Friday, 9 December 2016

Royal Tunbridge Wells Housing Crisis? Only 2.4% of Royal Tunbridge Wells Homes Are For Sale

The Royal Tunbridge Wells Property Market continues to disregard the end of the world prophecies of a post-Brexit fallout with a return to business as usual after the summer break.

The challenge every Royal Tunbridge Wells property buyer has faced over the last few years is a lack of choice – there simply hasn't been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Royal Tunbridge Wells, the market is likely to see upward pressure on property values continue.

However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment, the Royal Tunbridge Wells property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Royal Tunbridge Wells has increased.

For example, last month TN4 saw 117 new properties coming on to the market, not bad when you consider for the last year the average has been predominantly in the 70 to 90 range. With the average Royal Tunbridge Wells property value hitting a record high, reaching almost £475,000 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller' average property figure, but there is a glimmer of hope that the Royal Tunbridge Wells supply crisis may be starting to ease.

As I write this article, 2.41% of Royal Tunbridge Wells’ properties are up for sale. In terms of actual chimney pots, that equates to 502 properties on the market in Royal Tunbridge Wells (within 3 miles of the centre of Royal Tunbridge Wells) – which, when compared to only a year ago when that figure stood at 471, is a steady increase in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading...
 
·      Detached Properties in Royal Tunbridge Wells  - 139 on the market a year ago compared to 168 on the market now – an increase of 21%
·      Semi Detached Properties in Royal Tunbridge Wells - 87 on the market a year ago compared to 101 on the market now - an increase of 16%
·      Terraced Properties in Royal Tunbridge Wells - 42 on the market a year ago compared to 40 on the market now – a decrease of 5%
·      Flats / Apartments Properties in Royal Tunbridge Wells  - 165 on the market a year ago compared to 169 on the market now - an increase of 2%

 This is evidence of strength in the Royal Tunbridge Wells housing market that many didn't expect. Many believed that the Royal Tunbridge Wells property market wasn't going to be strong enough post Brexit - as what was a sellers' market before the Brexit vote and Buyers' market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.


However, all this will mean property values won't continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won't be down to Brexit but a re-balancing of the Royal Tunbridge Wells Property Market – which is good news for everyone.

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