Friday, 6 March 2015

Pembury – the place to buy a property?

Information is so important when making decisions on what (or not) to buy when investing in Royal Tunbridge Wells property. The demand for rental properties is much greater that the supply and some circumstances, we have four to five prospective tenants for each decent property. As always the demand is much greater for properties that are good areas. Also, we are noticing that tenants are staying longer in their chosen property with some tenants signing for the third and fourth years. This is obviously causing problems from the supply side so we are relying on new investment Landlords to bring in some new properties.

 Today, I want to look at the Pembury to the North of Royal Tunbridge Wells. By knowing the different areas of Royal Tunbridge Wells, I can weigh up potential hotspots in the rental market and show potential landlords where there could be an opportunity. The majority of properties sold in Pembury during the last 12 months were terraced houses which on average sold for £236,800. Semi-detached properties had an average sold price of £343,100 and detached properties averaged at £396,100.

The overall average property in Pembury is worth £308,200, which as one would expect is lower than Royal Tunbridge Wells overall average at £348,500 or nearby Southborough at £327,800 or Matfield at £439,700.

In Pembury, there are 5,924 people living in 2,400 properties. It is the home ownership percentages that really got me interested, as it is this information, tied in with our intimate knowledge of the market, where we can match tenant demand to an under supply of rental properties. In Pembury, of those 2,400 households, 74.3%  own their property (compared to the Royal Tunbridge Wells average of 65.7%).

There are only 179 rented properties in Pembury which are in the private rented sector (meaning 7.4% of Pembury properties are privately rented compared with the Royal Tunbridge Wells average of 15.7%). The reason the private rental sector is much lower is that Pembury has a high proportion of homeowners and hardly any local authority housing. The properties do sell well, in fact 452 properties have changed hands since 2007. However, with such excellent demand from homeowners and tenants, this could be the right area to purchase your next buy to let investment. 

Therefore, if you are considering buying a property for investment in the near future, as I don't sell property, I am always happy to give you my considered opinion on which property to buy (or not as the case may be) to give you what you want from your investment. If you are a landlord, new or old, I am certainly more than happy for you to pick up the phone or visit the Royal Tunbridge Wells Property Blog 

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