Royal Tunbridge Wells House Prices Have Risen by 2.96% Since Christmas.

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Royal Tunbridge Wells’ Over-50s Wealth Hits Record High as Generational Property Gulf Grows

 

6-Step Guide to Selling Your Tunbridge Wells Home

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As a trusted estate agent with years of experience in the Tunbridge Wells property market, we understand that selling your home can be a daunting task. That's why we've put together a simple, 6-step guide to help you navigate the process with ease.

 

Step 1: Determine Your Home’s Value

Setting the right price for your property is crucial to a successful sale. 

 

Many homeowners start by using online valuation tools on the portals, which can provide a fair indication of the current market value of your home based on recent sales in the area. 

 

However, these tools are computer-generated valuations and cannot consider such things as your décor, any improvements you have made, or which side of the street you are on (for example one side of your street might have North facing gardens with no views and the other South facing with open views).

 

We recommend inviting two or three high street estate agents to provide a more accurate valuation. Be sure to ask each estate agent how they arrived at their valuation, and don't be swayed by an agent who promises an unrealistically high price.

 

Step 2: Choose the Right Estate Agent

When choosing an estate agent, it's important to consider your needs and preferences. If you're short on time and prefer a more hands-off approach, a traditional high street agency may be the best choice. They will take care of marketing your home and screen viewings (to reduce time wasters) on your behalf. However, if you're comfortable doing some of the work yourself, an online estate agent may be a more affordable option. However, keep in mind that online agents often require payment regardless of whether your property sells or not.

 

Step 3: Get Your Home Market-Ready

Before putting your home on the market, it's important to ensure that it's in the best possible condition. This means decluttering, depersonalising, and making any necessary repairs or improvements. If you need any guidance on that, do pick up the phone.

 

Step 4: Market Your Property

Marketing is key to attracting potential buyers for your home, so it's important to make sure your property is visible across all relevant channels. Your agent should take care of this for you, but it's worth asking them about their marketing strategy to ensure it aligns with your expectations.

 

Step 5: Conduct Viewings

Once your property is on the market, you'll need to conduct viewings for potential buyers. Either the estate agent will take care of this on your behalf, or you can do them yourself. Make sure to prepare your home for viewing and be ready to answer any questions potential buyers may have.

 

Step 6: Negotiate the Sale

Once you've received an offer on your property, it's time to negotiate the sale. Your agent will handle this on your behalf, but it's important to be clear about your expectations and preferences. Remember, the goal is to achieve a fair price for your property that satisfies both you and the buyer.

 

If you're thinking of selling your home, why not take advantage of our free valuation service? 

 

Our expert team can provide you with an accurate assessment of your property's value and guide you through the selling process from start to finish. 

 

Contact us today to book your no-obligation free valuation or market appraisal and take the first step towards a successful house move

 

Royal Tunbridge Wells Homeowners Worried About the Property Market? The Latest Quarterly Data Might Surprise You!

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In my articles on the Tunbridge Wells property market, I like to provide an insight into the real story of what is happening in our local (and national) property market and address the misconceptions that some of the media have been spreading. 

 

Despite almost daily reports of a housing market crash since September 2022, the data shows that the UK (and Tunbridge Wells) property market is gingerly doing OK.

So, let’s dive into the stats and start with the life blood of the housing market – new properties coming on to the market.

Nationally, 407,946 UK properties came onto the market in Q1 2023.

(Q1 = Jan & Feb & March)

Interesting when compared to the 7-year average (2017 to 2023 inclusive) of 403,105 new properties on the market in Q1.

New properties coming onto the market are a critical bellwether of the property market. 

If we had a situation like 2008, where the number of properties coming on the market in 2008/9 was double that of 2007, supply outstripped demand and hence economics dictated and house prices fell.

The balance of houses coming on the market and how many sell determine what happens to property prices.

So how do you know if we are heading for another Tunbridge Wells house price crash as we did in 2008 or not, as the case maybe?

Let me share a quick and easy way to find out before anyone else. 

Firstly, do a Rightmove search on your chosen property market and map the number of properties for sale every week. Next, do the same search, but this time include sold subject to contract properties. This will show you can see how many properties are available and how many sold subject to contract (stc). The third step is to calculate the ratio between the first two numbers: i.e., what’s available versus what’s been sold.

If the ratio of sold property to available property rises monthly, the market is improving. If the ratio is falling, the market is slowing. 

If you really wish to go deep into this; you could split the search into property type (and bedrooms) you are selling and buying e.g., detached, semi, terrace or flats. This will help you to judge demand and supply and time the market to your advantage.

