What properties are actually selling in Tunbridge Wells?
Prices up, prices down, prices stable .. the newspapers are full of good news, bad news and indifferent news about the Brit’s favourite subject after the weather .. the property market. The thing is the UK does not have one housing market. Instead, it is a patchwork of mini property markets all performing in a different way. At one end of scale is London, which has seen average prices grow in the last twelve months by a shade under 19% (and again that is an average because some Borough’s in London have risen by 26%) whilst in the land of Daffodils, by contrast, Wales only saw a 2% increase in property values (although in the Merthyr Valleys they dropped by over 11%).
But what about Tunbridge Wells? The last few months’ activity and prices achieved would suggest neither house price growth nor drops. In fact, most sellers are buyers anyway, so if you need to take less for yours, you won’t have to pay as much for the one you want to buy … and that is good news for everyone as most move up market when they move. This is even better for landlord investors, as they can bag a bargain as well.
The question you should be asking though is not only is what happening to property prices, but which price band exactly is selling? I like to keep an eye on the property market in Tunbridge Wells on a daily basis because it enables me to give the best advice and opinion on what (or not ) to buy in the town.
If you look at Tunbridge Wells and split the property market into four equalled sized (into terms of households) price bands. Each price band would have around 25% of the property, from the lowest in value (the bottom 25% ) all the way through to the highest 25% (in terms of value). Over the last two months (63 days to be precise), in the lowest quartile, (those with asking prices under £227k) 96 properties have come onto the market and 48.9% of them (47 properties have a buyer and sold stc. The next quartile, between £227k to £300k, of the 101 properties that come on to the market, 35.6% of them (36 properties) have a buyer. The £300k – £525k price range has seen 119 properties come on to the market, and 26.8% of the properties have a buyer (32 properties). The most expensive 25%, the £525k plus range, has seen 34 of the 84 properties that came on to the market find buyers (40.4%). Fascinating don’t you think?
The next three months’ activity will be crucial in understanding which way the market will go this year and I honestly believe we will not see any house price growth or drops this side of the election. Election or no election, people will always need a roof over their head and that is why the property market has rode the storms of Oil crisis in the 1970’s, the 1980’s depression, Black Monday in the 1990’s, and latterly the Credit Crunch together with the various house price crashes of 1973, 1987 and 2008.
And why? Because of Britain’s chronic lack of housing will prop up house prices and prevent a post spike crash. … there is always a silver lining when it comes to the property market!
If you would like to discuss my thoughts on the rental or sales, feel free to pop into our offices on Vale Road or email me on david.rogers@martinco.com
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