Unveiling the Secrets of Royal Tunbridge Wells' Housing Market: Insights from the 2021 Census

The property market is one of the most important economic indicators, as it can significantly impact the prosperity of both the local and national economy.

Recently, new data from the Census 2021 has become available that sheds light on seldom discussed areas of property, such as the types of properties Tunbridge Wells has, together with how we live in and use our homes.

This data could be of interest to all people. However, it should be fascinating to homeowners and landlords, as it can help them make informed future decisions about buying, selling and renting property.

Furthermore, comparing the data to the national statistics can provide a broader perspective and a better understanding of how we live in our homes in Tunbridge Wells.

In this report, I will analyse seven measurements from the new Census data to assess the town's housing stock and provide valuable insights for potential buyers and sellers.

The seven metrics I have selected provide essential information about the town's demographics, housing types, and tenure.

1. Population and households of Tunbridge Wells.

Knowing the population of a town is essential for a variety of reasons. First and foremost, it helps us understand the demographic makeup of Tunbridge Wells. This information is crucial for local authority officials and businesses as they decide where to allocate resources and how to serve the community's needs (like whether we need to build more new homes, for example).

Looking at demographics allows for better long-term planning and development (and for savvy buy-to-let Tunbridge Wells investors to spot opportunities years in advance).

Additionally, population data can help identify trends and changes in the community over time (I will revisit this in future articles where I will discuss the growth of Tunbridge Wells over the last few decades and what that means for the property market and long-term house prices). Finally, having accurate population figures is necessary for allocating government funding and resources, making it critical for our town's overall health and well-being.

The population of Tunbridge Wells currently stands at 51,200 in 22,200 households.

2. The age profile of the people who live in Tunbridge Wells.

The age profile of a town's population provides valuable insights into the local property market. For example, suppose the town has a large population of retirees. In that case, it is more likely to have a higher demand for bungalows or sheltered accommodation. In comparison, a town with a large student population may have more demand for shared accommodation. Knowing the age profile of the town's population is crucial for targeting the right buyers and understanding the potential market for different types of properties.

16.2% of Tunbridge Wells' population is 65 years and over, compared to the national average of 18.4%.

Again, I will delve into this in more detail in my articles on the Tunbridge Wells property market in the coming months.

3. Tunbridge Wells household composition - one-person households vs family households.

Understanding household composition is crucial for predicting the demand for different properties. For example, if the town has a large population of single people, there may be more demand for one-bedroom apartments or studios. However, if the town has many families, there may be more demand for three or four-bedroom houses and schools.

32.7% of Tunbridge Wells households are one-person households (compared to 30.2% nationally), and 62.7% of Tunbridge Wells households are single-family households (compared to 63.0% nationally).

The remainder is made up of shared accommodation etc.

4. Tunbridge Wells accommodation types - house or apartment.

Knowing the accommodation type is critical in understanding the local property market's demand and supply. For example, if the town has many apartments, it may indicate that the town has a higher demand for properties with lower maintenance costs or land is too expensive to build houses on. Conversely, if the town has a higher than the national (or regional) average number of houses, it may indicate that it has more families looking for larger properties.

61.3% of the homes in Tunbridge Wells are houses (compared to the national average of 77.9%).

5. Number of bedrooms in Tunbridge Wells.

The number of bedrooms is another crucial factor that affects the local property market. Knowing the average number of bedrooms in the town can help predict the demand for different property types. For example, if the town has many four or five-bedroom properties, it has more affluent buyers looking for larger properties.

• 19.2% of Tunbridge Wells homes are one-bed households (11.4% nationally)
• 29.9% of Tunbridge Wells homes are two-bed households (27.1% nationally)
• 27.4% of Tunbridge Wells homes are three-bed households (40.4% nationally)
• 23.5% of Tunbridge Wells homes are four-bed or more households (21.1% nationally)

6. Occupancy rating for Tunbridge Wells bedrooms - whether a property is under- occupied or overcrowded.

Knowing the occupancy rating for bedrooms is critical in understanding the local property market's demand and supply. For example, if the town has many under-occupied properties, it could indicate people living in homes too big for their daily needs.

32.4% of Tunbridge Wells homes have two or more spare bedrooms (compared to the national average of 42.7%).

7. Tenure of Tunbridge Wells households - whether owned outright, owned with a mortgage, social housing or privately rented.

Understanding households' tenure is essential in understanding the local property markets' demand and supply. For example, if the town has a high number of households in social housing, it may indicate that there is less demand for private rental properties. Conversely, if the town has an increased number of households owning properties outright, it usually suggests that there are more older homeowners (compared to younger homeowners)

• 28.9% of Tunbridge Wells households own their home without a mortgage (compared to 32.8% nationally)
• 31.9% of Tunbridge Wells households own their home with a mortgage (compared to 29.7% nationally)
• 13.7% of Tunbridge Wells households live in social housing (compared to 17.1% nationally)
• 25.5% of Tunbridge Wells households live in private rented accommodation (compared to 20.4% nationally)

So, what is all this telling us?

