Royal Tunbridge Wells Rents Smash Through the £1,500 Barrier

Are Tunbridge Wells Landlords Profiteering?

The private rented sector for both Tunbridge Wells landlords and Tunbridge Wells tenants is facing immense challenges, with a shortage of available homes for rent putting renters under significant pressure. 

And you can see why when the average UK rent in 2021 was £1,381 and in 2023 it has been £1,706, an increase of 23.53%.

Let’s look closer to home in the Tunbridge Wells area.

The average rent for homes coming on the market in the Tunbridge Wells area in 2021 was £1,348 per month, whilst in 2023, it has been £1,503 per month.

(Tunbridge Wells area TN1 to TN4).

You can see why people are accusing landlords of "widespread profiteering".

But as always, the devil is in the detail.

This increase in average Tunbridge Wells rent is for new tenancies,

not tenancy renewals.

A new tenancy is when a brand-new tenant moves into a home, whilst a renewal is when an existing tenant renews the lease with their existing landlord.

Government data shows that most landlords are not exploiting the mortgage crisis, with 64% of landlords maintaining and 4% decreasing rents to shield renters from the impact on renewal of their tenancy agreement, dispelling the notion that they are exploiting the situation.

Looking at the same Government data, of the landlords setting rents for new tenants, just under half of landlords (45%) stated they increased the rent compared to the previous tenancy with the old tenant, whereas a third (35%) kept the rent they charged at the same level, and surprisingly 1 in 12 (8%) decreased the rent.

Therefore, whilst the average percentage growth in Tunbridge Wells for new tenancies is 11.5%, the overall average for all tenancies is only 4.4% for Tunbridge Wells.

And 4.4% is much lower than the rate of inflation. 

Contrary to popular belief, landlords' profit margins have significantly dwindled in recent years. The profits for private landlords are at their lowest since the Credit Crunch due to rising mortgage rates and limited tax relief. This demonstrates that private landlords are not profiteering during the cost-of-living crisis. 

Now some of you will say, Tunbridge Wells house prices have risen in that time. Yes, that is the case, yet not by the rate of inflation, so in fact in ‘real’ terms, their investments have gone down in value.

Landlords are often portrayed negatively in the media but are in fact making considerable efforts to provide safe and secure housing for millions of tenants.

Landlords face growing costs, including increased mortgage payments and the negative impact of a tax system that discourages investment in the rental market. These challenges are further exacerbated by ongoing uncertainty surrounding reforms to the law regarding landlords. 

With limited options available, landlords must choose between leaving the private rented sector, increasing rents as a last resort, or absorbing mounting costs. However, the latter is nearly impossible for most individual landlords who lack deep pockets. To address these challenges, the Government must provide crucial support to the rental market.

To alleviate the burden on renters, the Government should reconsider current taxes which are designed to discourage landlords from providing more rental homes. It is vital to ensure that the supply of rental properties does not further diminish, as Tunbridge Wells tenants simply cannot bear the consequences of a dwindling market and it will lead to further housing hardship.

Without proper government support, both renters and landlords will continue to face challenges, caught between a rock and a hard place.

Housing is such an important thing (rather like the NHS), and I would urge all parties, to move beyond rhetoric and take positive action to support the private rented sector. 

I know many Tunbridge Wells landlords who are making sincere efforts to shield Tunbridge Wells renters from the mortgage crisis, and it is crucial their contributions are recognised.

By fostering an environment that encourages investment and providing support to renters, the Government can help alleviate the strain on both landlords and tenants and ensure a sustainable and fair rental market for all.

These are my thoughts, what are yours?

Why Does it Take 187 Days to Sell a Home in Royal Tunbridge Wells?

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The average time to sell a house in the UK from start to finish is 170 days, equivalent to 24.3 weeks or 5.6 months from the first day of marketing to legal completion, whilst in Tunbridge Wells it’s 187 days.

The actual time can vary depending on market conditions, location, property type, and pricing strategy, so in this article I delve deeper. Here is a breakdown of that 187 days. 

