Starting with the bigger picture,
over the last 12 months in the UK, 1,061,557 properties were sold with a total
value of £223.74 bn. To give that some context, ten years ago 1,581,727
properties sold with a total value of £405.56bn, so it can be seen the number
of people moving house has dropped by over a third over the last decade.
Whether you are a landlord,
homeowner or tenant, it’s always important to keep an eye on the Royal
Tunbridge Wells property market, not just from your point of view, but also
from every player’s point of view. Over the last 12 months, 1,297 properties
have sold (and completed) in Royal Tunbridge Wells, worth £561.4m. Interestingly
the number of properties changing hands in Royal Tunbridge Wells has also
dropped when compared to a decade ago.
It might surprise you that first
time buyers in 2017 will benefit from a slight decline in Royal Tunbridge Wells
buy-to-let investors.
Those looking to buy a home in the spring
and summer of 2017 will face a far less competitive Royal Tunbridge Wells
property market than the same time of year in 2016, when the urgency to beat
the buy-to-let stamp duty hike was in full swing.
Many landlords brought forward their
purchases to beat the tax, and since then, the number of buy-to-let purchases
has dropped slightly. First time buyers have taken advantage of that and have
increased their buying. In fact, looking at the Bank of England figures, this
is what UK lenders have lent on buy-to-let properties versus first time buyers over
the last 12 months …
Q4 2015 - £1bn buy-to-let mortgages vs £1.31bn for first time
buyers
Q1 2016 - £1.35bn buy-to-let mortgages vs £1.08bn for first time
buyers
Q2 2016 - £760m buy-to-let mortgages vs £1.28bn for first time
buyers
Q3 2016 - £827m buy-to-let mortgages vs £1.42bn for first time
buyers
When looking at the figures for Royal
Tunbridge Wells itself, first time buyers have borrowed more than £62.3m in the
last 12 months to buy their first home. This is a ringing endorsement of their
confidence in their jobs and the local Royal Tunbridge Wells economy. Those 20 and
30 something’s who are considering being first time buyers in 2017 will find
that the number of properties on the market has never been as good as it has
for quite a while, meaning you have more choice of properties and less
competition from so many buy-to-let landlords than a year ago.
Rightmove announced nationally that new
seller enquiries are 26% up on the same time last year giving the stoutest
indication that we may see a slight ease in the lack of properties on the
market. When I look at Royal Tunbridge Wells, at this moment in time there are 396
properties for sale, compared to 352 properties a year ago. All this will be
welcome news amongst Royal Tunbridge Wells first-time buyers with a combination
of a proportional reduction in new investors and landlords.
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