Saturday, 10 January 2015

Royal Tunbridge Wells Property Market – should you be buying?

A number of people have approached me recently, asking about the Royal Tunbridge Wells property market. Earlier in 2014 we had headlines of massive increases in property values in the UK, and then more recently, we have had reports of potential massive crashes. So, should we be worried?

Property values in Royal Tunbridge Wells have risen, on average by 9.7 % in the last 12 months, which sounds impressive, but when I looked at the South East as a whole, prices have risen by 13.2% (although nationally they are only 8.7% higher). However, when you take the perspective of comparing 2014 to the boom years of 1999 to 2003, when property values in Royal Tunbridge Wells increased in 1999 by 11%,  2000 by 17.4% and 11.4% in 2001, 16.6% in 2002 and 17% in 2003, I cannot see why some are concerned about an unsustainable price boom.

Looking at my own findings and speaking to other property professionals in Royal Tunbridge Wells, the issue isn’t house price inflation, but a lack realistically priced properties coming onto the market for sale, a lack of supply. In the whole of May 2014, an impressive 135 properties came on to the market for sale in Royal Tunbridge Wells. In November, only 71 properties came on to the market.

So should you be buying a property in Royal Tunbridge Wells?  Now is a good time to buy, provided you accept prices may fall again in a few years. It depends on how long you plan to own the property (whether as a home or investment), whether it personally suits you and most importantly whether you can afford it. Royal Tunbridge Wells first time buyers preparing to take the plunge should bear these factors in mind. The biggest issue must be that buyers ensure they can take the hit of future interest rate rises and therefore, I ask the first time buyers of Royal Tunbridge Wells to make sure you'd be happy in your new home, because you could be stuck there in five years' time.

Landlords tend to buy for the long term, so these short term movements don’t tend to affect them as much. The lack of supply in Royal Tunbridge Wells of new properties coming onto the market indicates people wanting to buy have to move quickly, and don’t have the luxury of a few weeks to decide to view the property. However, my findings show that first time buyers and landlords in Royal Tunbridge Wells aren’t prepared to pay over the odds for a property to secure it. Maybe, just maybe, the memory of the 2008 price crash has given a dose of realism to the optimistic Royal Tunbridge Wells property market?

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