Step 1 - Time to Accept an Offer:

On average, nationally, it takes 50 days (up from 43 days in 2022) to accept an offer on a property. This time starts with placing the property on the market, viewings, negotiating an offer and reaching an agreement with a potential buyer.

In Tunbridge Wells, it is taking 59 days on average

to agree a sale on a property.

Again, the type of Tunbridge Wells property makes a huge difference as well.

 The best-performing type of local property is a terraced house, which takes an average of 34 days to agree a sale, to the poorest-performing type of property, which are flats, which take an average of 74 days.

Step 2 - Time from Offer Acceptance to Completion:

Once an offer is accepted, over the last 12 months, it has taken an average of 120 days nationally for the sale to be completed. This period involves finalising the legal and financial aspects of the sale to the legal exchange of contracts, with legal completion a week or a fortnight later. 

In Tunbridge Wells, it is currently taking on average 128 days from the sale agreed to the sale being completed.

It's important to note that these figures are based on averages and can vary depending on individual circumstances. 

If you need to sell your Tunbridge Wells house quickly, there are a few steps you can take to expedite the process.

There are many factors that can affect how long it takes to sell a house. The three major factors are:

 

a. Your Asking Price: The price you ask in relation to similar Tunbridge Wells properties on the market has the most significant impact. Overpricing can result in fewer viewers, meaning fewer buyers, while competitive pricing generates immediate interest. Look at properties that are similar to yours on the market at the moment. When searching the property portals, not only search for them in price order, search for them in how long they have been on the market. That will give you a fascinating insight into the current state of the property market for Tunbridge Wells homes like yours.

 

b. Buyers' Market, Balanced Market or Sellers' Market:The market condition, whether hot or cold, plays a significant role. In a hot market (sellers’ market), homes sell fast and pricing is not as sensitive, while in a cold market (buyers’ market), competitive pricing is crucial to avoid a prolonged time on the market with no chance of a sale. Find out more about this here

 

c. Quality of Solicitors: Agreeing a price/sale is only half the battle to getting you moved. Your solicitor's efficiency can impact your sale's progress. Choosing a responsive solicitor who cooperates with estate agents can help prevent delays. Again, we can suggest some excellent Tunbridge Wells and regional solicitors that are experts in their field.

If you are considering a move in the next 6 to 12 months, now is the perfect time to start planning. Selling your  home can be a complex process, but with the proper guidance, you can navigate it smoothly and efficiently. As experienced estate agents in Tunbridge Wells, we understand the local market dynamics and have a track record of success.

Our team is well-versed in the factors that impact selling time, including the price asked and market conditions. We work with responsive solicitors who prioritise efficiency and collaboration regarding legal matters. Their cooperation with us as estate agents helps prevent delays, ensuring a smooth progression from offer acceptance to completion.

By pricing your property competitively, we attract immediate interest from potential buyers. Our knowledge of the local Tunbridge Wells market enables us to navigate buyer and seller markets effectively.

If you want to sell your home, we offer a no-obligation free appraisal to discuss your selling timescales. Our personalised advice and guidance are tailored to your situation, giving you the information you need to make informed decisions. Together, we can make your move a reality.

Get in touch with us today to discuss your house sale - 01892 543 856 

 

Is Royal Tunbridge Wells a Buyers’ or Sellers’ Property Market?

A Comprehensive Guide for Royal Tunbridge Wells Homeowners

In the ever-changing world of Tunbridge Wells property, the terms ‘buyers’ market’ and ‘sellers’ market’ are phrases bandied about. 

 

These property market conditions can significantly impact your ability to buy or sell a property, regardless of which side of the fence you find yourself on. 

 

As a local estate agent, I will provide you with a detailed analysis of the property market to find out if we are in a buyers’ or sellers’ market and offer valuable tips to navigate through them successfully. 

 

Additionally, I will shed light on a lesser-known market condition called a ‘balanced market’. So, let's delve into the nuances of these markets and equip you with the knowledge to make informed decisions on buying and selling in Tunbridge Wells.

 
What is a Tunbridge Wells Buyers’ Market?