The seven metrics discussed in this article on Tunbridge Wells provide valuable insights into the town's demographics and the future of Tunbridge Wells’ property market's demand and supply.

As a local estate agent, having a deep understanding of these metrics can help me better target potential buyers, predict the demand for different types of properties and provide valuable insights and advice to Tunbridge Wells house sellers, buyers and buy-to-let landlords.

If you are considering moving home in 2023 and want to know how this data will affect your buying or selling decisions, please do not hesitate to contact me for a personalised no- obligation no-cost consultation.

I am here to help you make informed decisions and find your dream property in this thriving town of Tunbridge Wells.

What Landlords Need to Know about Void Periods

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Success as a landlord doesn’t just centre around what you do when your property is tenanted. How you manage your rental when it’s empty is also crucial.

All landlords have to contend with void periods – they’re an inevitable part of having a buy-to-let.

So, it’s wise to budget for the costs associated with void periods and take precautions to stop them dragging on.

That’s because when your property is empty, not only will you be missing out on rent, you’ll also have to cover the mortgage and utility bills (you’ll need to heat your property to some degree to prevent the pipes from freezing and condensation). And then there’s the thorny issue of council tax.

A few years ago, many local authorities gave landlords a one-month grace period on paying council tax on empty properties. But many cash-strapped councils have since scrapped this policy, while others only offer a partial discount.

Given that void periods can be costly, it’s imperative that landlords carefully manage them and keep them to a minimum. Here are tips on how to do both.

Managing void periods

- Set some cash aside to cover costs when your property is empty.

- Check the rules on council tax and vacant properties in your local area so you can budget.

- When your tenant serves notice, use this time wisely to carry out any improvement works.

- Include rent protection in your landlord insurance.

- Check your insurance cover; some policies become invalid if the property is empty for more than 30 days. If your property looks set to be vacant for a significant period, you may need to take out unoccupied property insurance.

How to prevent unnecessarily lengthy void periods

- Be aware that it might take longer to find good tenants if your property is vacant around the Christmas period, as it’s quiet and difficult to arrange viewings.

- Maintain your buy-to-let to a high standard all year round. Don’t put off maintenance or repair work.

- Be a responsive landlord. Happy tenants are likely to stay longer.

- If you’re time-poor, use a letting agent to manage the property and reduce tenant turnover.

Contact us to learn more about our property management services.

#rentalproperty #tunbridgewellslandlords #landlordtips #tunbridgewells

7 Top Tips for Buy-To-Let in Tunbridge Wells

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If you're considering investing in buy-to-let property in Tunbridge Wells, it's important to understand the area’s  property market and know what to look for in a potential investment. 

 

Here are some top tips to help you get started on your buy-to-let journey.

 

One. Research the Market

Before investing in buy-to-let property in Tunbridge Wells , it's crucial to research the property market. Look at the rental demand, average rental prices, and property prices in the area. You should also consider the location of the property and whether it is in a desirable area for renters. A lot of this information is published in my other property blog posts.

 

Two. Choose the Right Property

When choosing a property to invest in, think about the type of tenant you want to attract. For example, if you're targeting young professionals, look for properties that are close to transport links and local amenities. If you're targeting families, look for properties with multiple bedrooms, close to good schools, and a garden.

 

Three. Calculate Your Costs

When investing in buy-to-let property, it's important to calculate all your costs. This includes the purchase price, stamp duty, legal fees, and any renovation costs. You should also factor in ongoing costs such as mortgage payments, tax, insurance, and maintenance costs.

 

Four. Consider Your Financing Options

There are several financing options available for buy-to-let investors. You can use a traditional mortgage, a specialist buy-to-let mortgage, or even cash if you have the funds available. It's important to research each option and choose the one that best suits your financial situation.

 

Five. Choose a Good Letting Agent

A good letting agent can make all the difference when it comes to managing your buy-to-let investment. They can help you find tenants, manage the property, and deal with any issues that may arise. It's important to choose a reputable letting agent with experience in the local market.

 

Six. Stay on Top of Regulations

As a buy-to-let investor, you need to be aware of the 170+ laws and regulations that apply to your property. This includes the safety regulations for gas and electrical appliances, as well as the legal requirements for tenancy agreements and deposits. It's important to stay on top of these regulations to avoid any legal issues.

 

Seven. Expect the Unexpected

It's important to be prepared for the unexpected when investing in buy-to-let property. This could include unexpected repairs or difficult tenants. It's vital to have a contingency plan in place and to set aside some funds for unexpected expenses.

 

Investing in buy-to-let property can be a great way to generate passive income and build long-term wealth. However, it's important to research the local Tunbridge Wells market, choose the right property, and stay on top of regulations to ensure a successful investment.

 

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