asking price </span><span style="line-height: 21.6px;">after</span><span style="line-height: 21.6px;"> the first few weeks if there is no substantial interest could be a costly mistake. </span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">An overpriced home can stagnate on the market, leading potential buyers to assume there's something wrong with it. The longer it sits unsold, the more it becomes stigmatised.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">A lack of early interest </span><span style="line-height: 21.6px;">regarding viewings </span><span style="line-height: 21.6px;">should be a clear signal; if there </span><span style="line-height: 21.6px;">are no serious inquiries and/</span><span style="line-height: 21.6px;">or offers within the first few weeks, it's imperative to reconsider the asking price. By being responsive and proactive, </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">home owners can avoid the pitfalls of a stale listing and increase their chances of a successful sale and move.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">So why is it so much of an issue now?</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">47.6</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">%</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">M</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">ore </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">H</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">omes are on the </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">M</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">arket </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">T</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">oday than 20 </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">M</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">onths </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">A</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">go</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">2021 was an exceptional year for people moving home. </span><span style="line-height: 21.6px;">There</span><span style="line-height: 21.6px;">were more buyers than sellers</span><span style="line-height: 21.6px;">, meaning the number of properties on the market in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> was reduced</span><span style="line-height: 21.6px;">. </span><span style="line-height: 21.6px;">Looking at the numbers…</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The number of properties on the market on 1st January 2021 in the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> area </span><span style="line-height: 21.6px;">(</span><span style="line-height: 21.6px;">TN1 to TN4</span><span style="line-height: 21.6px;">)</span><span style="line-height: 21.6px;"> was </span><span style="line-height: 21.6px;">1,130</span><span style="line-height: 21.6px;">, but by 31</span><span class="s5" style="font-size: 7px; line-height: 8.4px; vertical-align: super;">st</span><span style="line-height: 21.6px;"> December 2021, that had reduced to </span><span style="line-height: 21.6px;">653</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">By the </span><span style="line-height: 21.6px;">31</span><span class="s5" style="font-size: 7px; line-height: 8.4px; vertical-align: super;">st</span><span style="line-height: 21.6px;"> December 2022, that had increased to </span><span style="line-height: 21.6px;">701</span><span style="line-height: 21.6px;"> homes for sale, a rise of </span><span style="line-height: 21.6px;">7.4</span><span style="line-height: 21.6px;">%</span><span style="line-height: 21.6px;"> in only 12 months.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">It has </span><span style="line-height: 21.6px;">continued</span><span style="line-height: 21.6px;"> to rise and today stands at</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">964</span><span style="line-height: 21.6px;"> properties for sale, a rise of </span><span style="line-height: 21.6px;">47.6</span><span style="line-height: 21.6px;">%</span><span style="line-height: 21.6px;"> in 20 months.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">With the average number of sales per month in the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> area</span><span style="line-height: 21.6px;"> 20.3% lower per month in 2023 than in 2021, with greater supply (</span><span style="line-height: 21.6px;">47.6</span><span style="line-height: 21.6px;">%</span><span style="line-height: 21.6px;"> more properties for sale) and </span><span style="line-height: 21.6px;">that </span><span style="line-height: 21.6px;">slightly lower demand (</span><span class="s6" style="font-style: italic; line-height: 21.6px;">i.e.</span><span class="s6" style="font-style: italic; line-height: 21.6px;">,</span><span class="s6" style="font-style: italic; line-height: 21.6px;"> </span><span class="s6" style="font-style: italic; line-height: 21.6px;">sales down 20.3%</span><span style="line-height: 21.6px;">) </span><span style="line-height: 21.6px;">… </span><span style="line-height: 21.6px;">getting your </span><span style="line-height: 21.6px;">asking </span><span style="line-height: 21.6px;">price right is vital.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Determining the Right Price</span></span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Buyers and sellers</span><span style="line-height: 21.6px;"> can arm themselves with information about the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property market. Many online platforms provide data about sold property prices in specific areas, giving </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> homeowners a benchmark. Additionally, the time properties spen</span><span style="line-height: 21.6px;">d</span><span style="line-height: 21.6px;"> on the market can provide insights into an agent's efficiency</span><span style="line-height: 21.6px;"> (again the portals like Rightmove and Zoopla show you this)</span><span style="line-height: 21.6px;">.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">When selling, obtaining valuations from multiple agents and critically </span><span style="line-height: 21.6px;">analysing</span><span style="line-height: 21.6px;"> them is vital. It's crucial to ensure that agents provide evidence to back their valuations, enabling homeowners to make informed decisions.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Rethinking the Selling Strategy</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property market tends to shift collectively, much like boats carried by the same tide. Things are okay if you're not faced with financial losses and can manage an upgrade. Many assume continuous gains are certain when selling your home, but the real profit materialises only when you part with your final property. You may not even realise this profit directly, but it could be used later for elder</span><span style="line-height: 21.6px;">ly</span><span style="line-height: 21.6px;"> care expenses or as a legacy for your family.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Once a property is listed, attention to its online journey is essential. The initial </span><span style="line-height: 21.6px;">four weeks</span><span style="line-height: 21.6px;"> provide insights into whether </span><span style="line-height: 21.6px;">your</span><span style="line-height: 21.6px;"> property is priced correctly, gauged by </span><span style="line-height: 21.6px;">the number of web views on the portals, actual </span><span style="line-height: 21.6px;">viewing</span><span style="line-height: 21.6px;">s of your property</span><span style="line-height: 21.6px;"> and offers received.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Yet, deciding to reduce the listing price is more than just about attracting buyers; personal timelines and goals play a significant role. For instance, one might ponder: Is there a deadline by when the property must be sold? Can waiting a few months make a difference? These considerations help in making informed decisions on price adjustments.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">However, it's beneficial to </span><span style="line-height: 21.6px;">consider independent or boutique</span><span style="line-height: 21.6px;">agents</span><span style="line-height: 21.6px;">, like our agency in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">,</span><span style="line-height: 21.6px;"> in a challenging market. They </span><span style="line-height: 21.6px;">often </span><span style="line-height: 21.6px;">tend to </span><span style="line-height: 21.6px;">offer a more authentic experience and realistic valuations. </span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Finally, one strategy employed by </span><span style="line-height: 21.6px;">some </span><span style="line-height: 21.6px;">savvy </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> home </span><span style="line-height: 21.6px;">sellers is to list their property at a slightly lower price to spark more interest and drive up offers.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Switching Agents or Going Online</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">?</span></span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">With a slow </span><span style="line-height: 21.6px;">property </span><span style="line-height: 21.6px;">market, </span><span style="line-height: 21.6px;">one’s </span><span style="line-height: 21.6px;">patience can wear thin. If </span><span style="line-height: 21.6px;">you are </span><span style="line-height: 21.6px;">considering switching agents, sellers should evaluate the current agent's efforts and communication frequency. Another option is multi-agency agreements. However, this approach has recently declined due to associated higher fees.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">With their fixed fees and remote operations, online agencies seem like an attractive option</span><span style="line-height: 21.6px;">. Yet, </span><span style="line-height: 21.6px;">their one-size-fits-all model can fail to capture the nuances of individual properties, making them less effective in slow</span><span style="line-height: 21.6px;">er property</span><span style="line-height: 21.6px;"> markets.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Renting as an Alternative</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Renting out unsold properties is gaining traction where rent is rising. However, prospective landlords should tread carefully, considering growing mortgage interests, tax restrictions, and tenant-related challenges.</span><span style="line-height: 21.6px;"> Again, if that is a potential option for you, do give our agency a call</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Final Thoughts</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The current </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property market is complex. The recent freeze by the Bank of England base rates is a welcome pause. It won’t turn the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property market into a frenzy like </span><span style="line-height: 21.6px;">the stamp duty holiday did</span><span style="line-height: 21.6px;"> in mid-2020, yet it is a welcome respite.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">With the right strategies and awareness, </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">home </span><span style="line-height: 21.6px;">sellers can effectively navigate these waters, ensuring their property finds the right buyer at the right price.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">If you are a </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property owner, and this article </span><span style="line-height: 21.6px;">has</span><span style="line-height: 21.6px;"> sparked any questions, do not hesitate to give </span><span style="line-height: 21.6px;">the office a call</span><span style="line-height: 21.6px;">.</span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-82693801498481080502023-11-12T23:42:00.002+00:002023-12-02T08:26:37.398+00:001 in 3.9 Royal Tunbridge Wells Homes are in the Private Rented Sector: Problem or Opportunity?<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcEbHOv-R7DQuMWYl1MiUKQa3KAfrEsu-i05wL9RmYAT-UfHfvmrFIzpMshNaJqagnyVtFPkj4HKKv7ytf4P9QnaxqZF9zYlvXkqNYiu2Dfm7Cx-Frt_SJp9CRglO-4o94gv5S59pth9Gm9j0eXK79T-uZv5U_hL80MK-8h4iY6gQuZxMkd8RfFNAi5fUc/s1000/Copy%20of%20457%20Facebook%20.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcEbHOv-R7DQuMWYl1MiUKQa3KAfrEsu-i05wL9RmYAT-UfHfvmrFIzpMshNaJqagnyVtFPkj4HKKv7ytf4P9QnaxqZF9zYlvXkqNYiu2Dfm7Cx-Frt_SJp9CRglO-4o94gv5S59pth9Gm9j0eXK79T-uZv5U_hL80MK-8h4iY6gQuZxMkd8RfFNAi5fUc/s320/Copy%20of%20457%20Facebook%20.png" width="320" /></a></div><br /><p><br /></p><p class="s4" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="line-height: 21.6px;">The Resilient Growth of </span><span class="s5" style="line-height: 21.6px;">Tunbridge Wells’</span><span class="s5" style="line-height: 21.6px;"> Private Rented Sector with a Decade of Opportunities Amid Challenges</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">As </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> strid</span><span style="line-height: 21.6px;">es</span><span style="line-height: 21.6px;"> into the future</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;">the burgeoning private rented sector</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">has </span><span style="line-height: 21.6px;">continued to house many of its residents.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The decade-spanning 2011 to 2021 saw a significant surge in </span><span style="line-height: 21.6px;">the private rented </span><span style="line-height: 21.6px;">sector, a testament to the enduring appeal and viability of the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property market. This growth has unfolded amidst a backdrop of housing challenges, underscoring the pivotal role of private landlords in bridging the housing gap.</span></p><p class="s4" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">In 2011, </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">21.4</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">%</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> of homes in </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> were in the private rented sector, and in 2021 it had risen to </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">25.5</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">%</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">That </span><span style="line-height: 21.6px;">means 1 in </span><span style="line-height: 21.6px;">3.9</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">h</span><span style="line-height: 21.6px;">omes are in</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">the </span><span style="line-height: 21.6px;">p</span><span style="line-height: 21.6px;">rivate </span><span style="line-height: 21.6px;">r</span><span style="line-height: 21.6px;">ented </span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ector</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">A glance at the housing trajectory reveals a stark reality: the public sector, notably local councils, has been markedly lagging in meeting the housing demand. </span><span style="line-height: 21.6px;">Over the last two decades, the UK has witnessed a notable shortfall in council house construction</span><span style="line-height: 21.6px;"> (an average of 1,630 for the whole UK per year (that's not a typo!)), compared to 144,910 per year in the private sector.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">That is particularly interesting when we look at the averages for the 1950s, 60s and 70s when, on average, 160,570 </span><span style="line-height: 21.6px;">c</span><span style="line-height: 21.6px;">ouncil houses were built per year compared to 147,960 private sector homes per year.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The shortfall in council housing has inadvertently propelled the private rented sector to the forefront, making it an indispensable player in </span><span style="line-height: 21.6px;">Tunbridge Wells’</span><span style="line-height: 21.6px;"> housing market.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">This growth has been a beacon of hope for many; for</span><span style="line-height: 21.6px;"></span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> landlords, it's a realm of investment with promising returns, while for </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">tenants, it avails the crucial roof over their heads in a market where buying a home remains a distant dream for many.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Landlords have found a fertile ground in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> to nurture their investment portfolios. The </span><span style="line-height: 21.6px;">town</span><span style="line-height: 21.6px;"> has demonstrated resilience. Although some landlords </span><span style="line-height: 21.6px;">have </span><span style="line-height: 21.6px;">chose</span><span style="line-height: 21.6px;">n</span><span style="line-height: 21.6px;"> to exit the market</span><span style="line-height: 21.6px;"> recently</span><span style="line-height: 21.6px;">, the demand for rental properties remained robust. The persistent demand underscores the inherent value proposition that </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> holds for both seasoned and aspiring landlords.</span></p><p class="s4" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">However, the blossoming of the </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> private rented sector has its shades of concern.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">For tenants, the dream of homeownership is further away as </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">house prices </span><span style="line-height: 21.6px;">have </span><span style="line-height: 21.6px;">continued to soar</span><span style="line-height: 21.6px;"> over the last few years (although they have eased recently)</span><span style="line-height: 21.6px;">, making the rental market the only viable option for many. </span></p><p class="s4" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">It doesn’t </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">help </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> tenants that rents in </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">have risen </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">by </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">29</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">%</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> since 201</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">6.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Although renting offers flexibility and fewer responsibilities compared to homeownership, the desire for a place to call one’s own is a sentiment that resonates deeply among many </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">tenants.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Amidst the unfolding narrative, </span><span style="line-height: 21.6px;">we are</span><span style="line-height: 21.6px;"> conscientious letting agents deeply attuned to the market dynamics and the needs of both landlords and tenants. Our expertise in the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property market has enabled us to cultivate a harmonious landlord-tenant ecosystem that is not only financially rewarding for landlords but also empathetic to the housing needs of tenants.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The comparative analysis, enriched by statistics, paints a favourable picture of </span><span style="line-height: 21.6px;">Tunbridge Wells’</span><span style="line-height: 21.6px;"> private rented sector growth, making it a compelling choice for existing and potential landlords.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The journey of a landlord is one laden with both promise and challenges. The landscape of buy-to-let investments is ever-evolving, and navigating it requires a blend of market insight, foresight, and a trusted partner who understands the local terrain. </span></p><p class="s4" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">As we look ahead, the horizons are promising for those keen on exploring the opportunities nestled within </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells’</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> private rented sector.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">We invite existing landlords and those nurturing the idea of delving into the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">rental market to engage with us. Our doors are always open for insightful discussions about making informed investment decisions in a market ripe with potential.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The narrative of the past decade is a telling compass of the potential</span><span style="line-height: 21.6px;"> returns</span><span style="line-height: 21.6px;"> ahead. </span><span style="line-height: 21.6px;">Being </span><span style="line-height: 21.6px;">a landlord is a long-term commitment and should not be influenced by short-term market fluctuations. For many landlords, the initial investment </span><span style="line-height: 21.6px;">is</span><span style="line-height: 21.6px;"> not only about quick returns but </span><span style="line-height: 21.6px;">also about long-term benefits, such as property appreciation and consistent rental income</span><span style="line-height: 21.6px;">. Even</span><span style="line-height: 21.6px;"> with rising mortgage rates, the increasing </span><span style="line-height: 21.6px;">rental </span><span style="line-height: 21.6px;">demand suggests rents could surge by </span><span style="line-height: 21.6px;">around 20% to</span><span style="line-height: 21.6px;"> 25% in the coming </span><span style="line-height: 21.6px;">four or five</span><span style="line-height: 21.6px;"> years, a potential benefit for landlords</span><span style="line-height: 21.6px;">.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Moreover, long-term appreciation can offer significant returns when it comes to selling properties, especially considering the leveraged nature of property investments. Even in challenging times, holding onto properties aligns with the foundational reasons many entered the buy-to-let market. </span><span style="line-height: 21.6px;">Tunbridge Wells </span><span style="line-height: 21.6px;">landlords</span><span style="line-height: 21.6px;"> play a crucial societal role, filling the gap left by insufficient social</span><span style="line-height: 21.6px;">/council</span><span style="line-height: 21.6px;"> housing. </span> </p><p class="s4" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">In essence, while entering the </span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s6" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> buy-to-let market might be daunting now, those already invested should think carefully before exiting.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">In </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">, the private rented sector is more than just a market; it’s a community where every landlord’s investment catalyses the broader social good, and every tenant’s satisfaction is a badge of honour we wear with pride. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Your journey in the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> rental market is not just a business venture; it's a voyage of impact, and we are here to ensure it's rewarding.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.26369522.822143163821153 -34.892555 79.442610836178844 35.419945tag:blogger.com,1999:blog-6922940838749400101.post-84748709729562815252023-10-22T08:07:00.002+01:002023-12-02T08:05:59.408+00:00Rental Market Dynamics:
A National & Regional Overview with a Focus on Royal Tunbridge Wells<p style="text-align: center;"><img height="300" src="https://drive.google.com/uc?id=1FlY9EolRxoKb5lvVE3iYT2dISRGTmIID" style="-webkit-text-size-adjust: 100%; text-size-adjust: 100%;" width="300" /></p><p><br /></p><p><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">The </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">UK r</span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">ental market has once again demonstrated its resilience and dynamic nature. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">Recent figures </span><span style="line-height: 21.6px;">state</span><span style="line-height: 21.6px;"> that the average advertised rent for newly listed properties </span><span style="line-height: 21.6px;">in the UK last month was £1,787 </span><span style="line-height: 21.6px;">per calendar month (pcm).</span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-9785973350013607102023-10-07T23:20:00.028+01:002023-12-02T08:08:40.680+00:00Tunbridge Wells' Property Market Pulse: deciphering the last half of 2023<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1aFwlqDBQ9wEcx3LNLvfauQR3f75CZZRR_Q48uBU3egkmG8eP_xsQsdKNnbiZJ-TYiaxekh316hd4reD9z5kmv0SO2FTAfYmb0GV2QaO4dom-00Sdxg23I532qstYF4VYqRbwWRdZPYBPIdB39_f4pS-XM4YKkVI1N0VskCAvUcLitJ3fzfl3563tITkX/s1000/Copy%20of%20451%20Facebook%20&%20Linkedin.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1aFwlqDBQ9wEcx3LNLvfauQR3f75CZZRR_Q48uBU3egkmG8eP_xsQsdKNnbiZJ-TYiaxekh316hd4reD9z5kmv0SO2FTAfYmb0GV2QaO4dom-00Sdxg23I532qstYF4VYqRbwWRdZPYBPIdB39_f4pS-XM4YKkVI1N0VskCAvUcLitJ3fzfl3563tITkX/s320/Copy%20of%20451%20Facebook%20&%20Linkedin.png" width="320" /></a></div><p><br /></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Stepping into the world of </span><span style="line-height: 21.6px;">the property market</span><span style="line-height: 21.6px;"> is akin to stepping into a rhythm. The beats of buying and selling, supply and </span><span style="line-height: 21.6px;">deman</span><span style="line-height: 21.6px;">d</span><span style="line-height: 21.6px;"> form the underlying tempo. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">, a town rich in history and character, is no exception. As we venture into the last </span><span style="line-height: 21.6px;">q</span><span style="line-height: 21.6px;">uarter of 2023, it’s crucial to understand the current </span><span style="line-height: 21.6px;">property </span><span style="line-height: 21.6px;">market’s tempo and how it might influence </span><span style="line-height: 21.6px;">y</span><span style="line-height: 21.6px;">our property decisions.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">A Refresher on Market Dynamics</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">For the uninitiated or those who need a memory jog, </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;">property dynamics hinge primarily on the proportion of properties tagged as "Sold STC" and "Under Offer" with the total </span><span style="line-height: 21.6px;">properties on the market</span><span style="line-height: 21.6px;">,</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> e.g. if there are 40 properties sold stc and 100 properties available</span><span class="s5" style="font-style: italic; line-height: 21.6px;">/</span><span class="s5" style="font-style: italic; line-height: 21.6px;">for sale, then 40 as a percentage of 10</span><span class="s5" style="font-style: italic; line-height: 21.6px;">0</span><span class="s5" style="font-style: italic; line-height: 21.6px;"> is 40%</span><span class="s5" style="font-style: italic; line-height: 21.6px;">.</span><span class="s5" style="font-style: italic; line-height: 21.6px;"></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span>This isn't just a number game; it's a barometer of market sentiment:</p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><div class="s7" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s6" style="font-family: Symbol; line-height: 21.6px;">• </span><span style="line-height: 21.6px;">Extreme Buyers' Market (0%-20%)</span></div><div class="s7" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s6" style="font-family: Symbol; line-height: 21.6px;">• </span><span style="line-height: 21.6px;">Buyers' Market (21%-29%)</span></div><div class="s7" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s6" style="font-family: Symbol; line-height: 21.6px;">• </span><span style="line-height: 21.6px;">Balanced Market (30%-40%)</span></div><div class="s7" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s6" style="font-family: Symbol; line-height: 21.6px;">• </span><span style="line-height: 21.6px;">Sellers' Market (41%-49%)</span></div><div class="s7" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s6" style="font-family: Symbol; line-height: 21.6px;">• </span><span style="line-height: 21.6px;">Hot Sellers' Market (50%-59%)</span></div><div class="s7" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s6" style="font-family: Symbol; line-height: 21.6px;">• </span><span style="line-height: 21.6px;">Extreme Sellers' Market (60%+)</span></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The weight of these brackets can’t be overstated. They directly impact everything from listing prices to negotiation leverage.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Current </span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;"> Property </span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Market Snapshot</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">To fathom where </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;"> property market stands now, let’s </span><span style="line-height: 21.6px;">incorporate</span><span style="line-height: 21.6px;"> our most recent findings:</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 21.6px;">The statistics have been sourced from the website 'The Advisory', which has calculated the market state for many years. I wanted to share them from the summer of 2018 to today so you can see for yourself.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s9" style="font-family: Calibri; font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">What are the Statistics for the </span></span><span class="s9" style="font-family: Calibri; font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Tunbridge Wells</span></span><span class="s9" style="font-family: Calibri; font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;"> area for the Last 5 Years?</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 21.6px;">Looking at each of the </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">Tunbridge Wells</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;"> postcode districts, each tells its own story...</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><table style="border-color: black; font-size: 12px; margin-left: 0px;"><tbody><tr style="vertical-align: top;"><td style="overflow-wrap: break-word;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 38px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span style="line-height: 14.4px;"> </span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Jun-18</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Jun-19</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Jun-20</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Jun-21</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Jun-22</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Dec-22</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Mar-23</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 35px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">May-23</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Jun-23</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Jul-23</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Aug-23</span></p></div></td><td class="s10" style="overflow-wrap: break-word; vertical-align: middle;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">Sep-23</span></p></div></td></tr><tr style="vertical-align: top;"><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 38px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">TN1</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">41%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">43%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">34%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">57%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">60%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">53%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">48%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 35px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">39%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">39%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">41%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">45%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">47%</span></p></div></td></tr><tr style="vertical-align: top;"><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 38px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">TN2</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">45%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">37%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">34%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">63%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">69%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">54%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">47%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 35px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">48%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">51%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">52%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">51%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">50%</span></p></div></td></tr><tr style="vertical-align: top;"><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 38px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">TN3</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">32%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">33%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">28%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">69%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">65%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">49%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">48%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 35px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">39%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">35%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">32%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">30%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">36%</span></p></div></td></tr><tr style="vertical-align: top;"><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 38px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">TN4</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">42%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">42%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">38%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">63%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">64%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">52%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">43%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 35px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">46%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">49%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">46%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">47%</span></p></div></td><td class="s11" style="overflow-wrap: break-word; vertical-align: bottom;"><div style="margin-bottom: 0px; margin-top: 0px; max-width: 34px;"><p style="line-height: 14.4px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 14.4px;">46%</span></p></div></td></tr></tbody></table><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 21.6px;">Looking at the average of all the </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">Tunbridge Wells</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;"> </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">postcode districts combined</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">, in June 2023, we were at </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">44</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">% in the </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">Tunbridge Wells</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;"> </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">area</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">. In July, that </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">dropped</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;"> to </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">43</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">%; in August, it </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">remained</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;"> </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">at</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;"> </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">43</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">%, and as we entered September, it has </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">increased</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;"> to </span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">45</span><span class="s8" style="font-family: Calibri; line-height: 21.6px;">%.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="font-family: Calibri; line-height: 21.6px;"><br /></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyLP0sEMz70jB7WL0Ex_jbubmYum6E_5Gyx9QGlqw7V_yaNbYJ07P1qYAYGxAuyryEmdunuNFH0_pZGLRu5sBNJ54_Z34a52x5mnziiGYm-ej7o2KyoYMPvBzYYyrnr6Sr57w4noe8T6OLt5nhf5HZU-bCFpGbVcOdFPXXHpaI7pQVX2sMWMG7qe_I3yVw/s1410/Screenshot%202023-10-08%20at%202.10.14%20pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1058" data-original-width="1410" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyLP0sEMz70jB7WL0Ex_jbubmYum6E_5Gyx9QGlqw7V_yaNbYJ07P1qYAYGxAuyryEmdunuNFH0_pZGLRu5sBNJ54_Z34a52x5mnziiGYm-ej7o2KyoYMPvBzYYyrnr6Sr57w4noe8T6OLt5nhf5HZU-bCFpGbVcOdFPXXHpaI7pQVX2sMWMG7qe_I3yVw/s320/Screenshot%202023-10-08%20at%202.10.14%20pm.png" width="320" /></a></div><p style="line-height: 21.6px; margin-bottom: 0px;"><br /></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Based on the patterns exhibited in this table, it’s evident that </span><span style="line-height: 21.6px;">the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> area</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">has</span><span style="line-height: 21.6px;"> remained stable in a sellers’</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">market </span><span style="line-height: 21.6px;">throughout</span><span style="line-height: 21.6px;"> 2023.