A ‘buyers’ market’ occurs when the number of Tunbridge Wells homes available for sale exceeds the number of potential buyers. In this scenario, buyers hold the advantage, as they have more choices and can take their time to make decisions. They may even negotiate with sellers to secure more favourable prices. This is an ideal market for Tunbridge Wells buyers as attractive deals are plentiful, while sellers face the challenge of standing out in a sea of properties for sale.

 
What is a Tunbridge Wells Sellers’ Market?

Conversely, a sellers’ market arises when there is a higher demand for homes than available inventory. This creates a power shift in favour of sellers, who can benefit from increased competition among buyers. In a seller's market, Tunbridge Wells properties tend to sell quickly and sellers often receive multiple offers, driving up property prices. This market can be challenging for Tunbridge Wells buyers, as they may face bidding wars and have limited negotiating power.

 

Introducing a Balanced Market.

Apart from the buyers’ and sellers’ markets, a balanced property market exists where the number of people looking to sell property matches the number of potential buyers. In a balanced market, equilibrium is achieved, leading to stable prices and a reasonable timeframe for property sales. This market condition offers a fair playing field for both buyers and sellers, creating a more harmonious real estate environment.

 

Understanding the Dynamics: Supply and Demand of Tunbridge Wells Property.

At the core of these property market conditions lies the principle of supply and demand. 

Tunbridge Wells home buyers have the upper hand when the supply of Tunbridge Wells homes surpasses the demand. Conversely, when demand outpaces supply, Tunbridge Wells house sellers hold the advantage. Recognising which property market you are in is crucial for making informed decisions, regardless of whether you are a buyer or a seller.

 

What Kind of Property Market is Tunbridge Wells in?

The best way anyone can judge the market is to analyse the percentage of properties marked as "Sold STC" (Sold Subject to Contract) and "Under Offer" in relation to the total stock of properties on the market.

 

e.g. if there are 500 properties on the market (both available and sold stc/under offer) and 200 are sold stc/under offer … 200 as a percentage of 500 is 40%.

 

Everyone can do this by searching the property portals (e.g. Rightmove, Zoopla and OnTheMarket) by searching for Tunbridge Wells and calculating it by asking for the results with sold stc/under offer and without sold stc/under offer.

 

The designated property market states are as follows:

•  0% to 20%: Extreme Buyers' Market 
• 21% to 29%: Buyers' Market
• 30% to 40%: Balanced Market
• 41% to 49%: Sellers' Market 
• 50% to 59%: Hot Sellers' Market 
• 60%+: Extreme Sellers' Market

 

This methodology is widely used by many professional property traders, corporate asset managers and developer part exchange providers to quickly assess the temperature of any local market. It offers a reliable and efficient measurement of market heat, enabling informed individuals to select the right strategies and stay ahead of the market to achieve superior results.

 

The statistics have been sourced from website ‘The Advisory’, which have calculated the market state stats for many years. I wanted to share them back to the summer of 2018, so you can see for yourself.

 

What are the Statistics for Tunbridge Wells for the Last 5 Years?

 

	Jun-18	Jun-19	Jun-20	Jun-21	Jun-22	Dec-22	Mar-23	May-23	Jun-23
TN1	41%	43%	34%	57%	60%	53%	48%	39%	39%
TN2	45%	37%	34%	63%	69%	54%	47%	48%	51%
TN3	32%	33%	28%	69%	65%	49%	48%	39%	35%
TN4	42%	42%	38%	63%	64%	52%	43%	46%	49%

You can quite clearly see Tunbridge Wells went into an extreme sellers’ market during 2021 and 2022 yet has returned to levels slightly higher than pre pandemic.

Now of course this could all change, so let me explain both extremes for either market.

