Post Brexit – Bexhill Property Prices set to drop £25,900 in the next 12 months?

Even the sane among us in Britain has to admit the Brexit vote will, in one shape or another, affect the UK Property market. Excluding central London which is another world, most commentators are saying prices will be affected by around 10%. So looking at the commentators’ thoughts in more detail, property values in Bexhill will be 10% lower than they would have been if we hadn’t voted to leave the EU.

As the average value of a property in the Rother District Council area is £258,800, this means property values are set to drop for the average Bexhill property by £25,880 … batten down the hatches… soup kitchens and mega recession here we come…it’s going to get rough.

BUT before we all go into panic mode in Bexhill… the devil is, as always, in the detail

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33.9% Of Bexhill Homes Are One Person Households

I was having an interesting chat with a Bexhill Buy-To-Let landlord the other day when the subject of size of households came up in conversation.

For those of you who read my Brexit article published on the morning after the referendum, one of the reasons on why I thought the Bexhill property market would, in the medium to long term, be OK, was the fact that the size of households in the 21st Century was getting smaller – which would create demand for Bexhill Property and therefore keep property prices from dropping.

Looking at the stats going back to the early 1960’s, when the average number of people in a home was exactly 3, it has steadily over the years dropped by a fifth to today’s figure of 2.4 people per household. Doesn’t sound a lot, but if the population remained at the same level for the next 50 years and the we had the same 20% drop in household size, the UK would need to build an additional 5.28 million properties (or 105,769 per year).  When you consider the Country is only building 139,800 properties a year, it doesn’t leave much for people living longer and immigration.

In the Rother District Council area, the average number of occupants per household is 2.2 people

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81.3% of Bexhill Properties have 3 or more bedrooms – Problem or Opportunity?

The orthodox way of classifying property in the UK is to look at the number of bedrooms rather than its size in square metres (although now we are leaving the EU – I wonder if we can go back to feet and inches?). It seems that homeowners and tenants are happy to pay for more space. It is obvious, the more bedrooms a house or apartment has, the bigger it is likely to be. The reason being not only the actual additional bedroom space, but the properties with more bedrooms tend to have larger / more reception rooms. However, if you think about it, this isn’t so astonishing given that properties with more bedrooms would typically accommodate more people and therefore require larger reception rooms.

In today’s Bexhill property market, the Bexhill homeowners and Bexhill landlords I talk to are always asking me which attributes and features are likely to make their property comparatively more attractive and which ones may detract from the price. Over time, buyers’ and tenants’ wants and needs have changed. In Bexhill, location is still the No. 1 factor affecting the value of property, and a property in the best neighbourhoods, say Cooden, can command a price nearly 50% higher than a similar house in other areas. However, after location, the next characteristic that has a significant influence on the desirability, and thus price, of property is the number of bedrooms and the type of property that it is (i.e. Detached/ Semi/Terraced/Flat).

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96.4 % of Bexhill Homeowners are over 35 – The affect of their Brexit vote on the Bexhill Property Market

Well it’s now been 7 weeks since the Referendum vote and we have had a chance to reflect on the momentous decision that the British public took. Many of you read the article I wrote on the morning of the results. I had gone to bed the night before with a draft of my Remain article nicely all but finished, to be presented, at just after 5am, with the declaration by the BBC saying we were leaving the EU.

I don’t think any of us were expecting that.

If you want to read a copy of that original Post Brexit blog post, please visit my blog www.bexhillpropertyblog.com and scroll back to late June to find it. In this article I would like to take my thoughts on from that initial article as we now start to see the clearer picture as the dust settles on the UK, but more importantly, the Bexhill Property Market.

Continue reading “96.4 % of Bexhill Homeowners are over 35 – The affect of their Brexit vote on the Bexhill Property Market”

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