Bexhill ‘Home Owning’ Movers and Shakers in 2018

It’s now commonly agreed amongst economists and the general public that the dramatic rise in Bexhill property prices of the last six years has come to an end.

Read the National newspapers, and they talk of doom and gloom in the British housing market with such things as strained buyer affordability (as property prices have increased over the past six years at a far faster pace than average salaries), a lack of new properties being built and the Brexit uncertainties over the last two and half years being blamed for the slow down – yet in the last 12 months, people have still been moving, buying and selling in Bexhill at levels similar to the last six years – something tells me we have a case of ‘bad news selling newspapers’.

So instead, let me share with you what, exactly, is happening in the Bexhill property market, and more specifically, who is moving and why in Bexhill. Most of the sales in Bexhill over the past twelve months were flats, which on average sold for £169,000 with detached properties having an average sold price of £386,550 and semi-detached properties averaged at £277,600.

In Bexhill, in the homeowner sector in 2018 (i.e. owner occupation), 362 households moved within the tenure (i.e. sold the home they owned and bought another one) and 71 new households were created (i.e. they moved from living with family/friends and bought their first home without privately renting).

What does this mean for Bexhill buy to let landlords? Well looking at the graph, it appears bad news for landlords. There were 169 households that moved into the home owning (owner occupation) tenure from the private rented sector, whilst on the other side of the coin, 133 Bexhill households moved to the private rented sector from owner occupation … which appears on the face of it, a reduction in the private sector.

My research has calculated that in 2018, an additional 176 new households in the Bexhill private rental sector were created

…and it will continue to grow at those levels for the foreseeable future.

I have one final thought and opportunity for you Bexhill property investors. 87 owner occupied households in Bexhill sold in last year where the homeowners had passed away. These properties can be a potential goldmine and offer great returns. The reason being is some members of the older generation who have owned these homes for decades have spent money on high capital items (double glazing / central heating etc.) but not spent money on more superficial low-ticket items such as up to date carpets, kitchen, bathroom and decorating (vital if you want to sell your property for top dollar). These properties can often be bought cheaply because most buyers can’t see past the avocado or brown bathroom suite from the 1970’s and the dated decor, so if you were to buy wisely and do the works, you could sell it on for a healthy profit.

So, whatever is happening in the world with Brexit, Trump, China, and the Stock Market … the Bexhill housing market is in decent shape for the medium to long term. If we do have small corrections in values in the next 12 to 18 months, in the long term, house prices have always returned … and returned with vengeance. Like I say to anyone buying a property, be they a first-time buyer, landlord or homeowner … property is a long game … and if you play the long game, you will always win (although isn’t that true in most aspects of life?). Pause for thought don’t you think?  Best wishes, Patrick Stappleton, Author of the Bexhill Property Blog.

Drop me a line at patrick@redwell-estates.co.uk or call my office at 01424 224242 and we can discuss this further. Kind regards, Patrick Stappleton, author of the Bexhill Property Blog.com, Managing Director of Redwell Estates.

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Top 25 Most Saleable Streets in Bexhill

Following on from my lastarticle, if you recall I said that Cooden Drive had the most properties sold in the TN39 Bexhill postcode, yet I felt that this information wasn’t telling the whole story, as some roads in Bexhill have more properties on them than others.Therefore, I promised that I would compare the average number of properties sold by the actual number of properties on that street, to find out the streets whose owners proportionally moved (or sold) more often than the rest of the locality.

To give some foundation to the article, in 2017 Bexhill homeowners had, on average, lived at their existing address for 17 years and 6 months.

However, when I looked at thedifference between homeowners with and without a mortgage; Bexhill homeownerswithout a mortgage had lived in their Bexhill home for an average of 23 yearsand 9 months compared with 10 years and 1 month for homeowners with a mortgage.

Interestingly, Bexhill’s Rother Council house tenants have on average resided at their present home for 11 years and 4 months, whilst finally for those who rent from a private landlord, tenants generally have lived in their property for an average of 3 years and 11 months (up from 3 years 5 months only five years ago).

The TN39 street in the top 25 saleable streets with the highest number of households on it is London Road, which has 514 residential addresses. Yet since 1995, only 272 properties have changed hands (some multiple times!)  .. which means the street’s saleability or churn rate is 52.9%?

However, the street or road that has the highest saleability or churn rate is Terminus Road … which has 80 households on it, yet since 1995 there have been 130 house sales … a saleability rate of 162.5%. Here is the full breakdown of the top 25 streets …

So, as you can see, some interesting statistics and a lot more correlation between saleability rate and property values (unlike the article last time where we compared value to ‘out and out’ raw sales figures).

Therefore, what does this all mean to Bexhill homeowners and Bexhill landlords?  Well these 25 streets are the best performing streets out of the 373 streets in the Bexhill (TN39) area so if you live/own a property on those 25 streets … you are sitting on a very saleable street. If you want to find out how saleable your street is … please drop me a line at patrick@redwell-estates.co.uk or call my office at 01424 224242 and we can discuss this further. Kind regards, Patrick Stappleton, author of the Bexhill Property Blog.com, Managing Director of Redwell Estates.

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