 

Tips for Tunbridge Wells Home Sellers in a Buyers’ Market

Selling a Tunbridge Wells property in a buyers’ market can be daunting, but you can improve your chances of success with the right approach. Here are some valuable tips for Tunbridge Wells home sellers:

 

1. Be realistic with your asking price: If the Tunbridge Wells property market becomes a buyers’ market, home sellers will need to understand the challenging market conditions and set a competitive price from the beginning. Overpricing will deter potential Tunbridge Wells buyers from even viewing and lead to your home being on the market for months. People will start to think there will be something wrong with your home and dismiss it even more.
2. Present your Tunbridge Wells home at its best: In a competitive buyers’ market, making your property stand out is vital. Consider staging your home and completing any necessary repairs to make it more appealing to home buyers.
3. Maximise your exposure: Effective marketing is crucial, particularly in a buyers’ market. Collaborate closely with a reputable local Tunbridge Wells agent with extensive area knowledge and a strong marketing team to ensure maximum visibility for your property. Gone are the days of just putting the property on Rightmove and hoping. 
4. Be prepared to negotiate on more than the pound notes: Price is not the only factor in negotiations. Buyers may also be open to discussing terms and conditions like what you are leaving regarding fixtures and fittings, so be flexible and willing to find common ground.

 

Tips for Buyers in a Tunbridge Wells Seller's Market

If you find yourself navigating a sellers’ market as a Tunbridge Wells buyer, these tips will help you improve your chances of securing the right property:

 

1. Define your necessities: Clearly understand your property needs and prioritise them. Be prepared to compromise on certain aspects to increase your chances of finding a suitable property.
2. Be friendly: Build a positive rapport and relationship with the home sellers on the viewing. This can really work in your favour. First impressions can make a difference.
3. Act quickly: In a seller's market, hesitation can lead to missed opportunities. If you come across a Tunbridge Wells property that meets your criteria, schedule a viewing promptly and be prepared to make an offer if it resonates with you.
4. Make fair offers: While everyone wants a great deal, offering a reasonable price shows respect to sellers and increases the likelihood of your offer being considered. Silly low offers are often dismissed in competitive markets and can sometimes offend.
5. Practice patience: Although speed is essential, exercising patience is equally vital. Rushing into a decision can result in regret. The right property will come along, so balancing acting swiftly and making informed choices is critical.

 

Understanding the dynamics of buyers’ and sellers’ markets is essential
for both buyers and sellers in the Tunbridge Wells property market.

 

By grasping the nuances of each market condition and applying the appropriate strategies, you can maximise your chances of achieving your Tunbridge Wells property goals. Whether you find yourself in a buyer's market, seller's market, or a balanced market, adapting your approach and working closely with an experienced local agent will significantly enhance your chances of success in the ever-changing world of real estate.

 

But let me leave you with this one last thought. Regardless of whether it's a buyer's or seller's market, it's important to recognise the interconnected nature of these market conditions. 

 

A significant statistic to consider is that 81% of sellers are also buyers.

 

This means that as you gain an advantage as a seller in a hot market, you may face challenges when transitioning to the buyer's side. 

 

Conversely, in a buyers’ market where you have the upper hand as a buyer, you might encounter difficulties when selling your own property. 

 

It's crucial to understand this dynamic and plan accordingly, as the dynamics of the Tunbridge Wells property market are often a delicate balance between gaining and losing, and this holds true for both buyers and sellers.

 

These are my thoughts, do share yours in the comments or by reply.

 

 

Evolving Royal Tunbridge Wells Property Preferences: A Shift in Types of Tunbridge Wells Properties Purchased Over the Last Two Years

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The Tunbridge Wells property landscape is constantly evolving, shaped by societal, economic and cultural factors. 

The type of properties people have bought in the last few years since Lockdown One has undergone some notable changes, reflecting shifting preferences and lifestyle choices. 

This article explores the transformations in property purchasing trends over the last two years compared to the long-term, almost three-decade average, with a focus on detached houses, semi-detached houses, terraced houses and apartments.

Tunbridge Wells Detached Houses: A Shift Towards Modernity

Detached houses, long considered the epitome of homeownership, have witnessed a transformation in buyer preferences. They still hold significant appeal, particularly for families seeking privacy and ample space, the demand for detached properties in the last couple of years has decreased, when compared to the previous average of the last three decades. This shift started before lockdown and can be attributed to several factors, including changing demographics, the way people live, varying land costs and evolving lifestyles that prioritise convenience and urban living. 

Between 1995 and 2020, 4,921 detached homes sold in the Tunbridge Wells area, representing 24.9% of all the property sales in those 26 years. 