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Implications & Considerations for </span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">’</span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;"></span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Home</span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">o</span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">wners</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">This new data prompts us to take stock and ponder:</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">For Sellers: Are we transitioning into a market where </span><span style="line-height: 21.6px;">you</span><span style="line-height: 21.6px;"> must be more strategic, flexible, or patient? Should </span><span style="line-height: 21.6px;">you</span><span style="line-height: 21.6px;"> brace </span><span style="line-height: 21.6px;">yourself </span><span style="line-height: 21.6px;">for longer </span><span style="line-height: 21.6px;">marketing</span><span style="line-height: 21.6px;"> periods</span><span style="line-height: 21.6px;">? Realistic pricing is even more vital than ever. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">For Buyers: What challenges and opportunities lie ahead? </span><span style="line-height: 21.6px;">Some properties will still have </span><span style="line-height: 21.6px;">bidding wars, </span><span style="line-height: 21.6px;">yet wi</span><span style="line-height: 21.6px;">ll </span><span style="line-height: 21.6px;">you</span><span style="line-height: 21.6px;"> have the luxury of choice and time with others?</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Broader Economic Picture: External influences, from </span><span style="line-height: 21.6px;">inflation and interest rate</span><span style="line-height: 21.6px;"> repercussions to global economic trends, all cast shadows on the local property market. How might these larger forces be influencing </span><span style="line-height: 21.6px;">Tunbridge wells</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;"> property scene?</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The Local Pulse: Infrastructure projects, school ratings, transport links, and even </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;"> cultural events can make certain areas more desirable. Are there upcoming local developments that could be game-changers?</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Delving Deeper: Strategies and Tactics</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Given the market's temperature, here are more granular insights:</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Sellers: Innovative marketing—like </span><span style="line-height: 21.6px;">specialised social media campaigns, </span><span style="line-height: 21.6px;">virtual</span><span style="line-height: 21.6px;">/</span><span style="line-height: 21.6px;">video </span><span style="line-height: 21.6px;">tours or interactive property listings—could make a difference in a cooling market. Emphasising unique property attributes, whether a south-facing garden or proximity to </span><span style="line-height: 21.6px;">popular schools, can elevate a listing.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Buyers: </span><span style="line-height: 21.6px;">Again, there is more than one market (look at the differences between the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> postcode districts above). </span><span style="line-height: 21.6px;">If </span><span style="line-height: 21.6px;">you are looking for </span><span style="line-height: 21.6px;">the</span><span style="line-height: 21.6px;"> type of property everyone is looking for, the </span><span style="line-height: 21.6px;">competition </span><span style="line-height: 21.6px;">will </span><span style="line-height: 21.6px;">heat up</span><span style="line-height: 21.6px;">. Therefore,</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">it is worth </span><span style="line-height: 21.6px;">having mortgage pre-approvals in place </span><span style="line-height: 21.6px;">and also</span><span style="line-height: 21.6px;"> being open to widening</span><span style="line-height: 21.6px;"> your</span><span style="line-height: 21.6px;"> search radius. Alternatively, buyers can wield more power in negotiations in a less competitive market, from price to property </span><span style="line-height: 21.6px;">extras</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Dual Role of Buyer-Seller: A pivotal 81% of sellers also wear the buyer's hat. This duality presents its challenges and advantages, where a victory on one side might</span><span style="line-height: 21.6px;"> mean a compromise on the other.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Final Thoughts</span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;"> on the </span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;"> Property Market</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">As we leave </span><span style="line-height: 21.6px;">2023</span><span style="line-height: 21.6px;"> going into 2024</span><span style="line-height: 21.6px;">, with its twists and turns, </span><span style="line-height: 21.6px;">the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property market </span><span style="line-height: 21.6px;">offers both challenges and opportunities for </span><span style="line-height: 21.6px;">Tunbridge wells</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">home buyers and sellers</span><span style="line-height: 21.6px;">. Understanding the market nuances is paramount if </span><span style="line-height: 21.6px;">you are a </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> first-time buyer, a seasoned property </span><span style="line-height: 21.6px;">buy-to-let </span><span style="line-height: 21.6px;">investor, or someone looking to relocate.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Stay informed, stay adaptable, and remember that, as always, </span><span style="line-height: 21.6px;">your home-moving</span><span style="line-height: 21.6px;"> journey is as much about the voyage as the destination.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">What are your thoughts on </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;"> evolving property scene? Do you foresee any other trends or shifts? Engage with us—your local insights and experiences enrich this ongoing dialogue.</span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.26369522.822143163821153 -34.892555 79.442610836178844 35.419945tag:blogger.com,1999:blog-6922940838749400101.post-9732484120155479572023-09-21T23:18:00.001+01:002023-12-31T20:52:36.542+00:00is Buy-To-Let Ethical?<p style="text-align: center;"><img height="300" src="https://drive.google.com/uc?id=14hu9UqLx76TmmeP15SmPFpp4YXHDJItj" style="transform: rotate(0deg);" width="300" /><br /></p><p><br /></p><p><span class="s2" style="-webkit-text-size-adjust: 100%; font-size: 28px; font-weight: bold; line-height: 33.6px; text-size-adjust: 100%;">The Changing Landscape of </span><span class="s2" style="-webkit-text-size-adjust: 100%; font-size: 28px; font-weight: bold; line-height: 33.6px; text-size-adjust: 100%;">Royal Tunbridge Wells</span><span class="s2" style="-webkit-text-size-adjust: 100%; font-size: 28px; font-weight: bold; line-height: 33.6px; text-size-adjust: 100%;">’ Housing Market:</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s3" style="line-height: 21.6px;">Exploring the </span><span class="s3" style="line-height: 21.6px;">Ethical Dimensions of Buy-to-Let Investment</span><span class="s3" style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">The town of </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> has witnessed a profound transformation in its housing landscape over the </span><span style="line-height: 21.6px;">last f</span><span style="line-height: 21.6px;">ew </span><span style="line-height: 21.6px;">years, and the surge in private renting has led to significant debates about the morality of the buy-to-let market. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Let us look at the current statistics compared to 40 y</span><span style="line-height: 21.6px;">ears ago to show the seismic shift.</span><span style="line-height: 21.6px;"> Looking at our local authority area of </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> Counci</span><span style="line-height: 21.6px;">l.</span> </p><p class="s5" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">9,268 Tunbridge Wells Households are in the Private Rented sector</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> now</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">, representing 19.22% of all homes in </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">our </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">local authority area</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span><span style="text-align: left;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Interesting when we compare this to the 1981 numbers for </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">.</span> </p><p class="s5" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">In 1981, </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">5,762</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> Households were in the Private Rented Sector, representing </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">16.59</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">% of all homes in the local authority area</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">This has started prompting</span><span style="line-height: 21.6px;"> discussions about the role of the Baby Boomer Generation in exacerbating the housing crisis and the ethical implications of the buy-to-let phenomenon.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">This article delves into the factors contributing to </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">' housing challenges, examines the generational e</span><span style="line-height: 21.6px;">conomic imbalance, explores the history of housing policy, dissects the impact of financial deregulation, and evaluates the moral questions surrounding the buy-to-let market.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Generational Imbalance and Economic Disparities</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The housing crisis in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> has ignited a debate over whether the Baby Boomer Generation, aged between 5</span><span style="line-height: 21.6px;">9</span><span style="line-height: 21.6px;">to 7</span><span style="line-height: 21.6px;">6</span><span style="line-height: 21.6px;">, bears responsibility for the present situation. Born after World War II, this generation experienced unparalleled economic growth and prosperity during the 1970s an</span><span style="line-height: 21.6px;">d 1980s, benefiting from improved education, government subsidies, rising property prices, and technological advancements. However, critics argue that the success of Baby Boomers has contributed to a generational economic imbalance, leaving their children </span><span style="line-height: 21.6px;">struggling with soaring rents and burdensome mortgages.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">A Glimpse into the Past</span></span><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;"> of the </span></span><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Tunbridge Wells </span></span><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Property Market</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">To comprehend </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">' current housing challenges, one must trace the key events that shaped its housing market. The mass construction of </span><span style="line-height: 21.6px;">c</span><span style="line-height: 21.6px;">ouncil </span><span style="line-height: 21.6px;">h</span><span style="line-height: 21.6px;">ousing during the 1950s </span><span style="line-height: 21.6px;">and 60s, followed by the </span><span style="line-height: 21.6px;">selloff</span><span style="line-height: 21.6px;"> of many </span><span style="line-height: 21.6px;">c</span><span style="line-height: 21.6px;">ouncil </span><span style="line-height: 21.6px;">h</span><span style="line-height: 21.6px;">ouses in the 1980s under Margaret Thatcher's Government</span><span style="line-height: 21.6px;">, is blamed by </span><span style="line-height: 21.6px;">many for their </span><span style="line-height: 21.6px;">role in altering the market dynamics. </span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">To give you an idea of </span><span style="line-height: 21.6px;">the number involved …</span></p><p class="s5" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">7,029 Tunbridge Wells Households are now in the Social Housing sector (Council Houses & Housing Association), representing 14.58% of all homes in our local authority area.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Interesting when we compare this to the 1981 numbers for </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">.</span> </p><p class="s5" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">In 1981, </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">8,163</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> Households were in the Social Housing sector, representing </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">23.51</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">% of all homes in </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">our</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">local authority area.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">As you can see, the numbers are not </span><span style="line-height: 21.6px;">seismically</span><span style="line-height: 21.6px;"> different, are they</span><span style="line-height: 21.6px;">? </span><span style="line-height: 21.6px;">So, what are the other issues that caused this? </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The early 1990s witnessed skyrocketing interest rates</span><span style="line-height: 21.6px;"> (15% at one point)</span><span style="line-height: 21.6px;">, leading to widespread repossessions in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> (and the</span><span style="line-height: 21.6px;"> UK as a whole). This was </span><span style="line-height: 21.6px;">one of the </span><span style="line-height: 21.6px;">catalyst</span><span style="line-height: 21.6px;">s </span><span style="line-height: 21.6px;">that contributed to the underlying housing crisis of today.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Financial Deregulation and Buy-to-Let Investments</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Another catalyst was risky lending practices in the UK and USA. </span><span style="line-height: 21.6px;">In the early 2000s, UK Banks started </span><span style="line-height: 21.6px;">introducing 1</span><span style="line-height: 21.6px;">00</span><span style="line-height: 21.6px;">% mortgages and even riskier lending practices</span><span style="line-height: 21.6px;">, with Northern Rock lending 125% mortgages (</span><span style="line-height: 21.6px;">and </span><span style="line-height: 21.6px;">we know what happened to them)</span><span style="line-height: 21.6px;">. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">All this lending was built on the back of ‘derivative swaps’ between all the world's banks (they would sell </span><span style="line-height: 21.6px;">the debts (i.e. mortgages) between each other to make mo</span><span style="line-height: 21.6px;">ney). </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The problem was that many of these derivatives contained </span><span style="line-height: 21.6px;">lots of safe</span><span style="line-height: 21.6px;">, low-risk </span><span style="line-height: 21.6px;">low-profit </span><span style="line-height: 21.6px;">mortgages and some high-risk </span><span style="line-height: 21.6px;">profitable </span><span style="line-height: 21.6px;">‘sub-prime’ USA mortgages. </span><span style="line-height: 21.6px;">This </span><span style="line-height: 21.6px;">had been caused </span><span style="line-height: 21.6px;">by a change in the law in the US</span><span style="line-height: 21.6px;">A in the mid-1990s with t</span><span style="line-height: 21.6px;">he easing of lending rules in the US through the Community Reinvestment Act in 1995</span><span style="line-height: 21.6px;">, which allowed for sub-prime lending</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">So, when the money markets started getting cold feet in 2007 </span><span style="line-height: 21.6px;">because the </span><span style="line-height: 21.6px;">b</span><span style="line-height: 21.6px;">anks didn’t know if their derivatives had a small or large number of high-risk sub-prime mortgages, the b</span><span style="line-height: 21.6px;">anks </span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">topped lending to each other </span><span style="line-height: 21.6px;">(</span><span style="line-height: 21.6px;">because they were worried they wouldn’t be paid back </span><span style="line-height: 21.6px;">as</span><span style="line-height: 21.6px;"> many of these sub-prime mortgages were defaulting </span><span style="line-height: 21.6px;">in 2006/7 </span><span style="line-height: 21.6px;">and being repossessed).</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">This </span><span style="line-height: 21.6px;">had a ripple effect on the UK's housing market. </span><span style="line-height: 21.6px;">The UK banks had much smaller funds to lend out (</span><span class="s7" style="font-style: italic; line-height: 21.6px;">because they could borrow money from the money markets for the reasons above</span><span style="line-height: 21.6px;">), so they stopped lending to high-risk UK borrowers (i.e. 95% first-time buyers), whilst </span><span style="line-height: 21.6px;">a</span><span style="line-height: 21.6px;">t the same time</span><span style="line-height: 21.6px;"> the</span><span style="line-height: 21.6px;">y</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">increased lending to lower-risk landlords</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">with</span><span style="line-height: 21.6px;"> buy-to-let mortgage</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;"> with a 25% deposit and a stable income.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Millennials and the Buy-to-Let Controversy</span></span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The millennial generation, born between the </span><span style="line-height: 21.6px;">mid-1980s and late 1990s, has been particularly affected by the surge in buy-to-let investments. These young adults, shaped by the digital revolution, need help entering the property market due to competition with buy-to-let landlords. Critics often portra</span><span style="line-height: 21.6px;">y </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> landlords as greedy individuals capitali</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ing on the housing crisis, exacerbating the sense of social despair among millennials.</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">However, as I wrote</span><span style="line-height: 21.6px;"> in the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property blog</span><span style="line-height: 21.6px;"> a few weeks ago, 64% of </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">landlords</span><span style="line-height: 21.6px;"> are not </span><span style="line-height: 21.6px;">increasing their rents. (If you want to read that article – <a href="https://royaltunbridgewellsproperty.blogspot.com/2023/08/royal-tunbridge-wells-rents-smash.html" target="_blank">click here </a></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Role of Property Developers and Housing Shortage</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">In response to the growing housing demand, property </span><span style="line-height: 21.6px;">investors</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">have stepped up</span><span style="line-height: 21.6px;">, acquiring dilapidated </span><span style="line-height: 21.6px;">properties and repurposing them into habitable homes. This has provided a partial solution to the shortage of available housing, particularly for those who rely on rental properties provided by landlords and property developers.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Ethical Dimensions of Buy-</span></span><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">to-Let Investments</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The ethical considerations surrounding the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"></span><span style="line-height: 21.6px;">buy-to-let market are complex and multifaceted. On the one hand, </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">buy-to-let landlords have filled a void in the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">housing market, providing much-ne</span><span style="line-height: 21.6px;">eded shelter to many </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">tenants. On the other hand, concerns arise regarding exploitative practices by </span><span style="line-height: 21.6px;">a handful of </span><span style="line-height: 21.6px;">rogue landlords and the potential commodification of a basic human need – shelter.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="color: #1c2733; line-height: 21.6px;">The bottom line is</span><span class="s8" style="color: #1c2733; line-height: 21.6px;">,</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> as the population </span><span class="s8" style="color: #1c2733; line-height: 21.6px;">of </span><span class="s8" style="color: #1c2733; line-height: 21.6px;">Tunbridge Wells </span><span class="s8" style="color: #1c2733; line-height: 21.6px;"></span><span class="s8" style="color: #1c2733; line-height: 21.6px;">grows, there need</span><span class="s8" style="color: #1c2733; line-height: 21.6px;">s</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> to be more properties being built for everyone to have a decent roof over their head. The </span><span class="s8" style="color: #1c2733; line-height: 21.6px;">r</span><span class="s8" style="color: #1c2733; line-height: 21.6px;">ogue landlords of </span><span class="s8" style="color: #1c2733; line-height: 21.6px;">Tunbridge Wells</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> need to be put out of business. Finally,</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> </span><span class="s8" style="color: #1c2733; line-height: 21.6px;">tenants should expect a more regulated re</span><span class="s8" style="color: #1c2733; line-height: 21.6px;">ntal market (which they have ach</span><span class="s8" style="color: #1c2733; line-height: 21.6px;">ie</span><span class="s8" style="color: #1c2733; line-height: 21.6px;">ved over the last few years), with greater security for tenants, where they can rely on good decent </span><span class="s8" style="color: #1c2733; line-height: 21.6px;">Tunbridge Wells</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> landlords providing high standards for their safe and modernised home. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Addressing the Crisis and </span></span><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Moving Forward</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">To alleviate </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">' housing crisis, a multifaceted approach is necessary. </span><span style="line-height: 21.6px;">Fairer </span><span style="line-height: 21.6px;">regulations for</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;"></span><span style="line-height: 21.6px;">landlords, enhanced tenant protections, and incentivi</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ing property development could contribute to a more balanced ho</span><span style="line-height: 21.6px;">using market. Exploring innovative models from European countries, where renting is more prevalent, could provide insights into creating a system that ensures decent and affordable housing.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">Final Thoughts</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">' housing market has undergone substantial changes over the years, with the rise of private renting and the proliferation of buy-to-let investments playing a pivotal role. The generational economic imbalance and ethical concerns associated with the </span><span style="line-height: 21.6px;">buy-to-let market have sparked passionate debates about the responsibility of different generations and the moral implications of housing as an investment. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">As </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> continues to grapple with housing challenges, collaborative efforts between policymakers</span><span style="line-height: 21.6px;"> in local and central Government</span><span style="line-height: 21.6px;">, developers, </span><span style="line-height: 21.6px;">Tunbridge Wells </span><span style="line-height: 21.6px;"></span><span style="line-height: 21.6px;">landlords, and tenants are essential to creating a housing landscape that is fair, ethical, and accessible to all.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="color: #1c2733; line-height: 21.6px;">So</span><span class="s8" style="color: #1c2733; line-height: 21.6px;">, my final question is to</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> you</span><span class="s8" style="color: #1c2733; line-height: 21.6px;">, the </span><span class="s8" style="color: #1c2733; line-height: 21.6px;">reader</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> of this article. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="color: #1c2733; line-height: 21.6px;">Only you</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> can decide if buy-to-let is </span><span class="s8" style="color: #1c2733; line-height: 21.6px;">immoral, but</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> let me ask this question first</span><span class="s8" style="color: #1c2733; line-height: 21.6px;">.</span></p><p class="s5" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">I</span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">f </span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">these</span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge </span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Wells</span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">buy-to-let landlords had not taken up the slack and provided </span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">3,506</span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> extra homes in the last 40 years</span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">for people in the</span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> area, where would these</span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> tenants be living now?</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s10" style="background-color: white; line-height: 21.6px;">During the height of council house building in the 1950s, </span><span class="s10" style="background-color: white; line-height: 21.6px;">UK </span><span class="s10" style="background-color: white; line-height: 21.6px;">local authorities were building, on average, around 147,000 </span><span class="s10" style="background-color: white; line-height: 21.6px;">c</span><span class="s10" style="background-color: white; line-height: 21.6px;">ouncil houses a year. In the last decade, UK </span><span class="s10" style="background-color: white; line-height: 21.6px;">local authorities </span><span class="s10" style="background-color: white; line-height: 21.6px;">have only averaged building around 1,400 </span><span class="s10" style="background-color: white; line-height: 21.6px;">c</span><span class="s10" style="background-color: white; line-height: 21.6px;">ouncil homes a year.</span></p><p class="s5" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s11" style="background-color: white; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">It would cost </span></span><span class="s11" style="background-color: white; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s11" style="background-color: white; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> Council £</span></span><span class="s11" style="background-color: white; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">445.3m</span></span><span class="s11" style="background-color: white; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> to build all those </span></span><span class="s9" style="color: #1c2733; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">3,506</span></span><span class="s11" style="background-color: white; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> buy-to-let homes today that local landlords have funded themselves </span></span></p><p class="s5" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s10" style="background-color: white; line-height: 21.6px;">(a figure that assumes the</span><span class="s10" style="background-color: white; line-height: 21.6px;"> council </span><span class="s10" style="background-color: white; line-height: 21.6px;">build on land they own)</span><span class="s10" style="background-color: white; line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="color: #1c2733; line-height: 21.6px;">That building sum would take up </span><span class="s12" style="color: #1c2733; font-weight: bold; line-height: 21.6px;">100%</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> of our local authority's budget for the next eight to ten years.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="color: #1c2733; line-height: 21.6px;">All this </span><span class="s8" style="color: #1c2733; line-height: 21.6px;">conjures</span><span class="s8" style="color: #1c2733; line-height: 21.6px;"> up many questions such as:</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"></p><ul style="text-align: left;"><li><span class="s13" style="font-family: Symbol; line-height: 21.6px; text-indent: -18px;"> </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">Is</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;"> the buy-to-let practice immoral or </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">in fact </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">necessary? </span></li><li><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">Should,</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;"> as recently voiced</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">,</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;"> landlords </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">be restricted</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;"> </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">to </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">one </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">rental </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">property</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;"> each</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">? </span><span style="text-indent: -18px;"> </span></li><li><span style="text-indent: -18px;">W</span>hat would our housing landscape be like without rented accommodation? </li><li><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">Of </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">the </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">9,268</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;"> </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">Tunbridge Wells</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;"> households</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;"> that are in private rented accommodation</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">, how many of those </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">have little </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">or no </span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">option other than to rent</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;">,</span><span class="s8" style="color: #1c2733; line-height: 21.6px; text-indent: -18px;"> so where would they be if there was no private rented sector? </span></li></ul><p></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s8" style="color: #1c2733; line-height: 21.6px;">These are my thoughts; tell me yours!</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.26369522.822143163821153 -34.892555 79.442610836178844 35.419945tag:blogger.com,1999:blog-6922940838749400101.post-988927460656367602023-09-13T21:26:00.004+01:002023-09-14T07:12:55.449+01:00The Emergence of Accidental Tunbridge Wells Landlords in a Slowing Housing Market?<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvCDSovehXakqscqolBBR8xVH9eglHDXSa5qfdzyvN2aDACB5NSjNx36DRlbqKmyPuG14MFO74hptRauyAS5fGrHZB6tEIbSq99cPP-Tz2OE8JkeInC5W8jMrWq5su1clck4QurYBBRlE_s6RgUd7lB25diton9QG9IQzF9UoucZ5NnrYbfpImpwj8EYXD/s1000/Copy%20of%20447%20Facebook%20.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvCDSovehXakqscqolBBR8xVH9eglHDXSa5qfdzyvN2aDACB5NSjNx36DRlbqKmyPuG14MFO74hptRauyAS5fGrHZB6tEIbSq99cPP-Tz2OE8JkeInC5W8jMrWq5su1clck4QurYBBRlE_s6RgUd7lB25diton9QG9IQzF9UoucZ5NnrYbfpImpwj8EYXD/s320/Copy%20of%20447%20Facebook%20.png" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p></p><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;"><span id="docs-internal-guid-031b8e3c-7fff-d90f-540d-ceee31aee43a"><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">A Tunbridge Wells landlord remarked to me the other day that he felt that there were more 'posher' up-market properties coming up for rent in the last six months compared to a couple of years ago.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">I stated that this was the case, and it wasn't all down to the recent rental growth – it was the growth of the upmarket 'accidental landlord'.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">With the local housing market showing signs of a slowdown and predictions of further house price declines, I am starting to see the return of the ‘accidental landlord’, but in a somewhat different form to what they were in 2008/9.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">An ‘accidental landlord’ becomes a landlord unexpectedly or unintentionally. This often occurs when homeowners rent out their property instead of selling it due to a slowing housing market, a change in personal circumstances, or other unforeseen reasons.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">While the sales market in the area has experienced a period of strength in recent years, activity has started to slow down from the levels seen in 2021/2. In contrast, there has been soaring demand for rental properties. </span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">To give you an idea of the growth of rents.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 16pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">The average rent for homes coming on the market in the Tunbridge Wells area in 2021 was £1,348 per month, whilst in 2023, it has been £1,503 per month.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">Some homeowners, fearing not achieving their desired selling price, might opt to retain ownership of their properties and instead rent them out until market conditions improve. </span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 16pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Back in 2008/9, this trend was particularly evident in the middle market segment.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">However, in 2023, many property commentators are suggesting if ‘accidental landlords’ do start to emerge, it will be in the upper quartile property segment </span><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-style: italic; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">(i.e., the top 25% of properties by value), </span><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">where many homeowners bought in the post Lockdown race for space of 2021/2. </span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">Looking at the figures, they could be correct.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">The upper quartile rental market starts in just over the £1,500 per month range in Tunbridge Wells.</span></p><br /><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="ltr" style="font-family: "Noto Sans Symbols", sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; text-wrap: wrap; vertical-align: baseline;">In the first seven months of 2021 (Jan to Jul) in the Tunbridge Wells area – an average of 34 properties a month came onto the market for rent at £1,500 per month or more.</span></p></li></ul><br /><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="ltr" style="font-family: "Noto Sans Symbols", sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; text-wrap: wrap; vertical-align: baseline;">In the first seven months of 2022 (Jan to Jul) in the Tunbridge Wells area - an average of 45 properties a month came onto the market for rent at £1,500 per month or more.</span></p></li></ul><br /><ul style="margin-bottom: 0; margin-top: 0; padding-inline-start: 48px;"><li aria-level="1" dir="ltr" style="font-family: "Noto Sans Symbols", sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; list-style-type: disc; vertical-align: baseline; white-space: pre;"><p dir="ltr" role="presentation" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; text-wrap: wrap; vertical-align: baseline;">In the first seven months of 2023 (Jan to Jul) in the Tunbridge Wells area - an average of 60 properties a month came onto the market for rent at £1,500 per month or more.</span></p></li></ul><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">(Tunbridge Wells area being TN1 to TN4).</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;"><span style="border: none; display: inline-block; height: 423px; overflow: hidden; width: 602px;"><img alt="A graph of a market
