It seems a distant memory three years ago
when we were filling in our Census Returns, but now the figures are beginning
to be released, especially the statistics about property. The figures for each
individual town and council have been released, so let’s look at the area
Tunbridge Wells District Council figures.
In the whole of the Council Borough area (the
town of Tunbridge Wells and the immediate villages) there are 47,174 households, with just under a two
thirds of properties being owned, 65.7%
% to be precise (30,999 households) of which 15,111 don’t have a mortgage (lucky
people!). Renting interests me and 7,995 householders rent their house off a
private landlord (or 16.9% of households to be exact). If you recall in a previous article, I said 19.1%
of households in Tunbridge Wells alone (just
town itself and not the Borough Council area) are privately rented,
showing that more people rent in the town than they do in the villages.
So, with 16.9% of households being rented in borough, which
is just above the national average of 15.6%, where does that put
our Borough when compared to others? For renting, Royal Tunbridge Wells Borough
is just outside the top 25% of local authorities when it comes to renting (98th
out of 347 authorities) but we are in the bottom third for home ownership (228th
out of 347 local authorities).
So does that mean renting isn’t booming in
Royal Tunbridge Wells? .. quite the opposite! Demand continues to be good from
quality tenants who are prepared a pay a decent rent, but only for a decent
property. If you remember a few weeks back, I said the landlords in Royal
Tunbridge Wells, on average over the last 12 months have achieved a total
return of over 8.5% in the last year. If there were a glut of rental
properties, there would be an over supply of property to rent, driving prices
down. In the lettings industry, it is recognised there will always be 5% of the
rental market up for rent at any one time, which means there should be 399
properties to let today in Royal Tunbridge Wells and the rest of the Borough area (5% of 7,995 privately
rented houses in the Borough is the 399) .. I am pleased to tell you there are
only 286 as I write this article!
Don’t
get me wrong, tenants are more discerning in the properties they rent. Woodchip
wallpaper and no central heating won’t cut the mustard anymore. However,
present your Royal Tunbridge Wells property to a good standard and price it
right and you should do very well. If you are considering becoming a landlord
or are an established landlord who is thinking of buying another property to
rent out in Royal Tunbridge Wells, please do your homework. Feel free to ask my
opinion on what makes a 'decent property'. I don't sell property, so it's in my
interest for you to buy the right property for you, not me. I don't charge for
that opinion, because I hope you will recommend me to your friends, which in
fact is the best compliment you can make.
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