In the last two years (2021 & 2022), 525 detached homes sold in the Tunbridge Wells area, representing 21.6% of all the property sales in those 2 years, a proportional drop of 13.4%. 

Tunbridge Wells Semi-Detached Houses: Balancing Space and Affordability 

Tunbridge Wells semi-detached houses have maintained a relatively stable position in the property market over the past three decades, striking a balance between the space offered by detached houses and the affordability of terraced houses. While their popularity has seen minor fluctuations, their appeal to both families and young professionals looking for more spacious living arrangements remains consistent.

In recent years, there has been a noticeable increase in demand for well-presented mature extended semi-detached houses as homeowners increasingly seek larger properties that accommodate work-from-home setups and additional living spaces for multi-generational living. This trend suggests a growing emphasis on both comfort and adaptability within the modern local home.

Between 1995 and 2020, 5,101 semi-detached homes sold in the Tunbridge Wells area, representing 25.8% of all the property sales in those 26 years. 

In the last two years (2021 & 2022), 607 semi-detached homes sold in the Tunbridge Wells area, representing 24.9% of all the property sales in those 2 years, a proportional drop of 3.4%.  

Tunbridge Wells Terraced Houses: Embracing Urban Living

Nationally terraced houses have witnessed a resurgence in popularity with many new home builders utilising the modern ‘town house’ in a three-storey format. These houses in modern suburban areas provide a contemporary take on this traditional property type, attracting younger buyers looking for a low-maintenance lifestyle without sacrificing space (as they are built over three floors).

Then we have the Victorian terraced home which offers a blend of affordability, convenience and a sense of community tracing its history back over 100+ years. Young professionals, couples and small families are attracted to the charm and character of these properties, the generous square footage and close to the town centre location, often means the need for a car is reduced.

Between 1995 and 2020, 4,174 terraced homes sold in the Tunbridge Wells area, representing 21.1% of all the property sales in those 26 years. 

In the last two years (2021 & 2022), 497 terraced homes sold in the Tunbridge Wells area, representing 20.4% of all the property sales in those 2 years, a proportional decrease

of 3.3%. 

Tunbridge Wells Apartments: The Rise of Vertical Living

Perhaps the most significant transformation in property type preferences over the past three decades can be observed in the increased popularity of apartments in the UK. Rapidly rising land costs and a growing desire for low-maintenance living have propelled the demand for apartment living to new heights.

Apartments offer a range of benefits, including affordability, security, access to amenities and a lock-and-leave lifestyle. Millennials and young professionals are drawn to the convenience and vibrant urban environments that apartments often provide. Additionally, the growing focus on sustainable living and reduced carbon footprints has further fuelled the demand for high-density housing options. Also, the issue of cladding which has become a great worry is hopefully on its way to being sorted.

Between 1995 and 2020, 5,559 apartments sold in the Tunbridge Wells area, representing 28.1% of all the property sales in those 26 years.

In the last two years (2021 & 2022), 804 apartments sold in the Tunbridge Wells area, representing 33.0% of all the property sales in those 2 years, a proportional  increase of 17.4%.

This is particularly interesting when we compare the Tunbridge Wells stats to the national picture. Detached houses have seen an increase in demand from 34% of sales a decade ago to 39% last year, semi-detached houses have maintained their appeal and increased from 26% to 28% in the last decade. Terraced houses have witnessed a drop from 26% a decade ago to 21% last year and finally apartments have slightly increased from 11% to 12%.

The property preferences in Tunbridge Wells have experienced notable shifts over the past two years compared to the long-term average of the last three decades. As the property landscape continues to evolve, it is crucial to analyse these shifting preferences to understand the needs and desires of potential homeowners (and tenants). 

Of course, detached houses remain a peak of home ownership, yet as the area's market is adapting to cater to changing demographics, urbanisation and evolving lifestyles, this might start to change in the coming decade. 

By recognising and responding to these trends, homeowners, buy-to-let landlords and planners and developers can ensure that Tunbridge Wells' property market continues to thrive and meet the demands of the future.