Description automatically generated with medium confidence" height="423" src="https://lh3.googleusercontent.com/5D0xBTF2z4GJzdmWeTEEfi_QW0mp6CF5Kb1v9BJ8uTRiNLxWCnCc317w2vR9JZRCM7AJXHcisqejEjdYMYYxcz-xfW_SUJMmmfRq9jw7pXs538OE1AW0SIrzdwYjqrX0es4239SpEnwXTYq7gSl6Lg" style="margin-left: 0px; margin-top: 0px;" width="602" /></span></span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">Many of these could afford to be patient in pursuit of optimal selling conditions. The rise of ‘accidental landlords’ can be attributed to various factors, such as limited property appreciation, increasing mortgage costs, and robust demand for Tunbridge Wells rentals, making renting out properties an attractive alternative.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 16pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">‘Accidental landlords’ are also created through other diverse circumstances.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">Irrespective of what is happening in the economy and Tunbridge Wells property market, births, deaths and marriages continue. There will always be some new couples who decide to rent out one of their properties after moving into a shared home, while others inherit properties through the passing of parents or grandparents. </span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">The current average tenancy length of 51 months provides these new Tunbridge Wells landlords with just over four years to allow property values locally to recover before re-evaluating the market. However, stepping into the role of an accidental landlord carries specific implications that homeowners need to be mindful of.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 16pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Understanding the tax implications is a crucial aspect that ‘accidental landlords’ should grasp.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">Transitioning to landlord status may result in the loss of specific tax benefits, including stamp duty relief, and necessitate payment of income tax on rent. Furthermore, upon selling the Tunbridge Wells rental property, landlords may become liable for capital gains tax on the profit made from the sale, as it is no longer considered their primary residence and I implore you to take advice from an accountant.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">To mitigate the impact of tax changes, some Tunbridge Wells landlords have chosen to incorporate their properties into Limited Companies. Corporate structures offer potential tax relief on mortgage costs and the opportunity to pay lower Corporation Tax rates than individual income tax rates. However, incorporating properties involves additional expenses, such as stamp duty and capital gains tax on existing properties transferred to the company. </span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">Individual landlords with only one property may find incorporation less advantageous, but it could be a viable option for those planning to expand their buy-to-let portfolios.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 16pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Investing in property maintenance is a crucial consideration for Tunbridge Wells' 'accidental landlords'.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">Well-maintained properties are more likely to retain or increase their value over time. Retrofitting properties to improve energy performance can also benefit tenants and future buyers, helping reduce utility costs and enhance overall comfort.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">Accidental landlords must diligently handle this critical area: appropriately protecting tenants' deposits. Please safeguard deposits adequately to avoid significant compensation claims, with landlords potentially losing up to three times the deposit amount. To protect against such risks, landlords must ensure compliance with deposit protection schemes and provide tenants with essential documents, including Energy Performance Certificates, the Government's "How to Rent" guide, and current gas safety certificates.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 16pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">Misunderstandings can inadvertently arise to renting direct to family or friends, leading to legal disputes.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">Even though you know the tenant, it still could be wise to employ the services of a letting agent to establish clear terms in writing at the outset of a tenancy to avoid potential conflicts and protect the rights of both landlords and tenants. This becomes particularly relevant as the Renters Reform Bill, set to introduce significant changes to the private rental sector, including tenancy length and the process of regaining possession, is awaiting approval.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">My overriding message to every ‘accidental landlord’ is that they must be aware of the tax implications, consider incorporation a potential strategy, invest in property maintenance, protect tenants' deposits, and establish clear terms to avoid disputes. Additionally, there are over 170 pieces of regulations regarding renting your property out. Also, it's essential to stay informed about forthcoming changes in renters' rights introduced by the Renters Reform Bill. </span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">In conclusion, with the Tunbridge Wells housing market experiencing a slowdown, I suspect an increasing number of Tunbridge Wells homeowners are considering becoming ‘accidental landlords’ by opting to rent out their properties instead of selling.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 16pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space-collapse: preserve;">You must weigh the risks of renting your Tunbridge Wells home and the potential rewards.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">I know of many stories of local homeowners who waited five or six years after the Credit Crunch to hit their ‘target price’ for their existing home, only to realise it cost them tens of thousands of pounds in costs and the price they had to pay for their new home. On the other side of the coin, I know plenty of ‘accidental landlords’ in Tunbridge Wells who used the fact that they became an ‘accidental landlord’ as an opportunity to build an impressive rental portfolio over the last 15 years.</span></p><br /><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;">If you are uncertain or do not possess all the facts, don't hesitate to contact me to discuss your plans. Then I can give you appropriate level-headed advice to make the right decision. By taking proactive steps and understanding the risk and rewards of being an ‘accidental landlord’ in Tunbridge Wells, you can navigate the property market successfully, even during uncertain times in the housing market.</span></p><div><span style="font-family: Calibri, sans-serif; font-size: 12pt; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space-collapse: preserve;"><br /></span></div></span></div>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-71744151414470010812023-08-21T22:16:00.005+01:002023-09-13T21:16:48.874+01:00Royal Tunbridge Wells Rents Smash Through the £1,500 Barrier<p><br /></p><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAcNittYLMoEKhQFxgfGQKpXK-0dEC3vpSf49Z30lzEJUEapAF3OMWr-vSb7hFls-O64vP0ONL7swdvR3FMYif5MEIZvy6_vpIX3fwr38peITAp448qDXXusJzqNX8me4kNcz7dx40md9mA6aLmiZfFP0tM1Uvm11CYax2xviHmb2JbSedOSsY253srH7D/s1000/Copy%20of%20445%20Facebook%20.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAcNittYLMoEKhQFxgfGQKpXK-0dEC3vpSf49Z30lzEJUEapAF3OMWr-vSb7hFls-O64vP0ONL7swdvR3FMYif5MEIZvy6_vpIX3fwr38peITAp448qDXXusJzqNX8me4kNcz7dx40md9mA6aLmiZfFP0tM1Uvm11CYax2xviHmb2JbSedOSsY253srH7D/s320/Copy%20of%20445%20Facebook%20.png" width="320" /></a></div><br /><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: #7f7f7f; font-size: 22pt; font-style: italic; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Are Tunbridge Wells Landlords Profiteering?</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: #7f7f7f; font-size: 22pt; font-style: italic; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">The private rented sector for both Tunbridge Wells landlords and Tunbridge Wells tenants is facing immense challenges, with a shortage of available homes for rent putting renters under significant pressure. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">And you can see why when the average UK rent in 2021 was £1,381 and in 2023 it has been £1,706, an increase of 23.53%.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Let’s look closer to home in the Tunbridge Wells area.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">The average rent for homes coming on the market in the Tunbridge Wells area in 2021 was £1,348 per month, whilst in 2023, it has been £1,503 per month.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri, sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><i>(Tunbridge Wells area TN1 to TN4).</i></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri, sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><i><br /></i></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">You can see why people are accusing landlords of "widespread profiteering".</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">But as always, the devil is in the detail.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">This increase in average Tunbridge Wells rent is for </span><span face="Calibri,sans-serif" style="-webkit-text-decoration-skip: none; background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">new</span><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> tenancies,</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">not tenancy renewals.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">A new tenancy is when a brand-new tenant moves into a home, whilst a renewal is when an existing tenant renews the lease with their existing landlord.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><br /></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Government data shows that most landlords are not exploiting the mortgage crisis, with 64% of landlords maintaining and 4% decreasing rents to shield renters from the impact on renewal of their tenancy agreement, dispelling the notion that they are exploiting the situation.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Looking at the same Government data, of the landlords setting rents for new tenants, just under half of landlords (45%) stated they increased the rent compared to the previous tenancy with the old tenant, whereas a third (35%) kept the rent they charged at the same level, and surprisingly 1 in 12 (8%) decreased the rent.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Therefore, whilst the average percentage growth in Tunbridge Wells for new tenancies is 11.5%, the overall average for all tenancies is only 4.4% for Tunbridge Wells.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">And 4.4% is much lower than the rate of inflation. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Contrary to popular belief, landlords' profit margins have significantly dwindled in recent years. The profits for private landlords are at their lowest since the Credit Crunch due to rising mortgage rates and limited tax relief. This demonstrates that private landlords are not profiteering during the cost-of-living crisis. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Now some of you will say, Tunbridge Wells house prices have risen in that time. Yes, that is the case, yet not by the rate of inflation, so in fact in ‘real’ terms, their investments have gone down in value.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Landlords are often portrayed negatively in the media but are in fact making considerable efforts to provide safe and secure housing for millions of tenants.</span></p><p><span face="Calibri, sans-serif" style="font-size: 12pt; white-space-collapse: preserve;">Landlords face growing costs, including increased mortgage payments and the negative impact of a tax system that discourages investment in the rental market. These challenges are further exacerbated by ongoing uncertainty surrounding reforms to the law regarding landlords. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">With limited options available, landlords must choose between leaving the private rented sector, increasing rents as a last resort, or absorbing mounting costs. However, the latter is nearly impossible for most individual landlords who lack deep pockets. To address these challenges, the Government must provide crucial support to the rental market.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">To alleviate the burden on renters, the Government should reconsider current taxes which are designed to discourage landlords from providing more rental homes. It is vital to ensure that the supply of rental properties does not further diminish, as Tunbridge Wells tenants simply cannot bear the consequences of a dwindling market and it will lead to further housing hardship.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Without proper government support, both renters and landlords will continue to face challenges, caught between a rock and a hard place.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Housing is such an important thing (rather like the NHS), and I would urge all parties, to move beyond rhetoric and take positive action to support the private rented sector. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">I know many Tunbridge Wells landlords who are making sincere efforts to shield Tunbridge Wells renters from the mortgage crisis, and it is crucial their contributions are recognised.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 16pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">By fostering an environment that encourages investment and providing support to renters, the Government can help alleviate the strain on both landlords and tenants and ensure a sustainable and fair rental market for all.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-top: 0pt;"><span face="Calibri,sans-serif" style="background-color: transparent; color: black; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">These are my thoughts, what are yours?</span></p><p><br /></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.26369522.822143163821153 -34.892555 79.442610836178844 35.419945tag:blogger.com,1999:blog-6922940838749400101.post-24416355064693721392023-07-28T03:56:00.002+01:002023-08-03T10:41:36.252+01:00Why Does it Take 187 Days to Sell a Home in Royal Tunbridge Wells?<p style="text-align: center;"><img alt="Tunbridge Wells property blog" height="300" src="https://drive.google.com/uc?id=1r06gwb2jCGRGLCDoXq5JZxgtN_iSxjgr" style="-webkit-text-size-adjust: 100%; text-size-adjust: 100%; transform: rotate(0deg);" width="300" /></p><p><br /></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span style="-webkit-text-size-adjust: 100%; text-size-adjust: 100%;"> </span><br /></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The average time to sell a house in the UK </span><span style="line-height: 21.6px;">from start to finish is </span><span style="line-height: 21.6px;">170 days, </span><span style="line-height: 21.6px;">equivalent to </span><span style="line-height: 21.6px;">24.3</span><span style="line-height: 21.6px;"> weeks or </span><span style="line-height: 21.6px;">5.6</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">months</span><span style="line-height: 21.6px;"> from the first day of marketing to legal completion</span><span style="line-height: 21.6px;">, whilst in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> it</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;">s </span><span style="line-height: 21.6px;">187</span><span style="line-height: 21.6px;"> days.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The</span><span style="line-height: 21.6px;"> actual time can vary depending on market conditions, location, property type, and pricing strategy</span><span style="line-height: 21.6px;">, so in this article I delve deeper. </span><span style="line-height: 21.6px;">Here is a breakdown of </span><span style="line-height: 21.6px;">that </span><span style="line-height: 21.6px;">187</span><span style="line-height: 21.6px;"> days. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-weight: bold; line-height: 21.6px;">Step 1 - </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">Time to Accept an Offer:</span><span style="line-height: 21.6px;"></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">On average, </span><span style="line-height: 21.6px;">nationally</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;">it takes </span><span style="line-height: 21.6px;">50 days</span><span style="line-height: 21.6px;"> (up from 43 days in 2022)</span><span style="line-height: 21.6px;"> to accept an offer on a property. This time </span><span style="line-height: 21.6px;">starts</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">with placing the property on the market, viewings, </span><span style="line-height: 21.6px;">negotiat</span><span style="line-height: 21.6px;">ing an offer</span><span style="line-height: 21.6px;"> and reaching an agreement with a potential buyer.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">In</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">, it</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> is taking </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">59</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> days</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> on average</span></span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">to agree a sale on a property</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Again, the type of </span><span style="line-height: 21.6px;">Tunbridge </span><span style="line-height: 21.6px;">Wells</span><span style="line-height: 21.6px;"> property makes a huge difference as well.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">The best-performing type of local property is a </span><span style="line-height: 21.6px;">terraced house, which takes an average of </span><span style="line-height: 21.6px;">34</span><span style="line-height: 21.6px;"> days</span><span style="line-height: 21.6px;"> to agree a sale</span><span style="line-height: 21.6px;">, to the </span><span style="line-height: 21.6px;">poorest-performing type of property</span><span style="line-height: 21.6px;">, which</span><span style="line-height: 21.6px;"> are</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">flats</span><span style="line-height: 21.6px;">,</span><span style="line-height: 21.6px;"> which take an average of </span><span style="line-height: 21.6px;">74</span><span style="line-height: 21.6px;"> days.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-weight: bold; line-height: 21.6px;">Step 2 - </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">Time from Offer Acceptance to </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">Completion</span><span class="s6" style="font-size: 14px; font-weight: bold; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;">:</span></span><span class="s7" style="font-size: 14px; line-height: 16.8px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 25.2px;"></span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Once an offer is accepted, </span><span style="line-height: 21.6px;">over the last 12 months, it has </span><span style="line-height: 21.6px;">take</span><span style="line-height: 21.6px;">n </span><span style="line-height: 21.6px;"></span><span style="line-height: 21.6px;">an average of</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">120 days</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">nationally </span><span style="line-height: 21.6px;">for </span><span style="line-height: 21.6px;">the sale to be completed</span><span style="line-height: 21.6px;">. This period involves finali</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ing the legal and financial aspects of the sale</span><span style="line-height: 21.6px;"> to the legal </span><span style="line-height: 21.6px;">exchange of contracts</span><span style="line-height: 21.6px;">,</span><span style="line-height: 21.6px;"> with legal completion a week or a fortnight later.</span> </p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">In </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">, it </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">is currently taking on average</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">128</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> days from the sale agreed to the sale being completed</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">It's important to note that these figures are based on averages and can vary depending on individual circumstances. </span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">If you need to sell your </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"></span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">house quickly, there are a few steps you can take to expedite the process.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">There are many</span><span style="line-height: 21.6px;"> factors </span><span style="line-height: 21.6px;">that </span><span style="line-height: 21.6px;">can affect how long it takes to sell a house.</span><span style="line-height: 21.6px;"> The </span><span style="line-height: 21.6px;">three </span><span style="line-height: 21.6px;">major </span><span style="line-height: 21.6px;">factors are:</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"> </p><div class="s8" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span style="line-height: 21.6px;">a. </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">Your </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">Asking Price</span><span class="s4" style="font-weight: bold; line-height: 21.6px;">:</span><span style="line-height: 21.6px;"> The price you ask in relation to similar </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">properties on the market has the most significant impact. Overpricing can result in fewer </span><span style="line-height: 21.6px;">viewers</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;">meaning fewer buyers, </span><span style="line-height: 21.6px;">while competitive pricing generates immediate interest</span><span style="line-height: 21.6px;">.</span><span style="line-height: 21.6px;"> Look at properties that are similar to you</span><span style="line-height: 21.6px;">rs</span><span style="line-height: 21.6px;"> on the market at the moment. When searching the property portals, not only search for them in price order, search for them in how long they have been on the market. That will give you a fascinating insight </span><span style="line-height: 21.6px;">in</span><span style="line-height: 21.6px;">to the current state of the property market for </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">homes like yours</span><span style="line-height: 21.6px;">.</span></div><p class="s9" style="line-height: 21.6px; margin-bottom: 0px; margin-left: 36px;"><span style="line-height: 21.6px;"> </span></p><div class="s8" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span style="line-height: 21.6px;">b. </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">Buyers' </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">M</span><span class="s4" style="font-weight: bold; line-height: 21.6px;">arket, Balanced </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">M</span><span class="s4" style="font-weight: bold; line-height: 21.6px;">arket </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">or </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">Sellers' </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">M</span><span class="s4" style="font-weight: bold; line-height: 21.6px;">arket</span><span class="s4" style="font-weight: bold; line-height: 21.6px;">:</span><span style="line-height: 21.6px;">The market condition, whether hot or cold, plays a significant role. In a hot market (sellers</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;"> market), homes sell </span><span style="line-height: 21.6px;">fast</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">and pricing is not as sensitive</span><span style="line-height: 21.6px;">, while in a cold market (buyers</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;"> market), competitive pricing is crucial to avoid a prolonged </span><span style="line-height: 21.6px;">time on the market with no chance of a sale</span><span style="line-height: 21.6px;">. Find out more about this <a href="https://royaltunbridgewellsproperty.blogspot.com/2023/07/is-royal-tunbridge-wells-buyers-or.html" target="_blank">here</a></span></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><div class="s8" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span style="line-height: 21.6px;">c. </span><span class="s4" style="font-weight: bold; line-height: 21.6px;">Quality of Solicitors:</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">Agreeing a price/sale is only half the battle to getting you moved. </span><span style="line-height: 21.6px;">Your solicitor's efficiency can impact your sale's progress. Choosing a responsive solicitor who cooperates with estate agents can help prevent delays.</span><span style="line-height: 21.6px;"> Again, we can suggest some excellent </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> and regional solicitors that are </span><span style="line-height: 21.6px;">experts in their field</span><span style="line-height: 21.6px;">.</span></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">If you</span><span style="line-height: 21.6px;"> are</span><span style="line-height: 21.6px;"> considering a move in the next </span><span style="line-height: 21.6px;">6</span><span style="line-height: 21.6px;"> to 12 months, now is the perfect time to start planning. Selling</span><span style="line-height: 21.6px;"> your </span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">home</span><span style="line-height: 21.6px;"> can be a complex process, but with the proper guidance, you can navigate it smoothly and efficiently. As experienced estate agents in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">, we understand the local market dynamics and have a track record of success.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Our team is well-versed in the factors that impact selling time, including the price asked</span><span style="line-height: 21.6px;"> and </span><span style="line-height: 21.6px;">market conditions</span><span style="line-height: 21.6px;">. </span><span style="line-height: 21.6px;">We work with responsive solicitors who prioritise efficiency and collaboration regarding legal matters. Their cooperation with us as estate agents helps prevent delays, ensuring a smooth progression from offer acceptance to completion.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">By pricing your property competitively, we attract immediate interest from potential buyers. Our knowledge of the local </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">market enables us to navigate buyer and seller markets effectively.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">If you want to sell your </span><span style="line-height: 21.6px;">home, we offer a no-obligation free appraisal to discuss your selling timescales. Our personali</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ed advice and guidance are tailored to your situation, giving you the information you need to make informed decisions.</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">Together, we can make your move a reality.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Get in touch with us today to discuss your house sale - 01892 543 856 </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-22648662734652161012023-07-09T14:11:00.000+01:002023-07-09T14:11:02.806+01:00Is Royal Tunbridge Wells a Buyers’ or Sellers’ Property Market?<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxgTvXcJCnKBiJP_lYpm-4-zlVH-_fkyRBGS-9IfB7iiF36lR0-SpSOCGJiz0EOawB3N-jeIhvjCuK7RfsP8_qrTjXKmZDL2b69VgVIdIt319FO3Ilhe9SyoNvZsONNAa7N1-hqkX7WSP5Sur9RT_Xg1T8-vHfghhqr2Ioa1K4FpV6ZfWTCzjcHxjP2ul6/s1000/Copy%20of%20441%20Facebook%20&%20Linkedin.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxgTvXcJCnKBiJP_lYpm-4-zlVH-_fkyRBGS-9IfB7iiF36lR0-SpSOCGJiz0EOawB3N-jeIhvjCuK7RfsP8_qrTjXKmZDL2b69VgVIdIt319FO3Ilhe9SyoNvZsONNAa7N1-hqkX7WSP5Sur9RT_Xg1T8-vHfghhqr2Ioa1K4FpV6ZfWTCzjcHxjP2ul6/s320/Copy%20of%20441%20Facebook%20&%20Linkedin.png" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p></p><h3 style="clear: both; text-align: center;">A Comprehensive Guide for Royal Tunbridge Wells Homeowners</h3><div><br /></div><div><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">In the ever-changing world of Tunbridge Wells property, the terms ‘buyers’ market’ and ‘sellers’ market’ are phrases bandied about.<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">These property market conditions can significantly impact your ability to buy or sell a property, regardless of which side of the fence you find yourself on.<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">As a local estate agent, I will provide you with a detailed analysis of the property market to find out if we are in a buyers’ or sellers’ market and offer valuable tips to navigate through them successfully.<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Additionally, I will shed light on a lesser-known market condition called a ‘balanced market’. So, let's delve into the nuances of these markets and equip you with the knowledge to make informed decisions on buying and selling in Tunbridge Wells.</span></p><h3 style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 18.7px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: left;"><span class="s1" style="font-kerning: none;"> <br /></span><span class="s1" style="font-kerning: none;">What is a Tunbridge Wells Buyers’ Market?</span></h3><div><span class="s1" style="font-kerning: none;"><br /></span></div><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">A ‘buyers’ market’ occurs when the number of Tunbridge Wells homes available for sale exceeds the number of potential buyers. In this scenario, buyers hold the advantage, as they have more choices and can take their time to make decisions. They may even negotiate with sellers to secure more favourable prices. This is an ideal market for Tunbridge Wells buyers as attractive deals are plentiful, while sellers face the challenge of standing out in a sea of properties for sale.</span></p><h3 style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 18.7px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: left;"><span class="s1" style="font-kerning: none;"> <br /></span><span class="s1" style="font-kerning: none;">What is a Tunbridge Wells Sellers’ Market?</span></h3><div><span class="s1" style="font-kerning: none;"><br /></span></div><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Conversely, a sellers’ market arises when there is a higher demand for homes than available inventory. This creates a power shift in favour of sellers, who can benefit from increased competition among buyers. In a seller's market, Tunbridge Wells properties tend to sell quickly and sellers often receive multiple offers, driving up property prices. This market can be challenging for Tunbridge Wells buyers, as they may face bidding wars and have limited negotiating power.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><h3 style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 18.7px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: left;"><span class="s1" style="font-kerning: none;">Introducing a Balanced Market.</span></h3><div><span class="s1" style="font-kerning: none;"><br /></span></div><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Apart from the buyers’ and sellers’ markets, a balanced property market exists where the number of people looking to sell property matches the number of potential buyers. In a balanced market, equilibrium is achieved, leading to stable prices and a reasonable timeframe for property sales. This market condition offers a fair playing field for both buyers and sellers, creating a more harmonious real estate environment.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><h3 style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 18.7px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: left;"><span class="s1" style="font-kerning: none;">Understanding the Dynamics: Supply and Demand of Tunbridge Wells Property.</span></h3><div><span class="s1" style="font-kerning: none;"><br /></span></div><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">At the core of these property market conditions lies the principle of supply and demand.<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Tunbridge Wells home buyers have the upper hand when the supply of Tunbridge Wells homes surpasses the demand. Conversely, when demand outpaces supply, Tunbridge Wells house sellers hold the advantage. Recognising which property market you are in is crucial for making informed decisions, regardless of whether you are a buyer or a seller.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><h3 style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 18.7px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: left;"><span class="s1" style="font-kerning: none;">What Kind of Property Market is Tunbridge Wells in?</span></h3><div><span class="s1" style="font-kerning: none;"><br /></span></div><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">The best way anyone can judge the market is to analyse the percentage of properties marked as "Sold STC" (Sold Subject to Contract) and "Under Offer" in relation to the total stock of properties on the market.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p3" style="color: #474747; font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><i>e.g. if there are 500 properties on the market (both available and sold stc/under offer) and 200 are sold stc/under offer … 200 as a percentage of 500 is 40%.</i></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Everyone can do this by searching the property portals (e.g. Rightmove, Zoopla and OnTheMarket) by searching for Tunbridge Wells and calculating it by asking for the results with sold stc/under offer and without sold stc/under offer.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">The designated property market states are as follows:</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><br /></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px; text-align: left; text-indent: -24px;"></p><ul style="text-align: left;"><li><span class="s1" style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-size: 9.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> </span><span class="s2" style="font-kerning: none;">0% to 20%: Extreme Buyers' Market<span class="Apple-converted-space"> </span></span></li><li>21% to 29%: Buyers' Market</li><li>30% to 40%: Balanced Market</li><li>41% to 49%: Sellers' Market<span class="Apple-converted-space"> </span></li><li>50% to 59%: Hot Sellers' Market </li><li>60%+: Extreme Sellers' Market</li></ul><p></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px; text-align: left; text-indent: -24px;"> </p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s2" style="font-kerning: none;">This methodology is widely used by many professional property traders, corporate asset managers and developer part exchange providers to quickly assess the temperature of any local market. It offers a reliable and efficient measurement of market heat, enabling informed individuals to select the right strategies and stay ahead of the market to achieve superior results.</span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s2" style="font-kerning: none;"> </span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s2" style="font-kerning: none;">The statistics have been sourced from website ‘The Advisory’, which have calculated the market state stats for many years. I wanted to share them back to the summer of 2018, so you can see for yourself.</span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s2" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"></span></p><h3 style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 18.7px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: left;"><span class="s2" style="font-kerning: none;">What are the Statistics for Tunbridge Wells for the Last 5 Years?