Next, looking at house sales nationally,

276,482 properties sold (stc) in Q1 2023.

However, the devil is in the data. The 276,482 properties sold stc is not very good when compared to the 7-year Q1 average (2017 to 2023 inclusive) of 306,532. 

Yet that average includes Q1 2021, where 397,402 properties had sold stc and Q1 2022 when 341,888 properties sold. Both of those years were exceptional; however, when we compare Q1 2023 to the Q1 average of 2017/18/19/20, a more reasonable 282,488 houses were sold on average.

Next, I wish to look at what is selling nationally by price band.

Nearly half (44%) of all the properties sold in the UK in Q1 ’23 were £250,000 or less, yet only just over a third of the homes (36%) that came on the market in the UK in Q1 '23 were £250,000 or less. 

 

The lower end of the property market is performing better than the higher end.

 Looking locally at the Q1 stats, starting with the number of properties in the Tunbridge Wells area (TN1 to TN4) that came onto the market in Q1 2023…

568 properties came onto the market in Q1 2023

in the Tunbridge Wells area.

The average price of those Tunbridge Wells properties coming to the market was £576,157.

The price range/band that saw the most listings was the £400k to £500k range, where 102 Tunbridge Wells area properties came to market.

Now, looking at sales in Tunbridge Wells…

383 properties were sold in Q1 2023 in the Tunbridge Wells area.

The average price of those Tunbridge Wells properties selling was £547,494.

The price range/band that saw the most sales was the £400k to £500k range, where 62 Tunbridge Wells area properties were sold.

Typical first-time buyer properties are leading the recovery.

Although economic turbulence remains, the property market is gradually moving towards pre-pandemic activity levels. 

The national sales agreed in this lower price band are unexpectedly recovering the fastest. However, larger, more expensive home sales are lagging (e.g., 8.5% of listings in the UK in Q1 '23 were in the £750k to £2m price band, yet only 6.4% of the sales were in the same band). The £2m+ price range, even though the numbers are quite small, the difference is quite startling (1.2% of listings were £2m+, but only 0.6% of sales agreed were in the same range).

The average mortgage rates fell back from their peak last year, with the best rate for a 10% deposit five-year fixed mortgage now 4.6%, compared to last October at 6.62%. 

However, this isn’t as good as the 10% deposit 5-year mortgage at 1.64% in January 2022.

So, what does this all mean for homeowners wanting to sell in this market?

Realistic pricing when you put your house on the market is everything! 

In Q1 2023, there have been 243,602 price reductions on the 590,481 properties on the market, compared to 119,068 price reductions in Q1 2022 on 424,796 properties on the market.

It is better to come on the market at a realistic price to start when the property is fresh to the market, than go on at a high price, lose that initial honeymoon period and then reduce it, only for some people to wonder what was wrong with the property.  

The Tunbridge Wells property market is seeing stability and confidence return as it recovers from the turbulence at the end of 2022. The pace of the market had reached an unsustainable level in the last two years, and it was on track to slow to a more normal level. 

The reaction to September's mini-Budget accelerated the speed of this slowdown. 

Although higher mortgage rates and economic headwinds present challenges, many potential home buyers who were effectively sidelined in the fierce bidding wars of the last two years will find that a slower paced property market gives them time to plan a strategy for their next move as we go into the traditionally busy post-Easter house buying season.

While the demand for quality Tunbridge Wells houses is still healthy, if the asking price is above the current market, sellers may need help finding buyers.

Determining a realistic price is crucial but not easy. Many sellers look at similar properties on property portals, but those prices may be over-inflated. 

Estate agents have more tools at their disposal, such as comparing sale prices for comparable properties and thinking about prospective purchasers in the market for the type of property under valuation. 

Although getting the price right can be difficult, revising it downwards quickly is essential.

Sellers should ensure that their property looks better value for money than similar properties. If you plan to trade up, it is good sense to sell at realistic prices, as you will gain substantial savings compared to moving in the last few years. 

However, if you don't need to sell urgently, becoming a landlord could be an option - again I can help on that if needs be. Nevertheless, homeowners-turned-landlords should consider that if property values do drift downwards in the coming 12/18 months, it may take a few more years after that to recover to those values seen last year.

Whatever the rest of 2023 brings, moving home should mostly be based on your circumstances and not solely on what is happening to Tunbridge Wells property prices. 

If you would like an informal chat about your potential move without any obligation or cost, get me around for a chat. I promise I will tell you like it is, without any guff – then you can decide what is best for you and your family.

In the meantime, do let me know your thoughts in the comments.

Why Does it Still Take 124 Days to Buy a Royal Tunbridge Wells House?

