Friday, 14 November 2014

What type of property in Royal Tunbridge Wells sells the best?

Knowing how saleable a property is half the battle when deciding what (or not) to buy for your next property investment. Why?  Well because one day, you may need to sell that property. If you go into the purchase with open eyes, you know most of the risks and can barter the price accordingly if you have to. Bearing this in mind, last week, a couple from East Peckham popped into our offices to ask about investing in property. Their concern was if we have another property slump (and we will because that is what has happened to the British property market ever since the 1950’s), if they did need to sell, what type of property would be easier to sell. Now everything sells, even during a slump, but I did some research and followed up their query – I was actually quite surprised with the results.
A good guide to judge the saleability of property is the number of properties for sale, compared to the numbers that are sold, subject to contract. Now I carried out this comparison last week, so the numbers will be marginally different today, but of the 30,606 households in Royal Tunbridge Wells there are 1,046 properties on the market for sale. Of those 1,046 properties, 494 properties are fully available on the open market waiting for a buyer and 552 have buyers and are sold subject to contract. That means 52.7% of property on the market has a buyer in Royal Tunbridge Wells (in Tonbridge only 49.1% properties on the market have a buyer and SevenOak’s properties have 51.1%).
However, delve deeper, and in Royal Tunbridge Wells today, 54.7% of flats on the market have a buyer and great news for terraced house property owners, as 60.7% have buyers.  Semi detached houses fair even better, with 121 of the 195 on the market now having buyers (making 62%). The properties that appear to be sticking though are bungalows at a comparatively lower 47.3% and detached houses at 41.3%. 
I am always giving advice to my existing and new landlords in Royal Tunbridge Wells on what to buy (or not as the case may be).  Having this detail of information at my finger tips, allows me to spot trends in the local market, which then enables to me to give the very best advice to my clients. I don't charge for that advice as I have plenty of opportunity to earn money by finding the best tenants for my landlords in the years to come on the investments I have advised on. 

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