</span></h3></div><div><span class="s2" style="font-kerning: none;"><div class="separator" style="clear: both; text-align: left;"><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm;"> </p><table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; width: 661px;"><tbody><tr style="height: 33.55pt;"><td style="border: 1pt solid windowtext; height: 33.55pt; padding: 0cm 5.4pt; width: 47.05pt;" valign="top" width="63"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm;"> </p></td><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 33.55pt; padding: 0cm 5.4pt; width: 48.9pt;" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">Jun-18</p></td><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 33.55pt; padding: 0cm 5.4pt; width: 48.85pt;" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">Jun-19</p></td><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 33.55pt; padding: 0cm 5.4pt; width: 48.85pt;" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">Jun-20</p></td><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 33.55pt; padding: 0cm 5.4pt; width: 48.85pt;" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">Jun-21</p></td><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 33.55pt; padding: 0cm 5.4pt; width: 48.85pt;" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">Jun-22</p></td><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 33.55pt; padding: 0cm 5.4pt; width: 49.6pt;" width="66"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">Dec-22</p></td><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 33.55pt; padding: 0cm 5.4pt; width: 50.3pt;" width="67"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">Mar-23</p></td><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 33.55pt; padding: 0cm 5.4pt; width: 50.85pt;" width="68"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">May-23</p></td><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 33.55pt; padding: 0cm 5.4pt; width: 53.8pt;" width="72"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">Jun-23</p></td></tr><tr style="height: 17.05pt;"><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 47.05pt;" valign="bottom" width="63"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm;">TN1</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 48.9pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">41%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">43%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">34%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">57%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">60%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">53%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 50.3pt;" valign="bottom" width="67"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">48%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 50.85pt;" valign="bottom" width="68"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">39%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 53.8pt;" valign="bottom" width="72"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">39%</p></td></tr><tr style="height: 16.4pt;"><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 47.05pt;" valign="bottom" width="63"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm;">TN2</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 48.9pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">45%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">37%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">34%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">63%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">69%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">54%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 50.3pt;" valign="bottom" width="67"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">47%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 50.85pt;" valign="bottom" width="68"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">48%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 53.8pt;" valign="bottom" width="72"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">51%</p></td></tr><tr style="height: 16.4pt;"><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 47.05pt;" valign="bottom" width="63"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm;">TN3</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 48.9pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">32%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">33%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">28%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">69%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">65%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">49%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 50.3pt;" valign="bottom" width="67"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">48%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 50.85pt;" valign="bottom" width="68"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">39%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.4pt; padding: 0cm 5.4pt; width: 53.8pt;" valign="bottom" width="72"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">35%</p></td></tr><tr style="height: 17.05pt;"><td style="border-bottom: 1pt solid windowtext; border-image: initial; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 47.05pt;" valign="bottom" width="63"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm;">TN4</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 48.9pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">42%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">42%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">38%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">63%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 48.85pt;" valign="bottom" width="65"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">64%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">52%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 50.3pt;" valign="bottom" width="67"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">43%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 50.85pt;" valign="bottom" width="68"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">46%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 17.05pt; padding: 0cm 5.4pt; width: 53.8pt;" valign="bottom" width="72"><p align="center" class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0cm; text-align: center;">49%</p></td></tr></tbody></table><br /><div class="separator" style="clear: both; text-align: left;"><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">You can quite clearly see Tunbridge Wells went into an extreme sellers’ market during 2021 and 2022 yet has returned to levels slightly higher than pre pandemic.</span></p></div><div><br /></div></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1_TDZd2a0bd_sI-UsKgmN4i5AspMrLSYJT587ilUrs0PYXjJZa6QN4obviRyam2zRb3PiElGwi4pIgL0zuHfWRgUr4NA6uxJSOaP3hCMJs-DhGCPPlstjMiLdTorjx-Zk7eXAGeaw_0GldL49aZfNrXH9Crqp6PM-VbwboDfq52Ta74h-KuEkJf8Ngk81/s1876/image001.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1356" data-original-width="1876" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1_TDZd2a0bd_sI-UsKgmN4i5AspMrLSYJT587ilUrs0PYXjJZa6QN4obviRyam2zRb3PiElGwi4pIgL0zuHfWRgUr4NA6uxJSOaP3hCMJs-DhGCPPlstjMiLdTorjx-Zk7eXAGeaw_0GldL49aZfNrXH9Crqp6PM-VbwboDfq52Ta74h-KuEkJf8Ngk81/s320/image001.png" width="320" /></a></div><br /><br /><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;"><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Now of course this could all change, so let me explain both extremes for either market.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><h3 style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 18.7px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: left;"><span class="s1" style="font-kerning: none;">Tips for Tunbridge Wells Home Sellers in a Buyers’ Market</span></h3><div><span class="s1" style="font-kerning: none;"><br /></span></div><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Selling a Tunbridge Wells property in a buyers’ market can be daunting, but you can improve your chances of success with the right approach. Here are some valuable tips for Tunbridge Wells home sellers:</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><ol class="ol1"><li class="li1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Be realistic with your asking price: If the Tunbridge Wells property market becomes a buyers’ market, home sellers will need to understand the challenging market conditions and set a competitive price from the beginning. Overpricing will deter potential Tunbridge Wells buyers from even viewing and lead to your home being on the market for months. People will start to think there will be something wrong with your home and dismiss it even more.</span></li><li class="li1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Present your Tunbridge Wells home at its best: In a competitive buyers’ market, making your property stand out is vital. Consider staging your home and completing any necessary repairs to make it more appealing to home buyers.</span></li><li class="li1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Maximise your exposure: Effective marketing is crucial, particularly in a buyers’ market. Collaborate closely with a reputable local Tunbridge Wells agent with extensive area knowledge and a strong marketing team to ensure maximum visibility for your property. Gone are the days of just putting the property on Rightmove and hoping.<span class="Apple-converted-space"> </span></span></li><li class="li1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Be prepared to negotiate on more than the pound notes: Price is not the only factor in negotiations. Buyers may also be open to discussing terms and conditions like what you are leaving regarding fixtures and fittings, so be flexible and willing to find common ground.</span></li></ol><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><h3 style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 18.7px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: left;"><span class="s1" style="font-kerning: none;">Tips for Buyers in a Tunbridge Wells Seller's Market</span></h3><div><span class="s1" style="font-kerning: none;"><br /></span></div><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">If you find yourself navigating a sellers’ market as a Tunbridge Wells buyer, these tips will help you improve your chances of securing the right property:</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><ol class="ol1"><li class="li1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Define your necessities: Clearly understand your property needs and prioritise them. Be prepared to compromise on certain aspects to increase your chances of finding a suitable property.</span></li><li class="li1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Be friendly: Build a positive rapport and relationship with the home sellers on the viewing. This can really work in your favour. First impressions can make a difference.</span></li><li class="li1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Act quickly: In a seller's market, hesitation can lead to missed opportunities. If you come across a Tunbridge Wells property that meets your criteria, schedule a viewing promptly and be prepared to make an offer if it resonates with you.</span></li><li class="li1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Make fair offers: While everyone wants a great deal, offering a reasonable price shows respect to sellers and increases the likelihood of your offer being considered. Silly low offers are often dismissed in competitive markets and can sometimes offend.</span></li><li class="li1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Practice patience: Although speed is essential, exercising patience is equally vital. Rushing into a decision can result in regret. The right property will come along, so balancing acting swiftly and making informed choices is critical.</span></li></ol><p class="p3" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px;"><span class="s1" style="font-kerning: none;"> </span></p><h1 style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 18.7px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: center;"><span class="s1" style="font-kerning: none;">Understanding the dynamics of buyers’ and sellers’ markets is essential<br /></span><span class="s1" style="font-kerning: none;">for both buyers and sellers in the Tunbridge Wells property market.</span></h1><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">By grasping the nuances of each market condition and applying the appropriate strategies, you can maximise your chances of achieving your Tunbridge Wells property goals. Whether you find yourself in a buyer's market, seller's market, or a balanced market, adapting your approach and working closely with an experienced local agent will significantly enhance your chances of success in the ever-changing world of real estate.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">But let me leave you with this one last thought. Regardless of whether it's a buyer's or seller's market, it's important to recognise the interconnected nature of these market conditions.<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><h1 style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 18.7px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: center;"><span class="s1" style="font-kerning: none;">A significant statistic to consider is that 81% of sellers are also buyers.</span></h1><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">This means that as you gain an advantage as a seller in a hot market, you may face challenges when transitioning to the buyer's side.<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">Conversely, in a buyers’ market where you have the upper hand as a buyer, you might encounter difficulties when selling your own property.<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">It's crucial to understand this dynamic and plan accordingly, as the dynamics of the Tunbridge Wells property market are often a delicate balance between gaining and losing, and this holds true for both buyers and sellers.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">These are my thoughts, do share yours in the comments or by reply.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"> </span></p></div><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><br /></div><div><br /></div><p></p><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><br /> <p></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.2636955.7314712700224035 -140.36130499999993 90 140.88869499999996tag:blogger.com,1999:blog-6922940838749400101.post-9164842798824618272023-06-17T06:48:00.002+01:002023-06-19T19:39:45.914+01:00Evolving Royal Tunbridge Wells Property Preferences: A Shift in Types of Tunbridge Wells Properties Purchased Over the Last Two Years<p style="text-align: center;"><img alt="shifts in Tunbridge Wells living preferences - Martin & Co" height="300" src="https://drive.google.com/uc?id=1SmoVc9x6Z3Qz9Fxn8Vcl-yFgowVX7DNI" style="-webkit-text-size-adjust: 100%; text-size-adjust: 100%; transform: rotate(0deg);" width="300" /></p><p style="text-align: center;"><br /></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property</span><span style="line-height: 21.6px;"> landscape is constantly evolving, shaped by societal, economic and cultural factors. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The</span><span style="line-height: 21.6px;"> type of properties people </span><span style="line-height: 21.6px;">have</span><span style="line-height: 21.6px;"> bought in the last few years since Lockdown One</span><span style="line-height: 21.6px;"> has undergone </span><span style="line-height: 21.6px;">some </span><span style="line-height: 21.6px;">notable changes, reflecting shifting preferences and lifestyle choices. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">This article explores the transformations in property purchasing trends over the las</span><span style="line-height: 21.6px;">t two years</span><span style="line-height: 21.6px;"> compared to the long-term</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;"></span><span style="line-height: 21.6px;">almost three-decade</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">average, with a focus on d</span><span style="line-height: 21.6px;">etached houses, semi-detached houses, terraced houses and apartments.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Detached Houses: A Shift Towards Modernity</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Detached houses, long considered the epitome of homeownership, have witnessed a transformation in</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">buyer preferences. </span><span style="line-height: 21.6px;">T</span><span style="line-height: 21.6px;">hey still hold significant appeal, particularly for</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">families seeking privacy and ample space, the demand for</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">detached properties </span><span style="line-height: 21.6px;">in the last couple of years </span><span style="line-height: 21.6px;">has decreased</span><span style="line-height: 21.6px;">, when compared to the previous</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">average of the last </span><span style="line-height: 21.6px;">three</span><span style="line-height: 21.6px;"> decades. This shift </span><span style="line-height: 21.6px;">started before </span><span style="line-height: 21.6px;">l</span><span style="line-height: 21.6px;">ockdown and </span><span style="line-height: 21.6px;">can be attributed to several factors, including changing demographics</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;">the way people live, </span><span style="line-height: 21.6px;">varying</span><span style="line-height: 21.6px;"> land costs and evolving lifestyles that prioriti</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">e convenience and urban living.</span> </p><p class="s6" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">Between 1995 and 2020, </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">4,921</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">d</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">etached homes </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">sold in the </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Tunbridge Wells</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> area, representing </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">24.9</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">% of all the property sales in those 26 years.</span> </p><p class="s6" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">In the last two years (</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">20</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">21 & </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">20</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">22), </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">525</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">d</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">etached homes sold in the </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Tunbridge Wells</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> area, representing </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">21.6</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">% of all the property sales in those 2 years, a </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">proportional </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">drop of </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">13.4</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">%</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">.</span><span style="text-align: left;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Semi-Detached Houses: Balancing Space and Affordability</span></span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> s</span><span style="line-height: 21.6px;">emi-detached houses have maintained a relatively stable position in the property market over the past </span><span style="line-height: 21.6px;">three decades</span><span style="line-height: 21.6px;">, striking a balance between the space offered by detached houses and the affordability of terraced houses. While their popularity has seen minor fluctuations, their appeal to both</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">families and young professionals looking for more spacious living arrangements remains consistent.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">In recent years, there has been a noticeable increase in demand for </span><span style="line-height: 21.6px;">well-presented mature</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">extended </span><span style="line-height: 21.6px;">semi-detached houses as homeowners increasingly seek larger properties that accommodate work-from-home setups and additional living spaces for multi-generational living. This trend suggests a growing emphasis on both comfort and adaptability within the modern </span><span style="line-height: 21.6px;">local</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">home.</span></p><p class="s6" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">Between 1995 and 2020, </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">5,101</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">s</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">emi-</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">d</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">etached homes sold in the </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Tunbridge Wells</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> area, representing </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">25.8</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">%</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> of all the property sales in those 26 years.</span> </p><p class="s6" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">In the last two years (</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">20</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">21 & </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">20</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">22), </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">607</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">semi-d</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">etached homes sold in the </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Tunbridge Wells</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> area, representing </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">24.9</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">%</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> of all the property sales in those 2 </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">years, a </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">proportional </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">drop of </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">3.4</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">%</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">.</span><span style="line-height: 21.6px;"> </span><span style="text-align: left;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Terraced Houses: Embracing Urban Living</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Nationally</span><span style="line-height: 21.6px;"> t</span><span style="line-height: 21.6px;">erraced houses</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">ha</span><span style="line-height: 21.6px;">ve </span><span style="line-height: 21.6px;">witnessed a resurgence in popularity</span><span style="line-height: 21.6px;"> w</span><span style="line-height: 21.6px;">ith </span><span style="line-height: 21.6px;">many new </span><span style="line-height: 21.6px;">home</span><span style="line-height: 21.6px;"> builders utilising the modern ‘town house’ in a three-storey format</span><span style="line-height: 21.6px;">.</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">T</span><span style="line-height: 21.6px;">hese houses i</span><span style="line-height: 21.6px;">n </span><span style="line-height: 21.6px;">modern </span><span style="line-height: 21.6px;">suburban areas</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">provide a contemporary take on this traditional property type, attracting </span><span style="line-height: 21.6px;">younger </span><span style="line-height: 21.6px;">buyers looking for a low-maintenance lifestyle without sacrificing </span><span style="line-height: 21.6px;">space (as they are built over three floors)</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Then we have the Victorian </span><span style="line-height: 21.6px;">t</span><span style="line-height: 21.6px;">erraced home which </span><span style="line-height: 21.6px;">offer</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;"> a blend of affordability, convenience and a sense of community</span><span style="line-height: 21.6px;"> tracing its history back over 100+ years</span><span style="line-height: 21.6px;">. </span><span style="line-height: 21.6px;">Young professionals, couples and small families are attracted to the charm and character of these properties, </span><span style="line-height: 21.6px;">the generous square footage and close to the </span><span style="line-height: 21.6px;">town</span><span style="line-height: 21.6px;"> centre location</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;">often mean</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;"> the need for a car is reduced</span><span style="line-height: 21.6px;">.</span></p><p class="s6" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">Between 1995 and 2020, </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">4,174</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">t</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">erraced</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> homes sold in the </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Tunbridge Wells</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> area, representing </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">21.1</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">%</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> of all the property sales in those 26 years.</span> </p><p class="s6" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">In the last two years (</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">20</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">21 & </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">20</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">22), </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">497</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">terraced</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> homes sold in the </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Tunbridge Wells</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> area, representing</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">20.4</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">%</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> of all the property sales in those 2 years,</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> a</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">proportional </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">decrease</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"></span></p><p class="s6" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">of </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">3.3</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">%</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">.</span><span style="text-align: left;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s4" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Apartments: The Rise of Vertical Living</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Perhaps the most significant transformation in property type preferences over the past </span><span style="line-height: 21.6px;">three</span><span style="line-height: 21.6px;"> decades can be observed in the increased popularity of apartments</span><span style="line-height: 21.6px;"> in the UK</span><span style="line-height: 21.6px;">. Rapid</span><span style="line-height: 21.6px;">ly</span><span style="line-height: 21.6px;"> rising land costs and a growing desire for low-maintenance living have propelled the demand for apartment living to new heights.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Apartments offer a range of benefits, including affordability, security, access to amenities and a lock-and-leave lifestyle. Millennials and young professionals</span><span style="line-height: 21.6px;"> are</span><span style="line-height: 21.6px;"> drawn to the convenience and vibrant urban environments that apartments often provide. Additionally, the growing </span><span style="line-height: 21.6px;">focus on sustainable living and reduced carbon footprints has further </span><span style="line-height: 21.6px;">fuelled</span><span style="line-height: 21.6px;"> the demand for high-density housing options.</span><span style="line-height: 21.6px;"> Also, the issue of cladding </span><span style="line-height: 21.6px;">which has become a great worry is hopefully</span><span style="line-height: 21.6px;"> on its way to be</span><span style="line-height: 21.6px;">ing</span><span style="line-height: 21.6px;"> sorted.</span></p><p class="s6" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">Between 1995 and 2020, </span><span class="s7" style="font-weight: bold; line-height: 21.6px;">5,559</span><span class="s7" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">a</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">partments</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> sold in the </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Tunbridge Wells</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> area, representing </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">28.1</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">%</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> of all the property sales in those 26 years.</span></p><p class="s6" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">In the last two years (</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">20</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">21 & </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">20</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">22), </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">804</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">a</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">partments</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> sold in the </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Tunbridge </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Wells</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> area, representing </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">33.0</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">% of all the property sales in those 2 years, a</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> proportional </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">increase of </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">17.4</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">%</span><span class="s5" style="font-weight: bold; line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">This is particularly interesting when we compare the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> stats to the </span><span style="line-height: 21.6px;">n</span><span style="line-height: 21.6px;">ational picture.</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">D</span><span style="line-height: 21.6px;">etached houses have seen a</span><span style="line-height: 21.6px;">n</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">increase</span><span style="line-height: 21.6px;"> in demand</span><span style="line-height: 21.6px;"> from 34% of sales a decade ago to 39% last year</span><span style="line-height: 21.6px;">, semi-detached houses have maintained their appeal </span><span style="line-height: 21.6px;">and increased from 26% to 28% in the last decade</span><span style="line-height: 21.6px;">. Terraced houses have witnessed a </span><span style="line-height: 21.6px;">drop</span><span style="line-height: 21.6px;"> from </span><span style="line-height: 21.6px;">26% a decade ago to 21% last year and finally apartments have slightly increased from 11% to 12%</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The property preferences in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> have experienced notable shifts over the past two years compared to the long-term average of the last three decades. </span><span style="line-height: 21.6px;">As the</span><span style="line-height: 21.6px;"> property landscape continues to evolve, it is crucial to analyse these shifting preferences to understand the needs and desires of potential</span><span style="line-height: 21.6px;"> homeowners</span><span style="line-height: 21.6px;"> (and</span><span style="line-height: 21.6px;"> tenants).</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Of course,</span><span style="line-height: 21.6px;"> detached houses remain a </span><span style="line-height: 21.6px;">peak</span><span style="line-height: 21.6px;"> of home</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">ownership, </span><span style="line-height: 21.6px;">yet as </span><span style="line-height: 21.6px;">the area's</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">market is adapting to cater to changing demographics, urbani</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ation and evolving lifestyles</span><span style="line-height: 21.6px;">, this might start to change in the coming decade</span><span style="line-height: 21.6px;">.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">By recogni</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ing and responding to these trends, </span><span style="line-height: 21.6px;">homeowners, buy-to-let landlords and planners and </span><span style="line-height: 21.6px;">developers can ensure that </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">' property market continues to thrive and meet the demands of the future.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"><br /></span></p><p style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span style="line-height: 21.6px;"><img height="300" src="https://drive.google.com/uc?id=1xH2giQOqsmgwAIjd9ScJGKmU9ZT7QdVR" width="300" /><br /></span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.26369522.822143163821153 -34.892555 79.442610836178844 35.419945tag:blogger.com,1999:blog-6922940838749400101.post-24214059058213845272023-05-26T19:48:00.004+01:002023-05-26T20:17:03.838+01:00Royal Tunbridge Wells House Prices Have Risen by 2.96% Since Christmas.<p style="text-align: center;"><img data-x="0" data-y="0" height="284" src="https://drive.google.com/uc?id=1NDG2_PbZeBg5c9IB-xqrGiyAtdTvROmD" style="-webkit-text-size-adjust: 100%; height: 306px; text-size-adjust: 100%; width: 306px;" width="306" /></p><span></span><span><a name='more'></a></span><p style="text-align: center;"><br /></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">Since Christmas, </span><span class="s4" style="line-height: 21.6px;">Tunbridge Wells</span><span class="s4" style="line-height: 21.6px;"> f</span><span class="s4" style="line-height: 21.6px;">irst-time buyers </span><span class="s4" style="line-height: 21.6px;">and savvy</span><span class="s4" style="line-height: 21.6px;"> buy-to-let landlords </span><span class="s4" style="line-height: 21.6px;">have been more active than </span><span class="s4" style="line-height: 21.6px;">expected in the local </span><span class="s4" style="line-height: 21.6px;">property market.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">Rents in </span><span class="s4" style="line-height: 21.6px;">t</span><span class="s4" style="line-height: 21.6px;">he</span><span class="s4" style="line-height: 21.6px;"> area </span><span class="s4" style="line-height: 21.6px;">have</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">soared</span><span class="s4" style="line-height: 21.6px;"> in the last two years, with the average</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">rent increasing to </span><span class="s4" style="line-height: 21.6px;">£</span><span class="s4" style="line-height: 21.6px;">1,421</span><span class="s4" style="line-height: 21.6px;"> a month, an increase of </span><span class="s4" style="line-height: 21.6px;">22</span><span class="s4" style="line-height: 21.6px;">%</span><span class="s4" style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">B</span><span class="s4" style="line-height: 21.6px;">ecause </span><span class="s4" style="line-height: 21.6px;">of </span><span class="s4" style="line-height: 21.6px;">these </span><span class="s4" style="line-height: 21.6px;">growing</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">rents</span><span class="s4" style="line-height: 21.6px;">, it</span><span class="s4" style="line-height: 21.6px;"> ha</span><span class="s4" style="line-height: 21.6px;">s</span><span class="s4" style="line-height: 21.6px;"> made </span><span class="s4" style="line-height: 21.6px;">home</span><span class="s4" style="line-height: 21.6px;">ownership more cost-effective</span><span class="s4" style="line-height: 21.6px;"> for younger</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">buyers and more lucrative for </span><span class="s4" style="line-height: 21.6px;">landlords.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">On the back of this, house prices are rising</span><span class="s4" style="line-height: 21.6px;">.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">But</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> how can I say house prices are rising when the </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">L</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">and Registry and other indices from the </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">b</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">anks state they are falling?</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">The Land Registry figures published this month will be from sales completed (</span><span class="s6" style="font-style: italic; line-height: 21.6px;">i.e. keys and monies handed over in February 2023</span><span class="s4" style="line-height: 21.6px;">). Yet, as everyone knows, it takes on average, 19 weeks from agreeing on a sale to a completed sale in the UK, so those Land Registry </span><span class="s4" style="line-height: 21.6px;">house price </span><span class="s4" style="line-height: 21.6px;">figures are from house sales agreed upon in September or October 2022.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">If only there were a more up-to-date way of calculating what is happening to house prices.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">W</span><span class="s4" style="line-height: 21.6px;">ell</span><span class="s4" style="line-height: 21.6px;">,</span><span class="s4" style="line-height: 21.6px;"> there is!