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As an experienced Tunbridge Wells estate agent, I have seen many homeowners frustrated by how long it takes to buy and sell their property and complete the sale. 

 

In this article, I will explain why buying and selling a home locally takes so long and how you can speed up the home-buying process.

 

One of the main reasons why it takes so long to sell a house is the conveyancing process. 

 

Conveyancing refers to the legal process of transferring property ownership from the seller to the buyer, which is the time between the offer being accepted and the completion of the sale.

 

In the last 12 months, it has taken 125 days on average from the time an offer is accepted to the completion of the sale

(up from 117 days in 2021).

 

125 days or just under 18 weeks is a long time on anyone's calendar!

 

This can be frustrating for everyone as their life is on hold for over four months, waiting for the conveyancing (and mortgage) to get sorted.

 

The problem with the conveyancing process is that it needs to be fit for purpose in the 21st Century.

 

Many blamed local authorities for taking too long to complete their searches (a vital part of the conveyancing process), often taking up to seven or eight weeks to complete in 2021. 

 

However, the national average in the last nine months has now dropped to two weeks (although there are some local anomalies) ... and it still takes just as long to sort the conveyancing out.

 

So let me look at the local stats first, then discuss what can be done.

 

In the last 12 months, it has taken 124 days on average from when an offer is accepted to the completion of sale (up from 118 days in 2021).

 

Interestingly, it only took an average of 54 days from putting the home on the market to agreeing on the offer – although anecdotal evidence is suggesting that figure is getting higher for the most recent sales in the last quarter.

 

(Tunbridge Wells is TN1 to TN4).

 

So, what are the issues?

 

Firstly, the number of annual property sales nationally has increased by 50% in the past decade, up from 803,800 in 2012 to over 1,263,440 in 2022. That means more work for conveyancing firms. 

 

However, the number of conveyancing firms decreased by 10% in that period, meaning the number of conveyancing cases a solicitor was dealing with increased from an average of the early 40’s at the end of 2012 to the late 70’s by 2022. 

 

To speed up the conveyancing process,

here are five things that should help.

 

To start, a good estate agent should value your property accurately, price it correctly, and market it effectively to attract the right buyers. They should also be able to manage the conveyancing process effectively, ensuring that everything runs smoothly and quickly.

 

The second is the greater adoption of technology to increase efficiency in the conveyancing process. This could include standardised online sellers' information packs, digital logbooks, automated Land Registry and local authority searches, and electronic platforms to share information between estate agents, conveyancing lawyers, mortgage brokers, surveyors, buyers and sellers. These innovations could speed up the buying and selling process, reduce the workload on conveyancers and allow for a smoother and faster completion of sales.

 

Thirdly, by choosing the right conveyancer/solicitor.

 

Tunbridge Wells homeowners can reduce the timescales for getting to exchange and completion.

 

Fourth, the government has started intervening (for good, for once). One massive issue is ensuring the relevant ‘material information’ prospective home buyers need to know about a property is available up front when the property is marketed. This information will undoubtedly speed up the sales process and reduce sales falling through.Trading Standards are implementing a 3-stage strategy for the disclosure of 'material information' on the property when it comes onto the market. Part A was implemented in 2022, and Parts B & C will follow soon.

 

Finally, as a homeowner, you can also do several things to speed up the transaction.

 

When buying a Tunbridge Wells property, there are several steps you can take to speed up the conveyancing process.

 

To start with, instruct your conveyancer/solicitor before making an offer on the property (if you need any advice on choosing a conveyancer/solicitor in drop me a line), so they can conduct anti-money laundering checks and be ready to start work. It's also essential to arrange your mortgage as soon as possible (again, we can help with that if need be), so you can complete your full mortgage application without delay and avoid potential hold-ups. 

 

Other steps to speed up the conveyancing process include instructing your conveyancer/solicitor to order your Local Search as soon as possible, paying for your survey promptly, and getting your home paperwork (such as planning etc.) in order. It's also a good idea to use the estate agent and ask for regular updates from your conveyancer and estate agent so you're fully informed about your sale's progress. Lastly, don't delay answering queries and nudging people along, as this can help speed up the conveyancing process.

 

Overall, taking these steps and being proactive can ensure a smoother and faster conveyancing process when buying a property.

 

To conclude, the Tunbridge Wells (and UK) housing market has seen a surge in transactions, placing more significant pressure on the system, resulting in longer timescales to sell a property. 

 

However, by adopting new technologies and choosing the right estate agent and conveyancer/solicitor, homeowners can reduce the time it takes to sell their property and get to completion. 

 

Please let me know your thoughts on this crucial property matter.