</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">By measuring what houses sell for at the sale agreed date by their square footage</span><span class="s4" style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">T</span><span class="s4" style="line-height: 21.6px;">he measure</span><span class="s4" style="line-height: 21.6px;"> of £/</span><span class="s4" style="line-height: 21.6px;">sq. ft</span><span class="s4" style="line-height: 21.6px;"> is not a </span><span class="s4" style="line-height: 21.6px;">particular</span><span class="s4" style="line-height: 21.6px;"> great way to judge the value of </span><span class="s4" style="line-height: 21.6px;">an individual property. However, when look</span><span class="s4" style="line-height: 21.6px;">ing</span><span class="s4" style="line-height: 21.6px;"> at a national and regional level, its accuracy is excellent (98% accurate on a national level and around 95% accurate on a regional level).</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">The average price per square foot at sale agreed matches the Land Registry and Nationwide House Price Index to a very high tolerance/accuracy level, albeit 7 or 8 months </span><span class="s7" style="line-height: 21.6px; text-decoration: underline;">before</span><span class="s4" style="line-height: 21.6px;"> the Land Registry/Nationwide publish their data.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;"><br /></span></p><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">So by tracking the regional</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> £/sq.</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">ft figures for </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">the </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">South East</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">,</span></span><p></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">it will give us an excellent idea of what is happening to </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">local</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> house prices now.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">The </span><span class="s4" style="line-height: 21.6px;">top</span><span class="s4" style="line-height: 21.6px;"> of the </span><span class="s4" style="line-height: 21.6px;">property </span><span class="s4" style="line-height: 21.6px;">market was </span><span class="s4" style="line-height: 21.6px;">i</span><span class="s4" style="line-height: 21.6px;">n July 2022</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">when</span><span class="s4" style="line-height: 21.6px;"> the average £/sq.</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">ft achieved for all </span><span class="s4" style="line-height: 21.6px;">house s</span><span class="s4" style="line-height: 21.6px;">ale</span><span class="s4" style="line-height: 21.6px;">s</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">agreed in the </span><span class="s4" style="line-height: 21.6px;">South East</span><span class="s4" style="line-height: 21.6px;"> was </span><span class="s4" style="line-height: 21.6px;">£</span><span class="s4" style="line-height: 21.6px;">448.32</span><span class="s4" style="line-height: 21.6px;">/</span><span class="s4" style="line-height: 21.6px;">sq. ft</span><span class="s4" style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">By December 2022, this had dropped </span><span class="s4" style="line-height: 21.6px;">to £</span><span class="s4" style="line-height: 21.6px;">428</span><span class="s4" style="line-height: 21.6px;">.</span><span class="s4" style="line-height: 21.6px;">36</span><span class="s4" style="line-height: 21.6px;">/</span><span class="s4" style="line-height: 21.6px;">sq.</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">ft</span><span class="s4" style="line-height: 21.6px;">, a drop of </span><span class="s4" style="line-height: 21.6px;">4.66</span><span class="s4" style="line-height: 21.6px;">% (for the </span><span class="s4" style="line-height: 21.6px;">South East</span><span class="s4" style="line-height: 21.6px;"> homes sold </span><span class="s4" style="line-height: 21.6px;">STC</span><span class="s4" style="line-height: 21.6px;"> in December ’22).</span><span class="s4" style="line-height: 21.6px;"></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">By this April, the average £/sq.</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">ft achieved for all house sales agreed in the </span><span class="s4" style="line-height: 21.6px;">South East</span><span class="s4" style="line-height: 21.6px;"> had risen by </span><span class="s4" style="line-height: 21.6px;">2.96</span><span class="s4" style="line-height: 21.6px;">%</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">to</span><span class="s4" style="line-height: 21.6px;"> £</span><span class="s4" style="line-height: 21.6px;">441.43</span><span class="s4" style="line-height: 21.6px;">/</span><span class="s4" style="line-height: 21.6px;">sq. ft</span><span class="s4" style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZRHmG3J2T7_fB7BHGIYyWqlgCrOC4vDfbQ5pZvjueQSQTutc6laFnMqX5kXCPchTfhUsyi05QUs6PkuifuVqY_hCtuklXhkkkn7d2k2THGMDAlufW3JkMgwtk889kvUl3PnZjRlzZQMgShjhex4svBhzxMOPPWfNxsjvgAq_mJGNexgS4UwhKzhek8w/s1200/Screenshot%202023-05-26%20at%208.16.01%20pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="940" data-original-width="1200" height="311" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZRHmG3J2T7_fB7BHGIYyWqlgCrOC4vDfbQ5pZvjueQSQTutc6laFnMqX5kXCPchTfhUsyi05QUs6PkuifuVqY_hCtuklXhkkkn7d2k2THGMDAlufW3JkMgwtk889kvUl3PnZjRlzZQMgShjhex4svBhzxMOPPWfNxsjvgAq_mJGNexgS4UwhKzhek8w/w396-h311/Screenshot%202023-05-26%20at%208.16.01%20pm.png" width="396" /></a></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">Let’s put it another way.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">House prices in the </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">South East</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> area </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"></span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">(</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">including</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">)</span></span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">are </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">2.96</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">% higher than at</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> Christmas.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">Just for interest, these are the £/sq.ft figures split down by property type</span><span class="s4" style="line-height: 21.6px;">:</span></p><div class="s10" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s9" style="font-family: Symbol; line-height: 21.6px;">• </span><span class="s4" style="line-height: 21.6px;">Detached </span><span class="s4" style="line-height: 21.6px;">South East</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">h</span><span class="s4" style="line-height: 21.6px;">omes - £</span><span class="s4" style="line-height: 21.6px;">507.77</span><span class="s4" style="line-height: 21.6px;">/</span><span class="s4" style="line-height: 21.6px;">sq. ft</span></div><div class="s10" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s9" style="font-family: Symbol; line-height: 21.6px;">• </span><span class="s4" style="line-height: 21.6px;">Semi-Detached </span><span class="s4" style="line-height: 21.6px;">South East</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">h</span><span class="s4" style="line-height: 21.6px;">omes - £</span><span class="s4" style="line-height: 21.6px;">453.94</span><span class="s4" style="line-height: 21.6px;">/</span><span class="s4" style="line-height: 21.6px;">sq. ft</span></div><div class="s10" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s9" style="font-family: Symbol; line-height: 21.6px;">• </span><span class="s4" style="line-height: 21.6px;">Town Houses/Terraced </span><span class="s4" style="line-height: 21.6px;">South East</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">h</span><span class="s4" style="line-height: 21.6px;">omes - £</span><span class="s4" style="line-height: 21.6px;">417.50</span><span class="s4" style="line-height: 21.6px;">/</span><span class="s4" style="line-height: 21.6px;">sq. ft</span></div><div class="s10" style="margin-bottom: 0px; margin-left: 36px; margin-top: 0px; text-indent: -18px;"><span class="s9" style="font-family: Symbol; line-height: 21.6px;">• </span><span class="s4" style="line-height: 21.6px;">Apartments/Flats </span><span class="s4" style="line-height: 21.6px;">South East</span><span class="s4" style="line-height: 21.6px;"> - £</span><span class="s4" style="line-height: 21.6px;">377.94</span><span class="s4" style="line-height: 21.6px;">/</span><span class="s4" style="line-height: 21.6px;">sq</span><span class="s4" style="line-height: 21.6px;">. ft</span></div><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">Before I move on to what the future holds, as a good comparison, current</span><span class="s4" style="line-height: 21.6px;">ly</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">local</span><span class="s4" style="line-height: 21.6px;"> house</span><span class="s4" style="line-height: 21.6px;">s </span><span class="s4" style="line-height: 21.6px;">are selling for an average of </span><span class="s4" style="line-height: 21.6px;">£</span><span class="s4" style="line-height: 21.6px;">489</span><span class="s4" style="line-height: 21.6px;">/sq.</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">ft.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">There are several issues which could upset the 'apple cart'</span><span class="s4" style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">One</span><span class="s4" style="line-height: 21.6px;"> is</span><span class="s4" style="line-height: 21.6px;"> the recent Bank of England base rate rise</span><span class="s4" style="line-height: 21.6px;">.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">The recent decision by the Bank of England (BoE) to raise the Base Rate by 0.25% has only led to a </span></span><span class="s12" style="background-color: white; color: #202124; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">negligible</span></span><span class="s12" style="background-color: white; color: #202124; font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">increase of 0.04% in average rates for two-year and five-year mortgages.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">This rise i</span><span style="line-height: 21.6px;">n BoE interest rates is </span><span style="line-height: 21.6px;">primarily attributed to the</span><span style="line-height: 21.6px;">ir </span><span style="line-height: 21.6px;">forecast that inflation will not decrease as quickly as initially anticipated</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Consequently, the underlying costs of lenders' fixed-rate deals, known as swap rates, have risen slightly, resulting in an adjustment of lenders' mortgage rates</span><span style="line-height: 21.6px;">, but not that much.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">To provide some perspective, current average mortgage rates </span><span style="line-height: 21.6px;">(late May) </span><span style="line-height: 21.6px;">are like those observed at the beginning of April, with some rate fluctuations in those seven weeks. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">I </span><span style="line-height: 21.6px;">also</span><span style="line-height: 21.6px;"> have </span><span style="line-height: 21.6px;">concerns about the cost</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">of</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">living persist</span><span style="line-height: 21.6px;">ing</span><span style="line-height: 21.6px;"> among many </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">households, which may continue to impact sentiment and activity in the </span><span style="line-height: 21.6px;">property </span><span style="line-height: 21.6px;">market. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Additionally, the gradual impact of higher interest rates </span><span style="line-height: 21.6px;">on those existing homeowners </span><span style="line-height: 21.6px;">should</span><span style="line-height: 21.6px;"> not be underestimated. There are millions of homeowners whose</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">existing sub </span><span style="line-height: 21.6px;">1% to </span><span style="line-height: 21.6px;">1.5% </span><span style="line-height: 21.6px;">interest </span><span style="line-height: 21.6px;">fixed mortgages </span><span style="line-height: 21.6px;">are </span><span style="line-height: 21.6px;">set </span><span style="line-height: 21.6px;">to end in the coming three years. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Some of those </span></span><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells </span></span><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"></span></span><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px; text-align: center;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">homeowners would rather sell up and trade down market to reduce their mortgage outgoings than cut their household budgets regarding entertainment, holidays, etc.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">However, as I have explained before in my </span><span style="line-height: 21.6px;">Tunbridge Wells </span><span style="line-height: 21.6px;"></span><span style="line-height: 21.6px;">P</span><span style="line-height: 21.6px;">roperty </span><span style="line-height: 21.6px;">B</span><span style="line-height: 21.6px;">log, my message to those homeowners is to speak with a qualified mortgage arranger. You will be amazed how extending the term of your mortgage will reduce your monthly payments, enabling you to stay in your existing</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">home. Of course, you must weigh the pros and cons by talking to a qualified mortgage arranger. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Yet, if </span><span style="line-height: 21.6px;">lots of </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> homes get put on the market</span><span style="line-height: 21.6px;"> in the coming year or so</span><span style="line-height: 21.6px;"> (</span><span class="s13" style="font-style: italic; line-height: 21.6px;">i.e. what happened in 2008</span><span style="line-height: 21.6px;">)</span><span style="line-height: 21.6px;">, then we </span><span style="line-height: 21.6px;">will</span><span style="line-height: 21.6px;"> have too much supply and </span><span style="line-height: 21.6px;">probably </span><span style="line-height: 21.6px;">not </span><span style="line-height: 21.6px;">enough </span><span style="line-height: 21.6px;">demand – meaning</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">house prices in the area will drop again.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The consistent rise in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">house prices over the past few years can be primarily attributed to a shortage of supply</span><span style="line-height: 21.6px;"> of properties to buy</span><span style="line-height: 21.6px;">. </span><span style="line-height: 21.6px;">The opposite will be </span><span style="line-height: 21.6px;">the case </span><span style="line-height: 21.6px;">if we get an excess supply of many homes on the market.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">So </span></span><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">that is what could go wrong in the </span></span><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> property market</span></span><span class="s11" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">; what about the potential good news?</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">Contrary to expectations back in late 2022, I stated a few weeks ago, </span><span class="s4" style="line-height: 21.6px;"> first-time buyers in 2023 have been more active in the housing market despite prevailing uncertainty. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">I attribute this trend to the rising rental costs, which have made homeownership</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">comparatively more cost-effective. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">This, in turn, has attracted new</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">landlords into the market to invest. I am aware some highly geared </span><span class="s6" style="font-style: italic; line-height: 21.6px;">(i.e. they have high percentage mortgages on their buy-to-let properties)</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">Tunbridge Wells</span><span class="s4" style="line-height: 21.6px;"> landlords have been </span><span class="s4" style="line-height: 21.6px;">battered</span><span class="s4" style="line-height: 21.6px;"> with the section 24 taxation changes from a few years ago.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">Yet, there are lots of new landlords coming into the buy-to-let market</span><span class="s4" style="line-height: 21.6px;">. They had their fingers burned on crypto and the stock market and are now looking for another investment vehicle for their savings.</span><span style="text-align: center;"> </span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">The simple fact is the UK doesn’t build enough</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">homes to</span></span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">satisfy the demand</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">, meaning in the medium to long term,</span></span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">rents and house prices go up</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">Buy-to-let is an excellent hedge against inflation read more <a href="https://royaltunbridgewellsproperty.blogspot.com/2022/12/inflation-every-royal-tunbridge-wells.html" rel="nofollow" target="_blank">here</a>.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">The British housing market, which experienced a surge during the pandemic due to the demand for more space, has yet to experience the anticipated decline that some commentators predicted last year. The resilience of the UK economy, the strength of the labour market and the expected decrease in inflation throughout the remainder of the year are all factors that only add strength to the local</span><span class="s4" style="line-height: 21.6px;"> </span><span class="s4" style="line-height: 21.6px;">property market.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span class="s4" style="line-height: 21.6px;">Tell me your thoughts on the matter – I would love to know them.</span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.263695-7.8245686419857492 -140.361305 90 140.888695tag:blogger.com,1999:blog-6922940838749400101.post-30836267963150774732023-05-11T13:47:00.003+01:002023-05-11T13:51:35.321+01:00Royal Tunbridge Wells’ Over-50s Wealth Hits Record High as Generational Property Gulf Grows<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7g_2ZlMlqOrk7pBzEFYkFcWvArYF3i6BQZXoTXXrRkq9J70AKSkair_qJl8Xv1fg9ZDM28lHOG9l5Zsrn-z9WEkzF2DkBJ4heQVqkGoUsk1vr2cbS_PFK1vJS3hYxjCOMqFyV10In3WXtZpkkgGdQeMApVKItEbZX35sv0MKkLsjl7_e6VloAvbaUaQ/s1000/Copy%20of%20435%20Facebook%20&%20Linkedin.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7g_2ZlMlqOrk7pBzEFYkFcWvArYF3i6BQZXoTXXrRkq9J70AKSkair_qJl8Xv1fg9ZDM28lHOG9l5Zsrn-z9WEkzF2DkBJ4heQVqkGoUsk1vr2cbS_PFK1vJS3hYxjCOMqFyV10In3WXtZpkkgGdQeMApVKItEbZX35sv0MKkLsjl7_e6VloAvbaUaQ/s320/Copy%20of%20435%20Facebook%20&%20Linkedin.png" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><span><a name='more'></a></span><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;">The Tunbridge Wells property market is proving increasingly difficult for some younger Tunbridge Wells buyers, but mature homeowners have benefitted immensely from rising house prices in the last few decades.</span></p><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both;"><div class="separator" style="clear: both;"><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 16px; text-align: start;"><span class="s1" style="font-kerning: none;">How wealth is spread across the generations will always be a controversial issue, significantly as the Baby Boomers (those born between 1946 and 1964) and the older Gen X's (born in the late 1960s / very early 1970s) wealth has grown exponentially over the last two decades, compared to the wealth of the younger generation.</span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 16px; text-align: start;"><span class="s1" style="font-kerning: none;"></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b>The over-50s in the Tunbridge Wells area have a record £7,002,050,211 in mortgage-free equity, twice as much as the total in 2011, underlining the generational gap in the housing market.</b></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">Rocketing Tunbridge Wells property prices have helped mature homeowners more than ever, while high house values and expensive mortgages are pricing out some Tunbridge Wells first-time buyers. Compared to those younger, the gap is quite stark.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b>Tunbridge Wells under-50’s own £571m of</b></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: left;"><span class="s1" style="font-kerning: none;"></span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b>mortgage-free property outright.</b></span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b><br /></b></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">So, how exactly are properties split in the local area of Tunbridge Wells, how do they compare to the national figures and more importantly - what can be done about it?</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">For under-50’s in Tunbridge Wells:</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px; text-align: start; text-indent: -24px;"><span class="s2" style="font-family: Symbol; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;">·</span><span class="s3" style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-size: 9.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> </span><span class="s1" style="font-kerning: none;">6.4% own their own home outright, <i>i.e., no mortgage, </i>compared to 6.4% nationally</span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px; text-align: start; text-indent: -24px;"><span class="s2" style="font-family: Symbol; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;">·</span><span class="s3" style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-size: 9.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> </span><span class="s1" style="font-kerning: none;">46.3% own their own home with a<i> </i>mortgage,<i> </i>compared to 41.6% nationally</span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px; text-align: start; text-indent: -24px;"><span class="s2" style="font-family: Symbol; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;">·</span><span class="s3" style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-size: 9.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> </span><span class="s1" style="font-kerning: none;">15.6% live in social housing, <i>i.e., council house or housing association, </i>compared to 17.8% nationally</span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px; text-align: start; text-indent: -24px;"><span class="s2" style="font-family: Symbol; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;">·</span><span class="s3" style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-size: 9.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> </span><span class="s1" style="font-kerning: none;">31.7% live in private rented accommodation, compared to 34.2% nationally</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">For over-50’s in Tunbridge Wells:</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px; text-align: start; text-indent: -24px;"><span class="s2" style="font-family: Symbol; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;">·</span><span class="s3" style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-size: 9.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> </span><span class="s1" style="font-kerning: none;">51.9% own their own home outright, <i>i.e., no mortgage, </i>compared to 52.1% nationally</span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px; text-align: start; text-indent: -24px;"><span class="s2" style="font-family: Symbol; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;">·</span><span class="s3" style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-size: 9.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> </span><span class="s1" style="font-kerning: none;">23.1% own their own home with a<i> </i>mortgage<i> </i>compared to 21.1% nationally</span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px; text-align: start; text-indent: -24px;"><span class="s2" style="font-family: Symbol; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;">·</span><span class="s3" style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-size: 9.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> </span><span class="s1" style="font-kerning: none;">13.9% live in social housing, <i>i.e., council house or housing association, </i>compared to 16.5% nationally</span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px 0px 0px 48px; text-align: start; text-indent: -24px;"><span class="s2" style="font-family: Symbol; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;">·</span><span class="s3" style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-size: 9.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> </span><span class="s1" style="font-kerning: none;">11.1% live in private rented accommodation compared to 10.3% nationally</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">The stats that jump out at me in the over-50 age range is over 1 in 10 people nationally are in privately rented accommodation, and over 1 in 5 of over-50s still have a mortgage (although that reduces to 1 in 16 by the time they reach the age of 65).</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">Campaigners have said the younger generation has been priced out of the property market and the goal of getting on the housing ladder has become an impossible dream for many. The wealth gap of the generations shows the older generations have been aided by increasing house prices, leaving their sons and daughters with few options.<span class="Apple-converted-space"> </span></span></p><p class="p3" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b> </b></span></p><p class="p4" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b>So, should the mortgage-free older generation</b></span></p><p class="p4" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b>of Tunbridge Wells feel guilty?</b></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">Well, I expect the older generation to be</span><span class="s4" style="font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-size: 15.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> mortgage free. </span><span class="s1" style="font-kerning: none;">It typically takes around 25 years to repay a mortgage fully, and mortgages accumulate over time.<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">Consequently, it's unsurprising that older homeowners possess higher ownership and equity. Similarly, younger homeowners in the present are likely to accumulate more equity and ownership as they age.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">Another intriguing observation is that younger individuals often inherit their properties as older people pass away. With the baby boomer generation experiencing a significant increase in mortality, this transfer of property is expected to occur frequently.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b>Neither should the Baby Boomers and Gen X’s feel guilty. Many can remember mortgage rates at 16% in 1992.</b></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">Also, older Tunbridge Wells people faced more significant difficulties in obtaining mortgages when they were younger. They encountered strict caps on mortgage sizes and had to contend with considerably higher interest rates.<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">Additionally, the older generation in Tunbridge Wells tended to lead more austere lives in the 1960s and 1970s and saved more money.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">When housing construction and supply were relatively robust, demand was constrained during that period. Consequently, Tunbridge Wells house prices were significantly more modest than today's soaring prices.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">The present situation reflects the last three decades of stringent house-building restrictions imposed by every political party, combined with a flood of inexpensive money from the banking system since 2008 and substantial immigration (who also require housing and age over time).<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b>As a result, an inevitable surge in British house prices has occurred.</b></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">Today, younger Tunbridge Wells people tend to delay marriage, postpone having children and pursue higher education. As a result, they enter the housing market at a later age, but they generally express contentment with this arrangement.</span></p><p class="p5" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 15.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">As I said recently in my Tunbridge Wells property blog, first-time buyers have been on the rise lately, albeit their average age is now 33.4 years old (compared to 30.6 years old in 2005 and 23.6 years old in the 1960s), meaning they won’t be paying off their mortgage until later in life.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b>What could be the answer(s) to help solve this issue in the Tunbridge Wells property market?</b></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">One is to build more houses – and that requires a willingness as a society to build on land that many might not want to build on (a political hot potato at the best of times!).</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">Secondly, we need to help older Tunbridge Wells homeowners to downsize, freeing up their larger homes for younger generations.<span class="Apple-converted-space"> </span></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b>Most over-50s live in average-priced family properties with no enticement to downsize.</b></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">Their children have flown the nest, and they rattle around a house often too big for them (as I discussed a few months ago and many have homes with two or more spare bedrooms). This country requires more bungalows and suitable houses for mature homeowners' lifestyles.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">As a society, we need a discussion between the generations on how the £3 trillion of </span><span class="s5" style="background-color: white; font-kerning: none;">mortgage-free equity</span><span class="s1" style="font-kerning: none;"> tied up in property owned by those who are 50 years old and above can be used to help the younger generation (<i>i.e., their children and grandchildren</i>), theoretically improving their prospects of affording their own home.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;"> </span></p><p class="p2" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"></span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 16px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px; text-align: start;"><span class="s1" style="font-kerning: none;">These are interesting times ahead. What are your thoughts on the matter? Do share your thoughts in the comments.</span></p><p class="p1" style="font-family: Calibri; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 21.3px; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal; margin: 0px;"><span class="s1" style="font-kerning: none;"><b><br /></b></span></p></div><br /><br /></div><br /><br /><br /></div><p><br /></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.26369522.822143163821153 -34.892555 79.442610836178844 35.419945tag:blogger.com,1999:blog-6922940838749400101.post-347506395585609942023-05-09T22:31:00.002+01:002023-05-11T13:34:44.639+01:006-Step Guide to Selling Your Tunbridge Wells Home<p style="text-align: center;"><img height="300" src="https://drive.google.com/uc?id=1a2V8QnW1Kas8uFoQ0Pylg2HoLJd1f3FD" style="-webkit-text-size-adjust: 100%; text-size-adjust: 100%;" width="300" /></p><p style="text-align: center;"><br /></p><p class="s4" style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-align: center; text-size-adjust: auto;"> <br /></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">As a trusted estate agent with years of experience in the Tunbridge Wells </span><span style="line-height: 21.6px;">property market, we understand that selling your home can be a daunting task. That's why we've put together a simple, </span><span style="line-height: 21.6px;">6-step</span><span style="line-height: 21.6px;"> guide to help you navigate the process with ease.</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">Step 1: Determine Your</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> Home’s Value</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">Setting the right price for your property is crucial to a successful sale</span><span style="line-height: 21.6px;">. </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">Many</span><span style="line-height: 21.6px;"> homeowners</span><span style="line-height: 21.6px;"> start by using online valuation tools </span><span style="line-height: 21.6px;">on the portals</span><span style="line-height: 21.6px;">, which </span><span style="line-height: 21.6px;">can </span><span style="line-height: 21.6px;">provide a </span><span style="line-height: 21.6px;">fair</span><span style="line-height: 21.6px;"> indication of the current market value of your home based on recent sales in the area. </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">However, </span><span style="line-height: 21.6px;">the</span><span style="line-height: 21.6px;">se tools are</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">computer-generated</span><span style="line-height: 21.6px;"> valuations and cannot consider such things </span><span style="line-height: 21.6px;">as</span><span style="line-height: 21.6px;"> your </span><span style="line-height: 21.6px;">décor</span><span style="line-height: 21.6px;">, any improvements </span><span style="line-height: 21.6px;">you have made</span><span style="line-height: 21.6px;">,</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">or which side of the street you are</span><span style="line-height: 21.6px;"> on</span><span style="line-height: 21.6px;"> (</span><span class="s6" style="font-style: italic; line-height: 21.6px;">for example one side of your street might have North facing gardens with no views and the other South facing with open views)</span><span class="s6" style="font-style: italic; line-height: 21.6px;">.</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">We</span><span style="line-height: 21.6px;"> recommend inviting</span><span style="line-height: 21.6px;"> two or three</span><span style="line-height: 21.6px;"> high street estate agents to provide a more accurate valuation. Be sure to ask each </span><span style="line-height: 21.6px;">estate </span><span style="line-height: 21.6px;">agent how they arrived at their valuation, and don't be swayed by an agent who promises an unrealistically high price.</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">Step 2: Choose the Right</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Estate </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Agent</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">When choosing an e</span><span style="line-height: 21.6px;">state </span><span style="line-height: 21.6px;">agent, it's important to consider your needs and preferences. If you're short on time and prefer a more hands-off approach, a traditional high street agency may be the best choice. They will take care of marketing your </span><span style="line-height: 21.6px;">home </span><span style="line-height: 21.6px;">and </span><span style="line-height: 21.6px;">screen </span><span style="line-height: 21.6px;">viewings </span><span style="line-height: 21.6px;">(to reduce time wasters) </span><span style="line-height: 21.6px;">on your behalf. However, if you're comfortable doing some of the work yourself, an online estate agent may be a more affordable option. </span><span style="line-height: 21.6px;">However, k</span><span style="line-height: 21.6px;">eep in mind that online agents often require payment regardless of whether your property sells or not.</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">Step 3: Get Your</span><span class="s5" style="font-weight: bold; line-height: 21.6px;"> </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Home Market-Ready</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">Before putting your</span><span style="line-height: 21.6px;"> home</span><span style="line-height: 21.6px;"> on the market, it's important to ensure that it's in the best possible condition. This means decluttering, depersonali</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ing, and making any necessary repairs or improvements. </span><span style="line-height: 21.6px;">If you need any guidance on that, do pick up the phone.</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">Step 4: Market Your </span><span class="s5" style="font-weight: bold; line-height: 21.6px;">Property</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">Marketing is key to attracting potential buyers</span><span style="line-height: 21.6px;"> for your </span><span style="line-height: 21.6px;">home</span><span style="line-height: 21.6px;">, so it's important to make sure your property is visible across all relevant channels. Your </span><span style="line-height: 21.6px;">agent should take care of this for you, but it's worth asking them about their marketing strategy to ensure it aligns with your expectations.</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">Step 5: Conduct Viewings</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">Once your property is on the market, you'll need to conduct viewings for potential buyers. </span><span style="line-height: 21.6px;">Either the estate</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">agent</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">will take care of this on your </span><span style="line-height: 21.6px;">behalf,</span><span style="line-height: 21.6px;"> or you can do them yourself</span><span style="line-height: 21.6px;">. </span><span style="line-height: 21.6px;">Make </span><span style="line-height: 21.6px;">sure to prepare your home for </span><span style="line-height: 21.6px;">viewing</span><span style="line-height: 21.6px;"> and be ready to answer any questions potential buyers may have.</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span class="s5" style="font-weight: bold; line-height: 21.6px;">Step 6: Negotiate the Sale</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">Once you've received an offer on your property, it's time to negotiate the sale. Your agent will handle this on your behalf, but it's important to be clear about your expectations and preferences. Remember, the goal is to achieve a fair price for your property that satisfies both you and the buyer.</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">If you're thinking of selling your</span><span style="line-height: 21.6px;"> home, why not take advantage of our free valuation service? </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">Our expert team can provide you with an accurate assessment of your</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">property's value and guide you through the selling process from start to finish. </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;">Contact us today to </span><span style="line-height: 21.6px;">book your </span><span style="line-height: 21.6px;">no-obligation</span><span style="line-height: 21.6px;"> </span><font><span style="line-height: 21.6px;">free valuation or </span><span style="line-height: 21.6px;">market appraisal</span></font><span style="line-height: 21.6px;"> and take the first step towards a successful </span><span style="line-height: 21.6px;">house move</span></p><p style="-webkit-text-size-adjust: auto; font-family: UICTFontTextStyleBody; line-height: 21.6px; margin-bottom: 0px; text-size-adjust: auto;"><span style="line-height: 21.6px;"> </span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-33580287965661752812023-05-07T06:52:00.002+01:002023-05-11T13:37:41.120+01:00Royal Tunbridge Wells Homeowners Worried About the Property Market?
The Latest Quarterly Data Might Surprise You!<p style="text-align: center;"><img alt="Tunbridge wells landlords" height="300" src="https://drive.google.com/uc?id=1lNmK7HBJ5P0W_JkTlLV8HbOEsHh6RfDh" style="-webkit-text-size-adjust: 100%; text-size-adjust: 100%;" width="300" /></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s2" style="font-size: 28px; font-weight: bold; line-height: 33.6px;"><br /></span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><b><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">In my articles on the </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">Tunbridge Wells</span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;"> property market, </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">I </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">like </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">to provide</span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;"> an</span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;"> insight into the </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">real story of what is happening in our </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">local </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">(and national) </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">property market and address the misconceptions that </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">some of the </span><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;">media have been spreading. </span></b><br /></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Despite </span><span style="line-height: 21.6px;">almost daily r</span><span style="line-height: 21.6px;">eports of a housing market crash</span><span style="line-height: 21.6px;"> since September 2022</span><span style="line-height: 21.6px;">, the data shows that the</span><span style="line-height: 21.6px;"> UK (and </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">)</span><span style="line-height: 21.6px;"> property </span><span style="line-height: 21.6px;">market is </span><span style="line-height: 21.6px;">gingerly doing OK.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">So, let</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;">s dive into the stats and start with the life blood of the housing market – new properties coming on to the market</span><span style="line-height: 21.6px;">.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Nationally, </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">407,946</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> UK properties came onto the market in Q1 2023</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s6" style="color: grey; line-height: 21.6px;">(Q1 = Jan & Feb & March)</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">I</span><span style="line-height: 21.6px;">nteresting when compared to the 7-year average (2017 to 2023 inclusive) of 403,105</span><span style="line-height: 21.6px;"> new properties on the market in Q1</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">New properties coming onto the market are a critical bellwether of the property market. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">If we had a situation like 2008, where the number of properties coming on the market in 2008/9 was double that of 2007, supply outstripped demand and hence economics </span><span style="line-height: 21.6px;">dictated </span><span style="line-height: 21.6px;">and </span><span style="line-height: 21.6px;">house prices fell.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">The </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">b</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">alance of houses coming on the market and how many sell determine what happens to property prices</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">So how do you know if we are heading for another </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> house price crash as we did in 2008</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">or not</span><span style="line-height: 21.6px;">,</span><span style="line-height: 21.6px;"> as the case maybe?</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Let me share a quick and easy</span><span style="line-height: 21.6px;"> way </span><span style="line-height: 21.6px;">to</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">find</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">out before anyone else. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Firstly, do a Rightmove search on your </span><span style="line-height: 21.6px;">chosen property </span><span style="line-height: 21.6px;">market and map the number of properties for sale every week. Next, </span><span style="line-height: 21.6px;">do the same </span><span style="line-height: 21.6px;">search</span><span style="line-height: 21.6px;">, but this time </span><span style="line-height: 21.6px;">include sold subject to contract </span><span style="line-height: 21.6px;">properties. This will show</span><span style="line-height: 21.6px;"> you can see how many </span><span style="line-height: 21.6px;">properties </span><span style="line-height: 21.6px;">are available and </span><span style="line-height: 21.6px;">how many sold s</span><span style="line-height: 21.6px;">ubject to contract (stc)</span><span style="line-height: 21.6px;">. The third step is </span><span style="line-height: 21.6px;">to calculate</span><span style="line-height: 21.6px;"> the ratio between the </span><span style="line-height: 21.6px;">first </span><span style="line-height: 21.6px;">two</span><span style="line-height: 21.6px;"> numbers</span><span style="line-height: 21.6px;">: </span><span class="s7" style="font-style: italic; line-height: 21.6px;">i</span><span class="s7" style="font-style: italic; line-height: 21.6px;">.</span><span class="s7" style="font-style: italic; line-height: 21.6px;">e</span><span class="s7" style="font-style: italic; line-height: 21.6px;">.,</span><span class="s7" style="font-style: italic; line-height: 21.6px;"> </span><span class="s7" style="font-style: italic; line-height: 21.6px;">what’s available versus what’s been so</span><span class="s7" style="font-style: italic; line-height: 21.6px;">ld.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">If the ratio of sold property to available property rises monthly, the market is improving. If the ratio is falling, the market is slowing</span><span style="line-height: 21.6px;">. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">If you really wish to go deep into this; you could split the search</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">into </span><span style="line-height: 21.6px;">propert</span><span style="line-height: 21.6px;">y </span><span style="line-height: 21.6px;">type</span><span style="line-height: 21.6px;"> (and bedrooms) you are selling and buying </span><span style="line-height: 21.6px;">e.g.,</span><span style="line-height: 21.6px;"> detached, semi, terrace </span><span style="line-height: 21.6px;">or</span><span style="line-height: 21.6px;"> flats.</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">This </span><span style="line-height: 21.6px;">will </span><span style="line-height: 21.6px;">help</span><span style="line-height: 21.6px;"> you </span><span style="line-height: 21.6px;">to judge demand and supply</span><span style="line-height: 21.6px;"> and time the market to your advantage.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Next, looking at house sales nationally,</span></span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">276,482 properties sold (stc) in Q1 2023</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">However, the devil is in the data. </span><span style="line-height: 21.6px;">The 276,482 properties sold stc is n</span><span style="line-height: 21.6px;">ot very good when compared to the 7-year </span><span style="line-height: 21.6px;">Q1 </span><span style="line-height: 21.6px;">average (2017 to 2023 inclusive) of 306,532. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Yet that average includes </span><span style="line-height: 21.6px;">Q1 </span><span style="line-height: 21.6px;">2021, where 397,402 properties had sold </span><span style="line-height: 21.6px;">stc </span><span style="line-height: 21.6px;">and</span><span style="line-height: 21.6px;"> Q1 2022</span><span style="line-height: 21.6px;"> when</span><span style="line-height: 21.6px;"> 341,888</span><span style="line-height: 21.6px;"> properties sold. </span><span style="line-height: 21.6px;">Both </span><span style="line-height: 21.6px;">of those </span><span style="line-height: 21.6px;">years were exceptional</span><span style="line-height: 21.6px;">; however, w</span><span style="line-height: 21.6px;">hen we compare </span><span style="line-height: 21.6px;">Q1 </span><span style="line-height: 21.6px;">2023 to the </span><span style="line-height: 21.6px;">Q1 </span><span style="line-height: 21.6px;">average of 2017/18/19/20, a more reasonable 282,488 houses</span><span style="line-height: 21.6px;"> were sold on average.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Next, I wish to look at what is selling nationally</span><span style="line-height: 21.6px;"> by price band.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Nearly half (44%) of all the properties sold in the UK in Q1 ’23 were £250,000 or less, yet only just over a third of the homes </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">(36%) </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">that came on the market in the UK in Q1 '23 were £250,000 or less.</span></span><span style="text-align: left;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><img class="s8" src="blob:http://localhost:5321/9b0a1ec4-711e-44ba-8268-8101c3f9b0b1" style="height: 326px; width: 451px;" /></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The lower end of the property market is performing better than the higher end.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">Looking locally at the Q1 stats</span><span style="line-height: 21.6px;">, s</span><span style="line-height: 21.6px;">tarting with the number of properties in the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> area </span><span style="line-height: 21.6px;">(</span><span style="line-height: 21.6px;">TN1 to TN4</span><span style="line-height: 21.6px;">) that came on</span><span style="line-height: 21.6px;">to </span><span style="line-height: 21.6px;">the market</span><span style="line-height: 21.6px;"> in Q1 </span><span style="line-height: 21.6px;">2023</span><span style="line-height: 21.6px;">…</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">568</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> properties came onto the market in Q1 2023</span></span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">in the </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> area</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The average price of</span><span style="line-height: 21.6px;"> those </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> propert</span><span style="line-height: 21.6px;">ies</span><span style="line-height: 21.6px;"> coming to the market </span><span style="line-height: 21.6px;">was </span><span style="line-height: 21.6px;">£</span><span style="line-height: 21.6px;">576,157</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The price range/band that saw the most listings was the </span><span style="line-height: 21.6px;">£</span><span style="line-height: 21.6px;">400k </span><span style="line-height: 21.6px;">to £</span><span style="line-height: 21.6px;">500k</span><span style="line-height: 21.6px;"> range</span><span style="line-height: 21.6px;">, where </span><span style="line-height: 21.6px;">102</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> area properties came to market.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Now, looking at </span><span style="line-height: 21.6px;">sales </span><span style="line-height: 21.6px;">in </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;">…</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">383</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> properties </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">were sold</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> in Q1 2023</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">in the </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> area</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The average price of</span><span style="line-height: 21.6px;"> those </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> propert</span><span style="line-height: 21.6px;">ies</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">selling </span><span style="line-height: 21.6px;"></span><span style="line-height: 21.6px;">was </span><span style="line-height: 21.6px;">£</span><span style="line-height: 21.6px;">547,494</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The price range/band that saw the most sales was the </span><span style="line-height: 21.6px;">£</span><span style="line-height: 21.6px;">400k</span><span style="line-height: 21.6px;"> to £</span><span style="line-height: 21.6px;">500k</span><span style="line-height: 21.6px;"> range, where </span><span style="line-height: 21.6px;">62</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> area properties </span><span style="line-height: 21.6px;">were sold</span><span style="line-height: 21.6px;">.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Typical first-time buyer properties are leading the recovery.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Although economic turbulence remains, the </span><span style="line-height: 21.6px;">property </span><span style="line-height: 21.6px;">market is gradually moving towards pre-pandemic activity levels.</span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The </span><span style="line-height: 21.6px;">national </span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ales agreed in this </span><span style="line-height: 21.6px;">lower price band</span><span style="line-height: 21.6px;"> are unexpectedly recovering the fastest. However, larger, </span><span style="line-height: 21.6px;">more expensive </span><span style="line-height: 21.6px;">home sales are </span><span style="line-height: 21.6px;">lagging</span><span style="line-height: 21.6px;"> (</span><span class="s7" style="font-style: italic; line-height: 21.6px;">e.g.,</span><span class="s7" style="font-style: italic; line-height: 21.6px;"> 8.5% of listings in the UK in Q1 '23 were in the £750k to £2m price band, yet only 6.4% of the sales were in the same band</span><span style="line-height: 21.6px;">). The £2m+ price range, even though the numbers are quite small, the difference is quite start</span><span style="line-height: 21.6px;">l</span><span style="line-height: 21.6px;">ing (</span><span class="s7" style="font-style: italic; line-height: 21.6px;">1.2% of listings were £2m+, but only 0.6% of sales agreed were in the same range</span><span style="line-height: 21.6px;">)</span><span style="line-height: 21.6px;">.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The average mortgage rates fell back from their peak last year, with the </span><span style="line-height: 21.6px;">best</span><span style="line-height: 21.6px;"> rate for a 1</span><span style="line-height: 21.6px;">0</span><span style="line-height: 21.6px;">% deposit five-year fixed mortgage now 4.6%, compared to</span><span style="line-height: 21.6px;"> last October at</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">6.62</span><span style="line-height: 21.6px;">%</span><span style="line-height: 21.6px;">. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">However, this </span><span style="line-height: 21.6px;">isn’t as good as t</span><span style="line-height: 21.6px;">he </span><span style="line-height: 21.6px;">10% deposit 5-year mortgage at 1.64</span><span style="line-height: 21.6px;">% in </span><span style="line-height: 21.6px;">January</span><span style="line-height: 21.6px;"> 2022.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">So, what does this all mean for homeowners wanting to sell in this market?</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Realistic pricing </span><span style="line-height: 21.6px;">when you put your house on the market </span><span style="line-height: 21.6px;">is everything</span><span style="line-height: 21.6px;">!</span> </p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">In Q1 2023</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">, there have been 243,602 p</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">rice </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">reductions on </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">the </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">590,481 properties</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> on the market</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">, compared to 119,068 </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">price reductions </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">in Q1 2022 on 424,796</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">properties </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">on the market</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">It is better to come on the market at a realistic price to start when the property is fresh to the market, than go on at a</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">high price, lose that initial honeymoon period and then reduce it, only for some people to wonder what was wrong with the property. </span> </p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> property</span><span style="line-height: 21.6px;"> market is seeing stability and confidence return as it recovers from the turbulence at the end of 2022. The pace of the market had reached an unsustainable level in the last two years, and it was on track to slow to a more normal level. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">The reaction to September's mini-Budget accelerated the speed of this slowdown. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Although higher mortgage rates and economic headwinds present challenges, many potential home </span><span style="line-height: 21.6px;">buyers</span><span style="line-height: 21.6px;"> who were effectively sidelined in the </span><span style="line-height: 21.6px;">f</span><span style="line-height: 21.6px;">ierce bidding wars of the last two years will find that a slower</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">paced </span><span style="line-height: 21.6px;">property </span><span style="line-height: 21.6px;">market gives them time to</span><span style="line-height: 21.6px;"> plan a</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">strategy</span><span style="line-height: 21.6px;"> for</span><span style="line-height: 21.6px;"> their next move as we </span><span style="line-height: 21.6px;">go into</span><span style="line-height: 21.6px;"> the traditionally busy </span><span style="line-height: 21.6px;">post</span><span style="line-height: 21.6px;">-</span><span style="line-height: 21.6px;">Easter house </span><span style="line-height: 21.6px;">buying season.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">While the demand for quality </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">houses is still healthy, if the asking price is above the current market, sellers may need help finding buyers.</span></span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Determining a realistic price is crucial but not easy. Many sellers look at similar properties on property portals, but those prices may be over-inflated. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">Estate </span><span style="line-height: 21.6px;">a</span><span style="line-height: 21.6px;">gents have more tools at their disposal, such as comparing sale prices for comparable properties and thinking about prospective purchasers in the market for the type of property under valuation. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;">Although getting the price right can be difficult, revising it downwards quickly is essential.</p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">S</span><span style="line-height: 21.6px;">ellers should ensure that their property looks better value for money than similar properties. If you plan to trade up, it is good sense to sell at realistic prices, as you will gain substantial savings compared to moving </span><span style="line-height: 21.6px;">in the last few years</span><span style="line-height: 21.6px;">. </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">However, if you don't need to sell urgently, becoming a landlord could be an option</span><span style="line-height: 21.6px;"> - </span><span style="line-height: 21.6px;">again I can help on that if needs be</span><span style="line-height: 21.6px;">.</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">Nevertheless, </span><span style="line-height: 21.6px;">homeowners</span><span style="line-height: 21.6px;">-turned-landlords should consider that </span><span style="line-height: 21.6px;">if </span><span style="line-height: 21.6px;">property values </span><span style="line-height: 21.6px;">do drift downwards in the coming 12/18 months, it </span><span style="line-height: 21.6px;">may take </span><span style="line-height: 21.6px;">a few more years after </span><span style="line-height: 21.6px;">that </span><span style="line-height: 21.6px;">to</span><span style="line-height: 21.6px;"> recover</span><span style="line-height: 21.6px;"> to those </span><span style="line-height: 21.6px;">values </span><span style="line-height: 21.6px;">seen last year.</span></p><p class="s3" style="line-height: 21.6px; margin-bottom: 0px; text-align: center;"><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Whatever the rest of 2023</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> brings</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">, moving home should </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">mostly </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">be based on your circumstances and </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">not </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">solely on </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">what is happening to </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">Tunbridge Wells</span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;"> property </span></span><span class="s5" style="font-size: 16px; font-weight: bold; line-height: 19.2px;"><span class="bumpedFont15" style="font-size: 1.5em; line-height: 28.8px;">prices.</span></span><span style="text-align: left;"> </span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">If you would like an informal chat about your potential move without any obligation or cost, get me around for a chat. I promise I will tell you like it is, without any guff – then you can decide what is best for you and your family.</span></p><p style="line-height: 21.6px; margin-bottom: 0px;"><span style="line-height: 21.6px;">In the meantime, do let me know your thoughts in the </span><span style="line-height: 21.6px;">comments</span><span style="line-height: 21.6px;">.</span></p><p><br /></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-81533327786500376782023-05-07T06:28:00.001+01:002023-05-07T06:28:41.447+01:00Why Does it Still Take 124 Days to Buy a Royal Tunbridge Wells House?<p><img src="https://drive.google.com/uc?id=1ytH12_JbV9bz0_v6znuxj-dMqNtgEUfn" alt="Buying a Tunbridge Wells house" width="0" height="0" style="-webkit-text-size-adjust: 100%; width: 324.11662px; height: 324.11662px;" data-x="0" data-y="0"></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span style="-webkit-text-size-adjust: 100%;"> </span><br></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">As an experienced </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">estate agent, I have seen many</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">homeowners frustrated by how long it takes to </span><span style="line-height: 21.6px;">buy and s</span><span style="line-height: 21.6px;">ell their property and complete the sale. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">In this article, I will explain why </span><span style="line-height: 21.6px;">buying and </span><span style="line-height: 21.6px;">selling a </span><span style="line-height: 21.6px;">home locally</span><span style="line-height: 21.6px;"> takes so long and how you can speed up the </span><span style="line-height: 21.6px;">home-buying </span><span style="line-height: 21.6px;">process.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">One of the main reasons why it takes so long to sell a house is the conveyancing process. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Conveyancing refers to the legal process of transferring property ownership from the seller to the buyer</span><span style="line-height: 21.6px;">, which </span><span style="line-height: 21.6px;">is the time</span><span style="line-height: 21.6px;"> between the offer being accepted and the completion of the sale.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">In the last 12 months</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">, it </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">has taken 12</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">5</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">days on average</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">from the time an offer is accepted to the completion of the sale</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"></span></span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">(</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">u</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">p</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> from 117 days in 2021)</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">125 days or just under 18 weeks is a long time on anyone's calendar!</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">This can be frustrating </span><span style="line-height: 21.6px;">for everyone as their life is on hold for over four months, waiting for the conveyancing (and mortgage) to get sorted.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">The problem with the conveyancing </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">process </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">is that it needs to be fit for purpose</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> in the 21</span></span><span class="s5" style="line-height: 12px; font-weight: bold; font-size: 10px; vertical-align: super;"><span class="bumpedFont15" style="line-height: 18px; font-size: 1.5em;">st</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> Century</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Many blamed </span><span style="line-height: 21.6px;">l</span><span style="line-height: 21.6px;">ocal authorit</span><span style="line-height: 21.6px;">ies for taking too long to complete their</span><span style="line-height: 21.6px;"> searches</span><span style="line-height: 21.6px;"> (a vital part of the </span><span style="line-height: 21.6px;">c</span><span style="line-height: 21.6px;">onveyancing process), often taking</span><span style="line-height: 21.6px;"> up to </span><span style="line-height: 21.6px;">seven or eight weeks to complete</span><span style="line-height: 21.6px;"> in 2021. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">However, the national average in the last nine months has now dropped to two weeks (although there are </span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;">ome local </span><span style="line-height: 21.6px;">anomalies) </span><span style="line-height: 21.6px;">.</span><span style="line-height: 21.6px;">.. </span><span style="line-height: 21.6px;">and it still takes just as long to sort the conveyancing out.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">So let me look at the local</span><span style="line-height: 21.6px;"> stats first, then discuss what can be done.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">In the last 12 months</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">, it </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">has taken </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">124</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> days</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> on average from when an offer is accepted to the completion of sale </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">(up from</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">118</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> days</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> in 2021)</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Interestingly, it only took an average of </span><span style="line-height: 21.6px;">54</span><span style="line-height: 21.6px;"> days from putting the</span><span style="line-height: 21.6px;"> home on the market to agreeing on the offer – although anecdotal evidence is suggesting that figure is getting higher for the most recent sales in the last </span><span style="line-height: 21.6px;">q</span><span style="line-height: 21.6px;">uarter</span><span style="line-height: 21.6px;">.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">(</span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> is </span><span style="line-height: 21.6px;">TN1 to TN4</span><span style="line-height: 21.6px;">)</span><span style="line-height: 21.6px;">.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">So</span><span style="line-height: 21.6px;">,</span><span style="line-height: 21.6px;"> what are the issues?</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Firstly, the </span><span style="line-height: 21.6px;">number of </span><span style="line-height: 21.6px;">annual </span><span style="line-height: 21.6px;">property sales </span><span style="line-height: 21.6px;">nationally </span><span style="line-height: 21.6px;">has </span><span style="line-height: 21.6px;">increased by 50%</span><span style="line-height: 21.6px;"> in the past decade, </span><span style="line-height: 21.6px;">up </span><span style="line-height: 21.6px;">from </span><span style="line-height: 21.6px;">803,800</span><span style="line-height: 21.6px;"> in 2012 to over </span><span style="line-height: 21.6px;">1,263,440</span><span style="line-height: 21.6px;"> in 2022. </span><span style="line-height: 21.6px;">That means more work for </span><span style="line-height: 21.6px;">c</span><span style="line-height: 21.6px;">onveyancing firms. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">However, the number of conveyancing firms </span><span style="line-height: 21.6px;">decreased by 10%</span><span style="line-height: 21.6px;"> in that period, meaning </span><span style="line-height: 21.6px;">the number of conveyancing cases a solicitor was dealing with increased </span><span style="line-height: 21.6px;">from an </span><span style="line-height: 21.6px;">average of the early 40</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;">s </span><span style="line-height: 21.6px;">at the end of 2012 to </span><span style="line-height: 21.6px;">the late 70</span><span style="line-height: 21.6px;">’</span><span style="line-height: 21.6px;">s</span><span style="line-height: 21.6px;"> by </span><span style="line-height: 21.6px;">2022</span><span style="line-height: 21.6px;">. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">To speed up the conveyancing process,</span></span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">here are </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">five</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> things that should help.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">To start, a</span><span style="line-height: 21.6px;"> good</span><span style="line-height: 21.6px;"> estate agent should value your property accurately, price it correctly, and market it effectively to attract the right</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">buyers.</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">They should also be able to manage the conveyancing process effectively, ensuring that everything runs smoothly and quickly.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">The second is the </span><span style="line-height: 21.6px;">greater adoption of technology to increase efficiency</span><span style="line-height: 21.6px;"> in the conveyancing process</span><span style="line-height: 21.6px;">. This could include standardised online sellers' information packs, digital logbooks, automated Land Registry and local authority searches, and electronic platforms to share information between estate agents, conveyancing lawyers, mortgage brokers, surveyors, buyers and sellers. These innovations could speed up the buying and selling process, reduce the workload on conveyancers and allow for a smoother and faster completion of sales.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Thirdly, b</span><span style="line-height: 21.6px;">y choosing the right</span><span style="line-height: 21.6px;"> c</span><span style="line-height: 21.6px;">onveyancer</span><span style="line-height: 21.6px;">/solicitor</span><span style="line-height: 21.6px;">.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">Tunbridge Wells</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> homeowners can reduce the timescales for getting to exchange and completion.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Fourth</span><span style="line-height: 21.6px;">, t</span><span style="line-height: 21.6px;">he government has started intervening (for good, for once).</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">One massive issue is </span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);">ensuring the relevant </span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);">‘material </span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);">information</span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);">’</span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);"> prospective</span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);"> </span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);">home buyers need to know about a property is available up front when the property is marketed</span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);">. This information will undoubtedly speed up the sales process and reduce sales </span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);">falling </span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);">through.</span><span class="s6" style="line-height: 21.6px; color: rgb(57, 57, 57);"></span><span style="line-height: 21.6px;">Trading Standards are implementing a </span><span style="line-height: 21.6px;">3-stage</span><span style="line-height: 21.6px;"> strategy for the disclosure of 'material information' on the property when it comes onto the market.</span><span style="line-height: 21.6px;"> Part A was implemented in 2022, and Parts B & C will follow soon.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Finally, as a</span><span style="line-height: 21.6px;"> homeowner, you can also do </span><span style="line-height: 21.6px;">several</span><span style="line-height: 21.6px;"> things to sp</span><span style="line-height: 21.6px;">e</span><span style="line-height: 21.6px;">ed up the transaction.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">When buying a </span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">Tunbridge Wells</span></span><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> property, there are several steps you can take to speed up the conveyancing process.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">To start with</span><span style="line-height: 21.6px;">, instruct your conveyancer/solicitor before making an offer on the prope</span><span style="line-height: 21.6px;">rty (if you need any advice on </span><span style="line-height: 21.6px;">choosing a conveyancer/solicitor in </span><span style="line-height: 21.6px;">drop me a line)</span><span style="line-height: 21.6px;">, so they can conduct anti-money laundering checks and be ready to start work. It's also essential to arrange your mortgage as soon as possible</span><span style="line-height: 21.6px;"> (again, we can help with that if need be)</span><span style="line-height: 21.6px;">, so you can complete your full mortgage application without delay and avoid potential hold-ups. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Other steps to speed up the </span><span style="line-height: 21.6px;">conveyancing </span><span style="line-height: 21.6px;">process include instructing your conveyancer</span><span style="line-height: 21.6px;">/solicitor</span><span style="line-height: 21.6px;"> to order </span><span style="line-height: 21.6px;">your </span><span style="line-height: 21.6px;">L</span><span style="line-height: 21.6px;">ocal </span><span style="line-height: 21.6px;">Se</span><span style="line-height: 21.6px;">arch as soon as possible</span><span style="line-height: 21.6px;">, paying for </span><span style="line-height: 21.6px;">your survey promptly, and getting your </span><span style="line-height: 21.6px;">home </span><span style="line-height: 21.6px;">paperwork </span><span style="line-height: 21.6px;">(such as planning etc.)</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">in order. It's also a good idea to use the estate agent and ask for regular updates from your conveyancer and estate agent so you're fully informed about your sale's progress. Lastly, don't delay answering queries and nudging people along, as this can help speed up the conveyancing process.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s4" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">Overall, taking these steps and being proactive can ensure a smoother and faster conveyancing process when buying a property.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">To conclude, </span><span style="line-height: 21.6px;">the </span><span style="line-height: 21.6px;">Tunbridge Wells</span><span style="line-height: 21.6px;"> (and UK) </span><span style="line-height: 21.6px;">housing market has seen a surge in transactions, placing more significant pressure on </span><span style="line-height: 21.6px;">the system</span><span style="line-height: 21.6px;">, resulting in longer timescales to sell a property. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">However, by adopting new technologies and choosing the right</span><span style="line-height: 21.6px;"> estate agent and conveyancer</span><span style="line-height: 21.6px;">/solicitor</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;">homeowners can reduce the time it takes to sell their property and get to completion. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Please let me know your thoughts on this</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">crucial property </span><span style="line-height: 21.6px;">matter</span><span style="line-height: 21.6px;">.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-72897755915668011272023-04-20T13:48:00.001+01:002023-04-20T13:48:11.484+01:00Unveiling the Secrets of Royal Tunbridge Wells' Housing Market: Insights from the 2021 Census<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqb0Y6z4DYeNnoy5C8d_tbndAhDqCmwBsB0yV4kNAG4VhMglMn7Qm6NZTdaH2OfWIaGkD9IerslW9XTYx2DXTRHKSzFwLbXyHIK4Lw3Ha0DAiiL53G88w1GyFl3tMON8V2qIjJljwJmVsA_PJU7lV0xMfebcbmKlm6-GRw8A0LWqlMWHFotf69oZru0g/s1000/Copy%20of%20429%20Facebook%20&%20LinkedIn.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqb0Y6z4DYeNnoy5C8d_tbndAhDqCmwBsB0yV4kNAG4VhMglMn7Qm6NZTdaH2OfWIaGkD9IerslW9XTYx2DXTRHKSzFwLbXyHIK4Lw3Ha0DAiiL53G88w1GyFl3tMON8V2qIjJljwJmVsA_PJU7lV0xMfebcbmKlm6-GRw8A0LWqlMWHFotf69oZru0g/s320/Copy%20of%20429%20Facebook%20&%20LinkedIn.png" width="320" /></a></div><br /><p>The property market is one of the most important economic indicators, as it can significantly impact the prosperity of both the local and national economy.</p><p>Recently, new data from the Census 2021 has become available that sheds light on seldom discussed areas of property, such as the types of properties Tunbridge Wells has, together with how we live in and use our homes.</p><p>This data could be of interest to all people. However, it should be fascinating to homeowners and landlords, as it can help them make informed future decisions about buying, selling and renting property.</p><p>Furthermore, comparing the data to the national statistics can provide a broader perspective and a better understanding of how we live in our homes in Tunbridge Wells.</p><p>In this report, I will analyse seven measurements from the new Census data to assess the town's housing stock and provide valuable insights for potential buyers and sellers.</p><p>The seven metrics I have selected provide essential information about the town's demographics, housing types, and tenure.</p><p><b>1. Population and households of Tunbridge Wells.</b></p><p>Knowing the population of a town is essential for a variety of reasons. First and foremost, it helps us understand the demographic makeup of Tunbridge Wells. This information is crucial for local authority officials and businesses as they decide where to allocate resources and how to serve the community's needs (like whether we need to build more new homes, for example).</p><p>Looking at demographics allows for better long-term planning and development (and for savvy buy-to-let Tunbridge Wells investors to spot opportunities years in advance).</p><p>Additionally, population data can help identify trends and changes in the community over time (I will revisit this in future articles where I will discuss the growth of Tunbridge Wells over the last few decades and what that means for the property market and long-term house prices). Finally, having accurate population figures is necessary for allocating government funding and resources, making it critical for our town's overall health and well-being.</p><p style="text-align: center;"><b>The population of Tunbridge Wells currently stands at 51,200 in 22,200 households.</b></p><p><b>2. The age profile of the people who live in Tunbridge Wells.</b></p><p>The age profile of a town's population provides valuable insights into the local property market. For example, suppose the town has a large population of retirees. In that case, it is more likely to have a higher demand for bungalows or sheltered accommodation. In comparison, a town with a large student population may have more demand for shared accommodation. Knowing the age profile of the town's population is crucial for targeting the right buyers and understanding the potential market for different types of properties.</p><p style="text-align: center;"><b>16.2% of Tunbridge Wells' population is 65 years and over, compared to the national average of 18.4%.</b></p><p>Again, I will delve into this in more detail in my articles on the Tunbridge Wells property market in the coming months.</p><p><b>3. Tunbridge Wells household composition - one-person households vs family households</b>.</p><p>Understanding household composition is crucial for predicting the demand for different properties. For example, if the town has a large population of single people, there may be more demand for one-bedroom apartments or studios. However, if the town has many families, there may be more demand for three or four-bedroom houses and schools.</p><p style="text-align: center;"><b>32.7% of Tunbridge Wells households are one-person households (compared to 30.2% nationally), and 62.7% of Tunbridge Wells <span style="text-align: left;">households are single-family households (compared to 63.0% </span><span style="text-align: left;">nationally).</span></b></p><p>The remainder is made up of shared accommodation etc.</p><p><b>4. Tunbridge Wells accommodation types - house or apartment.</b></p><p style="text-align: left;">Knowing the accommodation type is critical in understanding the local property market's demand and supply. For example, if the town has many apartments, it may indicate that the town has a higher demand for properties with lower maintenance costs or land is too expensive to build houses on. Conversely, if the town has a higher than the national (or regional) average number of houses, it may indicate that it has more families looking for larger properties.</p><p style="text-align: center;"><b>61.3% of the homes in Tunbridge Wells are houses (compared to the national average of 77.9%).</b></p><p><b>5. Number of bedrooms in Tunbridge Wells.</b></p><p>The number of bedrooms is another crucial factor that affects the local property market. Knowing the average number of bedrooms in the town can help predict the demand for different property types. For example, if the town has many four or five-bedroom properties, it has more affluent buyers looking for larger properties.</p><p></p><ul style="text-align: left;"><li>19.2% of Tunbridge Wells homes are one-bed households (11.4% nationally)</li><li>29.9% of Tunbridge Wells homes are two-bed households (27.1% nationally)</li><li>27.4% of Tunbridge Wells homes are three-bed households (40.4% nationally)</li><li>23.5% of Tunbridge Wells homes are four-bed or more households (21.1% nationally)</li></ul><p></p><p><b>6. Occupancy rating for Tunbridge Wells bedrooms - whether a property is under- occupied or overcrowded.</b></p><p>Knowing the occupancy rating for bedrooms is critical in understanding the local property market's demand and supply. For example, if the town has many under-occupied properties, it could indicate people living in homes too big for their daily needs.</p><p style="text-align: center;"><b>32.4% of Tunbridge Wells homes have two or more spare bedrooms (compared to the national average of 42.7%).</b></p><p><b>7. Tenure of Tunbridge Wells households - whether owned outright, owned with a mortgage, social housing or privately rented.</b></p><p>Understanding households' tenure is essential in understanding the local property markets' demand and supply. For example, if the town has a high number of households in social housing, it may indicate that there is less demand for private rental properties. Conversely, if the town has an increased number of households owning properties outright, it usually suggests that there are more older homeowners (compared to younger homeowners)</p><p></p><ul style="text-align: left;"><li>28.9% of Tunbridge Wells households own their home without a mortgage (compared to 32.8% nationally)</li><li>31.9% of Tunbridge Wells households own their home with a mortgage (compared to 29.7% nationally)</li><li>13.7% of Tunbridge Wells households live in social housing (compared to 17.1% nationally)</li><li>25.5% of Tunbridge Wells households live in private rented accommodation (compared to 20.4% nationally)</li></ul><p></p><p>So, what is all this telling us?</p><p>The seven metrics discussed in this article on Tunbridge Wells provide valuable insights into the town's demographics and the future of Tunbridge Wells’ property market's demand and supply.</p><p>As a local estate agent, having a deep understanding of these metrics can help me better target potential buyers, predict the demand for different types of properties and provide valuable insights and advice to Tunbridge Wells house sellers, buyers and buy-to-let landlords.</p><p>If you are considering moving home in 2023 and want to know how this data will affect your buying or selling decisions, please do not hesitate to contact me for a personalised no- obligation no-cost consultation.</p><p>I am here to help you make informed decisions and find your dream property in this thriving town of Tunbridge Wells.</p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.26369510.796827901213199 -70.048805 90 70.576195tag:blogger.com,1999:blog-6922940838749400101.post-69187631805510176402023-04-20T05:58:00.001+01:002023-04-20T05:59:22.924+01:00What Landlords Need to Know about Void Periods<p style="text-align: center;"><img src="https://drive.google.com/uc?id=1ksiTZkxWqTnSRrbIzFVJUYTYFrq897r9" width="300" height="300" style="-webkit-text-size-adjust: 100%; transform: rotate(0deg);"></p><p><br></p><p><span style="-webkit-text-size-adjust: 100%;">Success as a landlord doesn’t just centre around what you do when your property is tenanted. How you manage your rental when it’s empty is also crucial.</span><br></p><p><br></p><p>All landlords have to contend with void periods – they’re an inevitable part of having a buy-to-let.</p><p><br></p><p>So, it’s wise to budget for the costs associated with void periods and take precautions to stop them dragging on.</p><p><br></p><p>That’s because when your property is empty, not only will you be missing out on rent, you’ll also have to cover the mortgage and utility bills (you’ll need to heat your property to some degree to prevent the pipes from freezing and condensation). And then there’s the thorny issue of council tax.</p><p><br></p><p>A few years ago, many local authorities gave landlords a one-month grace period on paying council tax on empty properties. But many cash-strapped councils have since scrapped this policy, while others only offer a partial discount.</p><p><br></p><p>Given that void periods can be costly, it’s imperative that landlords carefully manage them and keep them to a minimum. Here are tips on how to do both.</p><p><br></p><p>Managing void periods</p><p><br></p><p>- Set some cash aside to cover costs when your property is empty.</p><p>- Check the rules on council tax and vacant properties in your local area so you can budget.</p><p>- When your tenant serves notice, use this time wisely to carry out any improvement works.</p><p>- Include rent protection in your landlord insurance.</p><p>- Check your insurance cover; some policies become invalid if the property is empty for more than 30 days. If your property looks set to be vacant for a significant period, you may need to take out unoccupied property insurance.</p><p><br></p><p>How to prevent unnecessarily lengthy void periods</p><p><br></p><p>- Be aware that it might take longer to find good tenants if your property is vacant around the Christmas period, as it’s quiet and difficult to arrange viewings.</p><p>- Maintain your buy-to-let to a high standard all year round. Don’t put off maintenance or repair work.</p><p>- Be a responsive landlord. Happy tenants are likely to stay longer.</p><p>- If you’re time-poor, use a letting agent to manage the property and reduce tenant turnover.</p><p><br></p><p>Contact us to learn more about our property management services.</p><p><br></p><p>#rentalproperty #tunbridgewellslandlords #landlordtips #tunbridgewells</p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-16250385430789431462023-04-06T22:43:00.001+01:002023-04-06T22:43:08.035+01:007 Top Tips for Buy-To-Let in Tunbridge Wells <p style="text-align: center;"><img src="https://drive.google.com/uc?id=17iuUVuWH_vg02CkzhAHRhN31bBrssIkP" width="300" height="300" style="-webkit-text-size-adjust: 100%;"></p><p style="text-align: center;"><br></p><p class="MsoNormal" align="center" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto; text-align: center;"> <br></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">If you're considering investing in buy-to-let property in <span style="background-color: rgb(250, 248, 248);">Tunbridge Wells, it's important to understand the area’s </span>property market and know what to look for in a potential investment. <o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><o:p> </o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">Here are some top tips to help you get started on your buy-to-let journey.<o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><o:p> </o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><b><u>One. Research the Market<o:p></o:p></u></b></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">Before investing in buy-to-let property in <span style="background-color: rgb(240, 245, 247);">Tunbridge Wells ,</span> it's crucial to research the property market. Look at the rental demand, average rental prices, and property prices in the area. You should also consider the location of the property and whether it is in a desirable area for renters. A lot of this information is published in <span style="background-color: rgb(240, 244, 251);">my other pr</span>operty blog posts.<o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><b><u><o:p> </o:p></u></b></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><b><u>Two. Choose the Right Property<o:p></o:p></u></b></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">When choosing a property to invest in, think about the type of tenant you want to attract. For example, if you're targeting young professionals, look for properties that are close to transport links and local amenities. If you're targeting families, look for properties with multiple bedrooms, close to good schools, and a garden.<o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><o:p> </o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><b><u>Three. Calculate Your Costs<o:p></o:p></u></b></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">When investing in buy-to-let property, it's important to calculate all your costs. This includes the purchase price, <span style="background-color: rgb(242, 242, 242);">stamp</span> duty, legal fees, and any renovation costs. You should also factor in ongoing costs such as mortgage payments, tax, insurance, and maintenance costs.<o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><o:p> </o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><b><u>Four. Consider Your Financing Options<o:p></o:p></u></b></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">There are several financing options available for buy-to-let investors. You can use a traditional mortgage, a specialist buy-to-let mortgage, or even cash if you have the funds available. It's important to research each option and choose the one that best suits your financial situation.<o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><o:p> </o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><b><u>Five. Choose a Good Letting Agent<o:p></o:p></u></b></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">A good letting agent can make all the difference when it comes to managing your buy-to-let investment. They can help you find tenants, manage the property, and deal with any issues that may arise. It's important to choose a reputable letting agent with experience in the local market.<o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><o:p> </o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><b><u>Six. Stay on Top of Regulations<o:p></o:p></u></b></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">As a buy-to-let investor, you need to be aware of the 170+ laws and regulations that apply to your property. This includes the safety regulations for gas and electrical appliances, as well as the legal requirements for tenancy agreements and deposits. It's important to stay on top of these regulations to avoid any legal issues.<o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><o:p> </o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><b><u>Seven. Expect the Unexpected<o:p></o:p></u></b></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">It's important to be prepared for the unexpected when investing in buy-to-let property. This could include unexpected repairs or difficult tenants. It's vital to have a contingency plan in place and to set aside some funds for unexpected expenses.<o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><o:p> </o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">Investing in buy-to-let property can be a great way to generate passive income and build long-term wealth. However, it's important to research the local<span style="background-color: rgb(242, 242, 244);"> Tunbridge Wells</span> market, choose the right property, and stay on top of regulations to ensure a successful investment.<o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><o:p> </o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;">If you would like the articles on the property market to be sent to you via email, do send me your email address, otherwise follow me on social media.<o:p></o:p></p><p class="MsoNormal" style="margin: 0cm; font-size: medium; font-family: Calibri, sans-serif; -webkit-text-size-adjust: auto;"><o:p> </o:p></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-38188359457044365952023-03-15T15:49:00.001+00:002023-03-15T15:49:07.135+00:00Cautious Optimism in the Royal Tunbridge Wells Property Market<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAPykX1nCGKJ-DlWiow1AYreIjmjuhs4z_eUJn1RUqNFst_XzL2YGaxXfrqsENo3Gy-EfX2lXTZtFdu1HJu4ASaaYmY1HzLNTkxy40YLGmKCmLlVQSNCopZjv_MsNF2z6T6qFKjALOFwhApZHtpSkWrcaARHg_B6ODJE9_2noBZz0DKr7EW1O8qolM4g/s1000/Copy%20of%20427%20Facebook%20&%20LinkedIn.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAPykX1nCGKJ-DlWiow1AYreIjmjuhs4z_eUJn1RUqNFst_XzL2YGaxXfrqsENo3Gy-EfX2lXTZtFdu1HJu4ASaaYmY1HzLNTkxy40YLGmKCmLlVQSNCopZjv_MsNF2z6T6qFKjALOFwhApZHtpSkWrcaARHg_B6ODJE9_2noBZz0DKr7EW1O8qolM4g/s320/Copy%20of%20427%20Facebook%20&%20LinkedIn.png" width="320" /></a></div><br />As the British and Tunbridge Wells property market navigates the ongoing economic turmoil, many Tunbridge Wells homeowners and landlords may feel uncertain about the future.<p></p><p></p><p>However, up-to-date data suggests that the 2023 property crash predicted by the many newspapers and the usual clickbait doom-mongers in the lead-up to Christmas on social media, may not be as bad as initially thought, and there are reasons to be cautiously optimistic.</p><p></p><p>According to property website Rightmove, the average asking price of a home for sale in the UK rose by just £14 in February.</p><p></p><p>While this might sound like cause for concern, asking prices remaining flat rather than falling could be seen as a positive sign for the year ahead. Remember that they are only what people are asking (and not necessarily achieving).</p><p></p><p>So, what exactly is happening in the Tunbridge Wells property market?</p><p></p><p>Well, it all starts with realistic pricing.</p><p></p><p>Thankfully, most Tunbridge Wells sellers are heeding their estate agents' advice and being more realistic on price, helping maintain market stability.</p><p></p><p>If you are realistic with pricing, the property should sell.</p><p></p><p>The time it takes to get a property to sale agreed upon has increased nationally from 21 days in the summer of 2022 to around 50 days in Q1 2023.</p><p></p><p>Additionally, despite the turbulent economic conditions, buyer demand is rising. Rightmove also reported in the national press that the number of people contacting estate agents has increased by 11% in the last two weeks compared to the same period in 2019.</p><p></p><p>The number of sales agreed upon has also rebounded.</p><p></p><p>Nationally, from 1st January to the 19th February 2023,</p><p>134,886 properties had been sold subject to contract in the UK.</p><p></p><p>Not a good figure when I compare it with the same year-to-date sale agreed figures from the last couple of years.</p><p></p><p>2022 - 173,607 properties sold stc</p><p>2021 - 193,607 properties sold stc</p><p></p><p>But the last couple of years have been extraordinary for the UK property market and should be taken with a pinch of salt in some respect. We must compare 2023 with more normal years, like 2017/18/19/20. This tells a different story.</p><p></p><p>2020 - 151,694 properties sold stc</p><p>2019 - 143,504 properties sold stc</p><p>2018 - 138,665 properties sold stc</p><p>2017 - 134,503 properties sold stc</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8Hj6jdV0RFhgwXGDb3o1qYgjG1ne8V5rIGwk19KOyhqAohyTPDuu3Ewpy1PXvrBmG6dkfwmdD0wNdTzuORI5aGIKrP6wCVRNx9UGRuO4vdPP_LULUFdbzGGtNK_AQg4x5dIhiPc4D7VLIHt7RA1XiEQaYxwCKDae01raYTRQ0VfleCoxWN7uMTEUv2Q/s2216/image001.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1502" data-original-width="2216" height="271" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8Hj6jdV0RFhgwXGDb3o1qYgjG1ne8V5rIGwk19KOyhqAohyTPDuu3Ewpy1PXvrBmG6dkfwmdD0wNdTzuORI5aGIKrP6wCVRNx9UGRuO4vdPP_LULUFdbzGGtNK_AQg4x5dIhiPc4D7VLIHt7RA1XiEQaYxwCKDae01raYTRQ0VfleCoxWN7uMTEUv2Q/w400-h271/image001.png" width="400" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both; text-align: center;"><br /></div><br />The picture looks similar when we look closer to home in Tunbridge Wells.</div><div class="separator" style="clear: both; text-align: left;"><p>In Tunbridge Wells (TN1/2/3/4), in the first seven weeks up to the 19th February 2022, 289 properties sold subject to contract.</p><p></p><p>This year, from the exact 1st January to the 19th February timeline, 207 properties have sold stc, which is lower, yet in the same ballpark as 2017, 2018 and 2019</p><p>Yet it is all terrific selling a house (subject to contract); it is still only sold subject to contract, meaning the sale could fall through (as it is not legally binding).</p><p></p><p>As an agent who likes to delve deeper into statistics, I considered the 'net property sales'. (Net Property Sales being the gross number of properties sold that week less the sale fall throughs in the same week).</p><p></p><p>In the three months leading up to the Mini-Budget in September 2022, there was an average of 17,801 ‘net property sales’ per week in the UK. That dropped by 34.7% two months after the Autumn Mini-Budget to an average of 11,624 ‘net property sales’ per week in the UK.</p><p></p><p>In the last five weeks, that has rebounded to 17,050</p><p>‘net property sales’ per week.</p><p></p><p>And when you consider the average for the same five weeks in 2017/18/19 was 18,330 'net property sales' per week, we are close to what many considered a normal market.</p><p></p><p>Improving market conditions has been supported by a reduction in average mortgage rates. Homebuyers taking out a five-year fixed-rate mortgage with a 15% deposit can expect a rate of 4.39% (correct at the time of writing with HSBC), down from an average of 6.1% in early October. This reduction in mortgage rates may have contributed to the recent increase in buyer demand.</p><p></p><p>These positive signs in the market have led some experts to suggest that a ‘softer landing’ for the UK property market than initially expected could be on the horizon.</p><p></p><p>The combination of sellers being more realistic on price and an improving picture of the number of agreed-upon sales suggests a more positive outlook for the property market.</p><p></p><p>I advise Tunbridge Wells homeowners coming to market in the upcoming spring season to use their agent's expertise and get the price right the first time to find the right buyer more quickly. If you do wish to chance a higher asking price, only do so for no more than two weeks. If you haven't sold by then, take the agent's advice and realign your asking price.</p><p></p><p>169 Tunbridge Wells homeowners have realigned their</p><p>asking prices since 1st January 2023.</p><p></p><p>While it's true that some first-time buyers may still be priced out of their original plans and may need to look for a cheaper property, save a bigger deposit, or factor higher monthly mortgage repayments into their budgets, there is still cause for optimism.</p><p></p><p>There is still a considerable demand for buying property in Tunbridge Wells - renting is becoming increasingly unattractive for many people as rents are increasing by double digits percentages.</p><p></p><p>It is important to remember that purchasing a property always involves a trade-off between what one desires and what is affordable, regardless of the market conditions. For example, while a four-bed detached house may be out of reach, a larger and older three-bed semi-detached property may be a more realistic option (and probably have similar square footage).</p><p></p><p>Tunbridge Wells landlords looking to invest in buy-to-let homes – now may be a good time, as rising rents could offer attractive returns.</p><p></p><p>Of the 277 properties let in Tunbridge Wells since the 1st January 2023, the average rent achieved has been £1,422 per month. This is a significant drop in the number of properties let in the same first seven weeks of the years of 2017/18/19 and a massive increase in rents.</p><p></p><p>Finally, the newspapers will be full of news about house price drops in the coming months. All the indexes report house sales where the sale agreed price was offered nine to eleven months ago and completed (i.e., monies and keys handed over) three or four months ago. This peculiar time lag means the house price data is nearly a year old before publication.</p><p></p><p>So, if you decide to buy a home on that information, you are using old property data. In late 2021/early 2022, there were 30+ viewings per property, and people paid way over the asking price to secure a property. Now there is more 'normality' in the Tunbridge Wells housing market; today's prices are also more normal (at or slightly below the realistic asking price). So yes, the house price indexes will show a reduction in house prices. The newspapers will say house prices are crashing, yet when it is explained I have above ... whilst it is not a newspaper clickbait title - it is the truth and it’s more of a return to more 'normal house prices'.</p><p></p><p>So, prepare for clickbait newspaper headlines of a house price crash (because ‘bad news sells newspapers’ as the saying goes).</p><p></p><p>Also, prepare for the doom-mongers to quote the bad news of the earnings-to-house prices ratio at one of its highest levels ever.</p><p></p><p>Earnings-to-house price ratios are a poor measurement of health in the UK property market. Instead, I believe Nationwide's measure of first-time buyer mortgage payments as a percentage of take-home pay is better (as it is actual pound notes out of actual pay packets).</p><p></p><p>The Nationwide measure of first-time buyer mortgage payments as a percentage of take-home pay has grown for first-time buyers from 30.4% in Q4 2021 to 39.4% in Q4 2022 … a</p><p>massive rise! Yet mortgage interest rates have dropped since then (so that percentage will fall). Also, to give some context, let us not forget that percentage in 1989 was 48.4%.</p><p></p><p>Ultimately, Tunbridge Wells homeowners and landlords should decide, based on their unique circumstances, rather than being swayed by newspaper headlines or general market trends. Anyone uncertain about the property market's future should contact me for my opinion, advice and guidance.</p></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><br /></div><br /><br /></div><br /><p><br /></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.263695-1.4062533102640415 -140.361305 90 140.888695tag:blogger.com,1999:blog-6922940838749400101.post-54096637053633226572023-02-16T22:41:00.003+00:002023-02-26T22:10:09.745+00:0050% of Royal Tunbridge Wells house sellers in 2022 had only been in their old home on average 5 years and 24 weeks<p><br /></p><p></p><div class="separator" style="clear: both; text-align: center;"><img border="0" data-original-height="1000" data-original-width="1000" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjetTGiswAuWcpeDD-wqVuM9a9kpu41R2xeD_UaeT5kR8tJeSMG0GW9h7QUa91luYD0w-4pPOAR5uQ00ImJqKNkEMjbFXPz_bSQH6fAG9OIBTL3tADzPcuZ_D2X5e9aPHHCiIdyAiBOtNbT2RpfaoniX5f4rBVnnoPYjY9tENFTagrCr0eoR9njCOlSYQ/s320/Copy%20of%20425%20Square.png" width="320" /></div><p></p><div style="text-align: left;">The share of Brits moving each year has been declining since the late 1980s (when at one stage, people moved every eight years), yet since the pandemic's beginning, something has appeared to upset that trend.</div><div style="text-align: left;"><br />Newspaper stories and social media posts painted a picture of homeowners moving from the city centres to its suburbs, from the suburbs to the towns and countryside around the UK. Areas like the Cotswolds and coastal towns around the country got swamped by the race for space, significantly affecting housing markets (including Tunbridge Wells).</div><div style="text-align: left;"><br />But how many Brits moved? And how long had they been in their homes before they moved?</div><div style="text-align: left;"><br />In Great Britain, there are 28.3 million households, of which 19.3 million are owner-occupied and 4.43m owned by private buy-to-let landlords.</div><p style="text-align: left;"><span style="-webkit-text-size-adjust: 100%; line-height: 21.6px; text-size-adjust: 100%;"></span></p><h2 style="text-align: center;"><span style="font-size: large;">There is £7,035 trillion of residential property in private hands.</span></h2><div><div>Eight years before the initial lockdown in 2020, an average of 79,646 properties were sold each month in the UK, meaning just under a million UK households move home annually.</div></div><div><br /></div><div><h2 style="text-align: center;"><span style="font-size: large;">Therefore, in those 8 years, the average British homeowner moved every 20 years and 4 months.</span></h2></div><div><div>So, what uplift was there in people moving home after the first lockdown in 2020?</div><div><br /></div><div>In 2021 and early 2022, an average of 102,021 people moved home monthly, taking the average move time to once every 16 years. So even though there was an uplift in people moving home, it was nothing like the 1980s.</div><div><br /></div><div>It shows that in the 21 st Century, once you have succeeded in buying a property you can call home, there isn't much enthusiasm to move again.</div></div><div><br /></div><h2 style="text-align: left;"><b><span style="font-size: large;">What is happening in the Tunbridge Wells property market now?</span></b></h2><div><div>We love our homes in Tunbridge Wells, but most of us (including myself) still want to better our lives with a larger house, better area etc., which typically requires us to climb up the Tunbridge Wells property ladder.</div><div style="text-align: left;"><b style="text-align: center;"><span style="font-size: large;"><br /></span></b></div><h2 style="text-align: left;"><span style="font-size: large;"><b style="text-align: center;">Yet, with Tunbridge Wells house prices having risen by 432.4% in </b><b style="text-align: center;">the last 25 years, the cost of going up the next rung on the </b><b style="text-align: center;">Tunbridge Wells property ladder has become prohibitive.</b></span></h2></div><div><h2 style="text-align: left;"><div style="text-align: center;"><div style="font-size: medium; font-weight: normal; text-align: left;">Everyone remembers back to the 1980s, when we had an upbeat booming property market as a backdrop, and British homeowners moved home every eight years; so now, with the average move time in the mid to late teens (in years), this equates to each homeowner only moving around three to four times in their adult lifetime.</div><div style="font-size: medium; font-weight: normal; text-align: left;"><br /></div><div style="font-size: medium; font-weight: normal; text-align: left;">Or could it be something else?</div><div style="font-size: medium; font-weight: normal; text-align: left;"><br /></div><h2 style="text-align: center;"><span style="font-size: large;">We all know the phrase, “lies, damn lies and statistics.</span></h2><div style="font-size: medium;"><div style="text-align: left;"><span style="font-weight: normal;">The home moving statistics above hide some great details about the British property </span><span style="font-weight: normal;">market.</span></div><div style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div style="text-align: left;"><span style="font-weight: normal;">When British homeowners get into their 50s, 60s and beyond, their inclination to move </span><span style="font-weight: normal;">home drops like the proverbial stone.</span></div><div style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div style="text-align: left;"><span style="font-weight: normal;">The average time a homeowner without a mortgage moves home is 24 years and 27 weeks </span><span style="font-weight: normal;">(and just over 7 out of 10 outright homeowners, i.e. without a mortgage, are 65 or older).</span></div><div style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div style="text-align: left;"><span style="font-weight: normal;">Homeowners with a mortgage tend to be younger to middle-aged.</span></div></div><div style="font-size: medium; text-align: left;"><span style="font-weight: normal;"><br /></span></div><div style="text-align: left;"><h2 style="text-align: center;"><span style="font-size: large;">Homeowners with a mortgage move on average every 10 years and 11 weeks.</span></h2><div style="font-size: medium;"><div><span style="font-weight: normal;">So, whilst I cannot determine which house seller has a mortgage and which doesn't, I can </span><span style="font-weight: normal;">look at how quickly people move home in Tunbridge Wells.</span></div><div><span style="font-weight: normal;"><br /></span></div><div><span style="font-weight: normal;">Therefore, I have taken a look at the last 50 property sales in Tunbridge Wells and found </span><span style="font-weight: normal;">some interesting results.</span></div></div><div style="font-size: medium;"><span style="font-weight: normal;"><br /></span></div><div><h2 style="text-align: center;"><span style="font-size: large;">The average Tunbridge Wells homeowner had only been in<br />their home on average 13 years and 18 weeks before they sold.</span></h2><div style="font-size: medium;"><span style="font-weight: 400;">Yet the devil is in the detail.</span></div><div style="font-size: medium;"><span style="font-weight: 400;"><br /></span></div><div style="font-size: medium;"><span style="font-weight: 400;">There appears to be a two-speed Tunbridge Wells property market …</span></div></div><h2 style="text-align: left;"></h2><h2 style="text-align: center;"><span style="font-size: large;">50% of Tunbridge Wells house sellers in 2022 had<br />only been in their old home on average 5 years and 24 weeks.</span></h2><div><div><span style="font-size: small; font-weight: normal;">Then, let's split the findings into quarters.</span></div><div><ul style="text-align: left;"><li><span style="font-weight: normal;"><span style="font-size: small;">Top 25% fastest Tunbridge Wells homeowners in 2022 moved on average after 3 </span><span style="font-size: small;">years & 26 weeks</span></span></li><li><span style="font-size: small; font-weight: normal;">The following 25% of fastest Tunbridge Wells homeowners in 2022 moved on average after 7 years & 16 weeks</span></li><li><span style="font-size: small; font-weight: normal;">The next 25% of Tunbridge Wells homeowners in 2022 moved on average after 16 years & 0 weeks</span></li><li><span style="font-size: small; font-weight: normal;">Whilst the 25% slowest Tunbridge Wells homeowners in 2022 moved on average after 26 years & 3 weeks</span></li></ul></div><div><span style="font-size: small; font-weight: normal;">When looking at the properties that fall into the slower time bands (i.e., the ones that don’t </span><span style="font-size: medium; font-weight: normal;">move/sell so often), they tend to be the larger properties where the homeowners have lived </span><span style="font-size: medium; font-weight: normal;">often for 30 or 40 years.</span></div><div><span style="font-size: small; font-weight: normal;"><br /></span></div><div><span style="font-size: small; font-weight: normal;">Maybe, the one lesson from these statistics is that once homeowners get into their 60’s and </span><span style="font-size: medium; font-weight: normal;">70’s, their tendency and inclination to move home declines significantly.</span></div><div><span style="font-size: small; font-weight: normal;"><br /></span></div><div><span style="font-size: small; font-weight: normal;">This means the homes on the lower rungs of the Tunbridge Wells property ladder are selling</span></div><div><span style="font-size: small; font-weight: normal;">quickly (as younger aged homeowners occupy them) ... yet once Tunbridge Wells people</span></div><div><span style="font-size: small; font-weight: normal;">tend to get older, their tendency to move diminishes.</span></div><div><span style="font-size: small; font-weight: normal;"><br /></span></div><div><span style="font-size: small; font-weight: normal;">This obstructs the younger generation of Tunbridge Wells homeowners from wanting to buy</span></div><div><span style="font-size: small; font-weight: normal;">the bigger Tunbridge Wells properties these mature Tunbridge Wells homeowners live in.</span></div><div><span style="font-size: small; font-weight: normal;"><br /></span></div><div><span style="font-size: small; font-weight: normal;">What is holding the older generation back from selling and downsizing to free up family</span></div><div><span style="font-size: small; font-weight: normal;">homes for families that desperately need them? Some will be apathy, and some will be</span></div><div><span style="font-size: small; font-weight: normal;">wanting to hold on to the homes they brought their families up in, yet the bottom line is …</span></div><div><span style="font-size: x-large; text-align: center;"><br /></span></div><div><span style="font-size: x-large; text-align: center;">as a country, we must reconsider how we can encourage (not force) </span><span style="font-size: x-large; text-align: center;">older homeowners to sell their large homes to release them to the </span><span style="font-size: x-large; text-align: center;">younger families that desperately need them.</span></div></div><div><span style="font-size: x-large; text-align: center;"><br /></span></div><div><span style="font-weight: normal; text-align: center;"><span style="font-size: small;"><div style="text-align: left;">Some recent articles I have written suggested tax breaks, yet the government doesn't have the money to give massive tax breaks.</div><div style="text-align: left;"><br /></div><div style="text-align: left;">One thing I do know we, as a country, have seen (and will continue to see) a lot of demographic change together with an increasingly ageing population, so it’s not just about how many households we build but whether we are constructing the right kind of homes for the older generation?</div><div style="text-align: left;"><br /></div><div style="text-align: left;">Thought-provoking times are ahead for the Tunbridge Wells property market!</div><div style="text-align: left;"><br /></div><div style="text-align: left;">If you have a Tunbridge Wells property to sell in the coming months or years and want to know how this and other factors will affect you and your property ... without obligation, don't hesitate to call me.</div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8khfglsMV-jZja5RgTA_yYq0oeDNDq_xkFbxj-xbPthp6qeUoAZ2BCuIj_jbVCt5EyRO-tPb6kBO8XaNBBtTQPRwVkmOgd5IfIs4MnG2BKX9Kgl9YH6sewVScdco8DztGBKcWvl0nmmSvEAJhWCv-GyBcwwU3pmTGxfxMJtrpncC9I0ARdGUNl0EdOg/s1220/Screenshot%202023-02-26%20at%2010.03.01%20pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="840" data-original-width="1220" height="220" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8khfglsMV-jZja5RgTA_yYq0oeDNDq_xkFbxj-xbPthp6qeUoAZ2BCuIj_jbVCt5EyRO-tPb6kBO8XaNBBtTQPRwVkmOgd5IfIs4MnG2BKX9Kgl9YH6sewVScdco8DztGBKcWvl0nmmSvEAJhWCv-GyBcwwU3pmTGxfxMJtrpncC9I0ARdGUNl0EdOg/s320/Screenshot%202023-02-26%20at%2010.03.01%20pm.png" width="320" /></a></div><br /><div style="text-align: left;"><br /></div></span></span></div></div></div></h2></div><div style="font-size: medium; text-align: left;"><span style="font-weight: normal;"><br /></span></div><div style="font-size: medium; font-weight: normal; text-align: left;"><br /></div><div style="font-size: medium; font-weight: normal; text-align: center;"><br /></div><div style="text-align: center;"><br /></div>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0Royal Tunbridge Wells, Tunbridge Wells, UK51.132377 0.26369522.822143163821153 -34.892555 79.442610836178844 35.419945tag:blogger.com,1999:blog-6922940838749400101.post-53170420063952799132023-02-07T20:10:00.001+00:002023-02-08T15:07:22.357+00:00Royal Tunbridge Wells Property Market Update:February 2023<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGCPSGHbWaBh0CDdmiMMYk8Hooo7pQVU-GzI3-bfXCydCAJ8lgvVMLig3S9UWgkO_ChQvXmhuLnLxOseJk2P1kNkBiYQ8ww83HZ4ddGzH__so8lMhqZiGyOzohwq8eZdf0cQfp4_FpDlXHswAdmb807BrDl4Oid_8GriWlUvwAmlf16tTrqVqLRbsZ-A/s1000/Copy%20of%20423%20Facebook%20&%20Linkedin.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="1000" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGCPSGHbWaBh0CDdmiMMYk8Hooo7pQVU-GzI3-bfXCydCAJ8lgvVMLig3S9UWgkO_ChQvXmhuLnLxOseJk2P1kNkBiYQ8ww83HZ4ddGzH__so8lMhqZiGyOzohwq8eZdf0cQfp4_FpDlXHswAdmb807BrDl4Oid_8GriWlUvwAmlf16tTrqVqLRbsZ-A/s320/Copy%20of%20423%20Facebook%20&%20Linkedin.png" width="320" /></a></div><br /><ul style="text-align: left;"><li><span class="s3" style="font-family: Calibri; font-kerning: none; font-size: 18.7px; text-indent: -24px;"><b>With the Bank of England raising interest rates and inflation high, what is happening in the Tunbridge Wells property market</b></span></li><li><span class="s3" style="font-family: Calibri; font-kerning: none; font-size: 18.7px; text-indent: -24px;"><b>Are properties selling in Tunbridge Wells? And if so, what is selling?</b></span></li><li><span style="font-family: Calibri; font-size: 18.7px; text-indent: -24px;"><b>What will happen to the value of your Tunbridge Wells home?</b></span></li><li><span style="font-family: Calibri; font-size: 18.7px; text-indent: -24px;"><b>Read the article to find out what is happening to the Tunbridge Wells property market.</b></span></li></ul><p></p><br /><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Now that February is here, the Tunbridge Wells (and British) property market is full of mixed messages.</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Whilst the Bank of England increased the base rate nine times in 2022, meaning they are now at 3.5% (3% higher than 12 months ago), mortgage rates are now dropping.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">The local property market rocketed over the last few years because of the imbalance of the number of properties for sale versus the demand, with many more people looking to move home than there were properties available.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Now, as we are over the first month of 2023, we are experiencing a steadier housing market, where homebuyers have the time and opportunity to ensure they find the right home for them.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">The days of 50 viewers per property on the first weekend of marketing, frenzied buyers outbidding each other by increasing their offers by tens of thousands of pounds over the asking price has become the exception and not the norm.</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p5" style="font-family: Calibri; font-size: 21.3px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; text-align: center;"><span class="s3" style="font-kerning: none;"><b>I often get asked my thoughts on the Tunbridge Wells property market (hence these blog articles) and at this time of year, I get asked my forecast for the year ahead.</b></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">The one big thing I have noticed is the imbalance of what is coming on the market for sale versus what is selling.</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">For example, 38.2% of properties that came on the market nationally in November and December 2022 had an asking price of £250,000 or less, yet 45.6% of the properties sold subject to contract since 1</span><span class="s4" style="font-kerning: none; font-size: 13.3px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"><sup>st</sup></span><span class="s3" style="font-kerning: none;"> January 2023 have been £250,000 or less.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"><span class="Apple-converted-space"><br /></span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbYvGcrL2iBG1elPl_1tre4bGbfMJz7xvGdm7tbTzjLxhwmGhI_OdTffb1i5hFEUN63INvvJzz6-3UsXJgwQbJBGEJkNtt_Ywx2yfZKSndQMeCLNru__MKl4L9jYkZ8hsZtoUuBmCT7sRFbYpEj-dCnOovt7sGlB_VIJiC_L2MrEaGUz_jcf1CO4Mt2g/s1316/423%20Graph.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="936" data-original-width="1316" height="228" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbYvGcrL2iBG1elPl_1tre4bGbfMJz7xvGdm7tbTzjLxhwmGhI_OdTffb1i5hFEUN63INvvJzz6-3UsXJgwQbJBGEJkNtt_Ywx2yfZKSndQMeCLNru__MKl4L9jYkZ8hsZtoUuBmCT7sRFbYpEj-dCnOovt7sGlB_VIJiC_L2MrEaGUz_jcf1CO4Mt2g/s320/423%20Graph.png" width="320" /></a></div><p></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">That doesn't sound like a lot, yet it makes a massive difference to the property market. <span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">However, it’s very easy to look at national averages, regional averages and, of course, local averages. Yet the property market is just one market nationally, as there isn't just one property market</span><span class="s5" style="color: #1c1c2a; font-kerning: none;">.</span></p><p class="p7" style="color: #1c1c2a; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p7" style="color: #1c1c2a; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">However, the same pattern is seen in the higher-priced properties. These higher-priced properties are selling more slowly than the lower-priced properties. Therefore, the need for those larger properties to be </span><span class="s6" style="color: black; font-kerning: none;">more realistic in price is paramount to stand out from the crowd, especially with the next point.</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Evidence suggests there is a growth of buyers, who are looking to find a home before putting theirs onto the market. This was unthinkable last year, yet as the property market returns to normality, this will be seen more and more.</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">What are my thoughts?</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Firstly, the time scale of how long it will take to sell a Tunbridge Wells home.</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p5" style="font-family: Calibri; font-size: 21.3px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; text-align: center;"><span class="s3" style="font-kerning: none;"><b>I expect to see the time it takes to sell a Tunbridge Wells home increase from 55 days in 2022 to a more 'normal' housing market of around 70 days.</b></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><br /></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Secondly, the imbalance of the property market.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p8" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s6" style="color: black; font-kerning: none;">A greater number of larger homes are coming on the market because (as mentioned recently in a previous blog post) of the higher number of mature homeowners </span><span class="s3" style="font-kerning: none;">looking to downsize. This is because these larger homes have become much more expensive to heat, and as many of the occupants are on fixed incomes with their pensions, they are downsizing to cut costs.</span></p><p class="p8" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p8" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Thirdly, that brings me to talk about energy efficiency.<span class="Apple-converted-space"> </span></span></p><p class="p8" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p8" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Many buyers have started to ask about a property's Energy Performance Certificate (EPC) rating. I recommend to homeowners considering moving in the spring or summer to have an EPC done on their property now, as there may be points that could easily be rectified and improved from one EPC rating band to another.<span class="Apple-converted-space"> </span></span></p><p class="p8" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p8" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">This would mean you will get a lot more interest and a better price for your property. If you need any help or guidance in organising an EPC on your property (even if you are not selling for six/twelve months), do not hesitate to me give me a call.</span></p><p class="p9" style="color: #262626; font-family: Calibri; font-size: 14px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p8" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">So, what is happening in the property market in terms of new properties (aka new listings) and what is selling?</span></p><p class="p8" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p10" style="color: #262626; font-family: Calibri; font-size: 21.3px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px 0px 16px; text-align: center;"><b><span class="s3" style="font-kerning: none;">91 properties have sold (STC) in the Tunbridge Wells area since 1</span><span class="s8" style="font-kerning: none; font-size: 17.8px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"><sup>st</sup></span><span class="s3" style="font-kerning: none;"> January 2023.</span></b></p><p class="p11" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px 0px 16px;"><span class="s3" style="font-kerning: none;">(Tunbridge Wells being TN1/2/3/4).</span></p><p class="p11" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px 0px 16px;"><span class="s3" style="font-kerning: none;">However, it's essential to look at what is selling, and the most active price range is the £400k to £500k range, where 18 properties have been sold subject to contract (representing 19.7% of sales).</span></p><p class="p11" style="color: #262626; font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px 0px 16px;"><span class="s3" style="font-kerning: none;">Looking at what is coming onto the market in the same time frame …<span class="Apple-converted-space"> </span></span></p><p class="p10" style="color: #262626; font-family: Calibri; font-size: 21.3px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px 0px 16px; text-align: center;"><b><span class="s3" style="font-kerning: none;">145</span><span class="s9" style="font-kerning: none; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span><span class="s3" style="font-kerning: none;">properties have come onto the market in the Tunbridge Wells </span><span class="s6" style="color: black; font-kerning: none;">area since 1</span><span class="s10" style="color: black; font-kerning: none; font-size: 17.8px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"><sup>st</sup></span><span class="s6" style="color: black; font-kerning: none;"> January 2023.</span></b></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Interestingly, the price range with the most listings is the £400k to £500k range.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">This means Tunbridge Wells is bucking the national trend (mentioned above) where nationally, the lower to middle property market is where the sales are, but the properties coming onto the market are slightly higher in price, yet it’s the same in Tunbridge Wells.</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Any homeowners with properties in price ranges that aren’t selling so well need to be ‘on point’ to stand out from the crowd regarding their marketing, be spot on regarding their pricing (compared to the growing competition of other larger homes for sale) and now more than ever, their EPC rating (especially if they are on the cusp between two EPC bands).</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Before I conclude, you might wonder why I have not mentioned house prices.</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p5" style="font-family: Calibri; font-size: 21.3px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; text-align: center;"><span class="s3" style="font-kerning: none;"><b>Well, what will happen to Tunbridge Wells house prices in 2023 is something I am not sure of.</b></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">(Yes, I know that level of frankness is strange coming from an estate/letting agent).<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">I know the prices being achieved for homes in the spring of 2022 (when everyone was out bidding each other) are not being achieved today. It all depends how you look at it.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Are local house prices dropping or are they just returning to normal? I would say the latter.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">However, looking at house prices as a ‘bellwether’ for the health of the property market has flaws. </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Many economists and property market commentators believe transaction numbers (the number of properties sold) give a more accurate and truthful indicator of the property market's health than just house values alone.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">The reason is three-fold.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Firstly, most people also buy a home when they sell their own, so if property values drop by 10% or rise by 10% on the one you are selling, it will do the same on the one you are buying - meaning to judge the health of a property market on house prices is very one dimensional. </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Secondly, as most people move up market when they do move home, if the price of the one they’re selling might not be as much as they would've achieved in 2022 (if they drop), the price that they will pay on the one they want to buy will be lower. Thus, it will cost them less to move upmarket!</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">E.g. Last year, your Tunbridge Wells home was worth £400,000, and the one you wanted to buy would have been £750,000. Let’s say local house prices did drop 10% in 2023 (which I don’t know if they will); your home would be only worth £360,000. Yet the one you want to buy would now be worth £675,000. So last year, it would have cost £350k to move, but if house prices drop 10%, the move would cost £315k, saving you £35,000.</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Third and finally, moving home is a human thing. Property habitually delivers a robust emotional connection with homeowners - a connection that few would attribute to their other investments like their stock market investments or building society savings passbook. </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Moving home could be described as a human journey, moving from one chapter of one’s life to another. </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Therefore, when people do move home, it shows they are moving forward in their lives, which gives a great indicator of the property market's health.</span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p5" style="font-family: Calibri; font-size: 21.3px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; text-align: center;"><span class="s3" style="font-kerning: none;"><b>It’s going to be an interesting year for the 2023</b></span></p><p class="p5" style="font-family: Calibri; font-size: 21.3px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; text-align: center;"><span class="s3" style="font-kerning: none;"><b>Tunbridge Wells property market.</b></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">My opinion. Do what is suitable for you, your family and your finances.<span class="Apple-converted-space"> </span></span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;"> </span></p><p class="p4" style="font-family: Calibri; font-size: 16px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px;"><span class="s3" style="font-kerning: none;">Ignore the newspapers and look at the facts in hand and if you want a frank chat about the Tunbridge Wells property market, irrespective of whether you want to sell or not, call me. I might not tell you what you want to hear, but I will tell you what you need to hear.</span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0tag:blogger.com,1999:blog-6922940838749400101.post-3083619337069142802023-01-26T18:23:00.001+00:002023-01-26T18:23:34.354+00:00Thatcher’s Dream Alive as Homeownership in
Royal Tunbridge Wells Increases<p><img src="https://drive.google.com/uc?id=1gC63RE5jYO-tSPPWlPOMtVXbAvBOSbBZ" width="300" height="300" style="-webkit-text-size-adjust: 100%;"></p><p><br></p><p class="s4" style="margin-bottom: 0px; line-height: 21.6px;"><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">In her first </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">c</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">onference speech as </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">the </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">Tory's new leader in 1975, </span><span class="s6" style="line-height: 21.6px; font-family: Calibri;">the </span><span class="s6" style="line-height: 21.6px; font-family: Calibri;">g</span><span class="s6" style="line-height: 21.6px; font-family: Calibri;">rocer’s daughter from Grantham,</span><span class="s6" style="line-height: 21.6px; font-family: Calibri;"> Margaret Thatcher</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">, asserted her conviction in a ‘property-owning democracy’. </span></p><p class="s4" style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s4" style="margin-bottom: 0px; line-height: 21.6px;"><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">Although Thatcher didn't conceive the saying – (that credit belonged to Conservative MP Noel Skelton</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);"> in 1923</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">)</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">,</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);"> it encapsulated what she thought Britain should be.</span></p><p class="s4" style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Through prudence, saving and hard work, she believed that everyday British families should be able to purchase their own homes. </span><span style="line-height: 21.6px;">Thus,</span><span style="line-height: 21.6px;"> giving them security, self-esteem and independence and freeing them from the nanny state of local authority landlords.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s4" style="margin-bottom: 0px; line-height: 21.6px;"><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">Although that idea was a Labour idea initially in the mid-1970s, Margaret Thatcher introduced legislation </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">(Right-To-Buy) </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">in 1980 to allow local authority </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">tenants to buy their own council homes at significant discounts. In the 1980s, homeownership boomed (although it had been </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">on the increase </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">for the previous two decades), and she led the </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">c</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">ountry </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">in</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);"> </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">an </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">economy with which house buying became a national passion.</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);"></span></p><p class="s4" style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s8" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s7" style="line-height: 19.200001px; color: rgb(18, 18, 18); font-size: 16px; font-family: Calibri; font-weight: bold;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">Between 1981 and 1990, </span></span><span class="s7" style="line-height: 19.200001px; color: rgb(18, 18, 18); font-size: 16px; font-family: Calibri; font-weight: bold;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">home ownership went up from </span></span><span class="s7" style="line-height: 19.200001px; color: rgb(18, 18, 18); font-size: 16px; font-family: Calibri; font-weight: bold;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">11.88m</span></span><span class="s7" style="line-height: 19.200001px; color: rgb(18, 18, 18); font-size: 16px; font-family: Calibri; font-weight: bold;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> to </span></span><span class="s7" style="line-height: 19.200001px; color: rgb(18, 18, 18); font-size: 16px; font-family: Calibri; font-weight: bold;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">15.47m</span></span><span class="s7" style="line-height: 19.200001px; color: rgb(18, 18, 18); font-size: 16px; font-family: Calibri; font-weight: bold;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">.</span></span></p><p class="s4" style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s4" style="margin-bottom: 0px; line-height: 21.6px;"><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">The other </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">lesser-known</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);"> fact of the Right-to-Buy legislation</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);"> in 1980</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);"> was it stopped local authorities from building new </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">c</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">ouncil </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">h</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">ouses. </span></p><p class="s4" style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s4" style="margin-bottom: 0px; line-height: 21.6px;"><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">Fundamental to her idea was that government (central or local), which had built between 30% and 45% of all homes in the 1950s,</span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);"> </span><span class="s5" style="line-height: 21.6px; font-family: Calibri; color: rgb(18, 18, 18);">60s and 70s, should stop providing homes and let the market provide them.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s8" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s7" style="line-height: 19.200001px; color: rgb(18, 18, 18); font-size: 16px; font-family: Calibri; font-weight: bold;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">The proportion of homes owned rose from 55.4% in 1980 to 65.7% during Thatcher's reign as PM.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">A few days ago, the housing element of the 2021 Census was </span><span style="line-height: 21.6px;">released,</span><span style="line-height: 21.6px;"> and it has shown the proportion of home ownership </span><span style="line-height: 21.6px;">in Britain </span><span style="line-height: 21.6px;">had fallen to its lowest level since 198</span><span style="line-height: 21.6px;">5</span><span style="line-height: 21.6px;">. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">The proportion of </span><span style="line-height: 21.6px;">households</span><span style="line-height: 21.6px;"> owned </span><span style="line-height: 21.6px;">in the </span><span style="line-height: 21.6px;">c</span><span style="line-height: 21.6px;">ountry </span><span style="line-height: 21.6px;">fell from 64.1</span><span style="line-height: 21.6px;">%</span><span style="line-height: 21.6px;"> to 62.</span><span style="line-height: 21.6px;">5%</span><span style="line-height: 21.6px;"> between 2011 and 2021</span><span style="line-height: 21.6px;">, </span><span style="line-height: 21.6px;">the</span><span style="line-height: 21.6px;"> lowest level </span><span style="line-height: 21.6px;">for</span><span style="line-height: 21.6px;">the past</span><span style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">37 </span><span style="line-height: 21.6px;">years,</span><span style="line-height: 21.6px;"> when the figure was 61.</span><span style="line-height: 21.6px;">6%</span><span style="line-height: 21.6px;">.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">In the meantime</span><span style="line-height: 21.6px;">, the proportion of privately rented households has surged to its highest since </span><span style="line-height: 21.6px;">the late 1960s</span><span style="line-height: 21.6px;">, with </span><span style="line-height: 21.6px;">20.4% of households</span><span style="line-height: 21.6px;"> renting from a private </span><span style="line-height: 21.6px;">buy-to-let </span><span style="line-height: 21.6px;">landlord. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">This means the proportion of </span><span style="line-height: 21.6px;">British </span><span style="line-height: 21.6px;">households </span><span style="line-height: 21.6px;">in </span><span style="line-height: 21.6px;">private rent</span><span style="line-height: 21.6px;">ed accommodation</span><span style="line-height: 21.6px;"> has more than doubled in the past </span><span style="line-height: 21.6px;">two decades</span><span style="line-height: 21.6px;">, from the </span><span style="line-height: 21.6px;">9.5%</span><span style="line-height: 21.6px;"> recorded in the 2001 census.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">So</span><span style="line-height: 21.6px;">,</span><span style="line-height: 21.6px;"> let’s look at the local stats </span><span style="line-height: 21.6px;">for the </span><span class="s9" style="line-height: 21.6px;">Tunbridge Wells</span><span class="s9" style="line-height: 21.6px;"> council</span><span class="s9" style="line-height: 21.6px;">area.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">The </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">percentage</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> of households owned in </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">Tunbridge Wells</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> has </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">increased</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> from </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">65.7</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">%</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">in </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">2011 to </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">66.2</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">% in 2021</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"></span></span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">(bucking the national trend)</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span class="s9" style="line-height: 21.6px;">Let’s look at the actual number of households.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">The number of owned households in </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">Tunbridge Wells</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> has grown from </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">30,999</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> in 2011 to </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">31,914</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> in 2021, a rise of </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">3.0</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">%.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span class="s9" style="line-height: 21.6px;">Next, looking at the private rental sector, the number of privately rented accommodation has grown as well!</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">The number of privately rented households in </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">Tunbridge Wells</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> has grown from </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">8,651</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> in 2011 to </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">9,281</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;"> in 2021, a rise of </span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">7.3</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">%.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><img src="blob:http://localhost:5321/5da18684-fdf3-4c10-a352-c7d8af03ef68" class="s11" style="width: 451px; height: 309px;"></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span class="s9" style="line-height: 21.6px;">Over the coming weeks and months, I intend to drill down further into these stats nationally and locally.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span class="s9" style="line-height: 21.6px;">Even though homeownership </span><span class="s9" style="line-height: 21.6px;">nationally </span><span class="s9" style="line-height: 21.6px;">has increased in terms of pure numbers, the proportion of homeowners with a mortgage has dropped.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span class="s9" style="line-height: 21.6px;">Just some headlines to whet your appetite</span><span class="s9" style="line-height: 21.6px;">.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span class="s9" style="line-height: 21.6px;">As I said above, 64.1% of householders in Britain owned their own home in 2021 (of which 30.8% owned their home outright and 33.3% with a mortgage).</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p class="s3" style="margin-bottom: 0px; line-height: 21.6px; text-align: center;"><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">In 2021, of the 62.5% of homeowner households, those without a mortgage has increased to 32.8%, and those with a mortgage has dropped to 29.7%</span></span><span class="s10" style="line-height: 19.200001px; font-weight: bold; font-size: 16px;"><span class="bumpedFont15" style="line-height: 28.799999px; font-size: 1.5em;">.</span></span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span class="s9" style="line-height: 21.6px;">So, </span><span class="s9" style="line-height: 21.6px;">has Thatcher's dream been smashed?</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span class="s9" style="line-height: 21.6px;">Of course, </span><span class="s9" style="line-height: 21.6px;">nationally</span><span class="s9" style="line-height: 21.6px;">,</span><span class="s9" style="line-height: 21.6px;"> </span><span style="line-height: 21.6px;">home ownership is at the lowest level in many decades due to several factors, including the late 1980s and 2008 housing crash, negative equity, the credit crunch and increased mortgage regulation. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Yet, at the same time, as e</span><span style="line-height: 21.6px;">very single </span><span style="line-height: 21.6px;">l</span><span style="line-height: 21.6px;">ocal </span><span style="line-height: 21.6px;">a</span><span style="line-height: 21.6px;">uthority in Britain</span><span style="line-height: 21.6px;">has seen an increase in </span><span style="line-height: 21.6px;">the number and proportion </span><span style="line-height: 21.6px;">of private renters over the past </span><span style="line-height: 21.6px;">20 years</span><span style="line-height: 21.6px;">, the entrepreneurial property-owning spirit has moved into the ownership of private buy-to-let property. The market has undoubtedly filled the </span><span style="line-height: 21.6px;">housing </span><span style="line-height: 21.6px;">gap </span><span style="line-height: 21.6px;">that </span><span style="line-height: 21.6px;">the </span><span style="line-height: 21.6px;">c</span><span style="line-height: 21.6px;">ouncils and </span><span style="line-height: 21.6px;">l</span><span style="line-height: 21.6px;">ocal </span><span style="line-height: 21.6px;">a</span><span style="line-height: 21.6px;">uthorities </span><span style="line-height: 21.6px;">left</span><span style="line-height: 21.6px;"> in the 1980s.</span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">These are interesting times, and I shall share more insights in the coming weeks and months. </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;"> </span></p><p style="margin-bottom: 0px; line-height: 21.6px;"><span style="line-height: 21.6px;">Let me know your thoughts on the information above.</span></p>My Bloghttp://www.blogger.com/profile/07431899225688949164noreply@blogger.com0