Is This the End of No-Fault Section 21 Evictions for the 7,376 Bexhill Tenants?

Is This the End of No-Fault Section 21 Evictions for the 7,376 Bexhill Tenants?

In the late Spring, the Government announced that they were planning to end no-fault evictions for tenants living in private rented accommodation. In this article we look at the impact for Bexhill homeowners, Bexhill tenants and Bexhill buy-to-let landlords.

In the late spring, the Government announced that they were planning to end no-fault evictions for tenants living in private rented accommodation.

I have had a number of Bexhill landlords contact me anxious that removing a tenant from their Bexhill buy-to-let property in the future had possibly become a lot more problematic. Yet, at the launch of the consultation on the changes to the piece of legislation relating to no-fault evictions (called the Section 21 amendments), the Government wanted to assure British landlords that they would be protected by the bolstering of the existing Section 8 legislation. The current Section 8 allows landlords grounds for recovery of their properties for reoccupation of the landlord, non-payment of rent and other legitimate factors.

3,489 Bexhill landlords are affected by this
potential change in the law

Yet, it is comforting for Bexhill landlords and tenants in the fact that most competent letting agents very rarely have to evict a tenant. In the worst-case scenarios the tenant needs evicting (normally because rent hasn’t been paid) or because the landlord is either selling their buy-to-let investment or moving back into their property. Look at the consultation – it has been indicated that those grounds will not be removed from section 8 powers during the government’s consultation and the talk is they will be bolstered and improved. To put the removal of Section 21 notices into some context…

Only 22,527 section 21 notices made it to Court last year, out the 4.5million private rented households

Scotland banned no fault evictions (i.e. their own version of a Section 21) two years ago, and the model suggested by Westminster is similar to that of the new Scottish system. Landlords, tenants and agents have had to adapt north of the border, and there hasn’t been the mass exodus of landlords from the market since then.

Yet the call in the lettings and legal profession is … if the Government is intent on making these changes, we need well-funded courts which specialise in housing and tenancy matters (like there are for family law and children). Especially when the landlord manages the property themselves (without an agent), the issue of eviction comes about from a breakdown in communication between landlord and tenant. The courts could use their mediation skills to make it simpler and faster for tenants and landlords to obtain quick and available justice instead of the existing drawn out procedures under Section 8, which helps no one (not even tenants). This is important as the demand for Bexhill rental properties is growing and people need a home to live in – fact.

Bexhill needs an additional 166 buy-to-let properties per year for the next decade to meet the demand from Bexhill tenants

As an agent in Bexhill, I know most Bexhill landlords consider buy-to-let in Bexhill as a long-term investment, with the average landlord looking to retain their buy-to-let property for at least 10 years and beyond. Talking to other agents around the country, over 90% of Section 21 notices are made by the tenant, not the landlord. Removing the Section 21 notice could affect tenants more than landlords.

Replacing Section 21 with a process that requires a landlord to firstly have a good reason, and secondly go through due process, will likely remove the more unprincipled landlords from the property market. That is great news as those unprincipled landlords will either sell their properties to new buy-to-let Bexhill landlords, or to tenants who want to buy them. So, it could be a small win for people looking for a new Bexhill home, and a disappointment for unprincipled landlords simply looking for a cash cow ‘have no care about the property or tenant’ investment vehicle.

If you are a Bexhill landlord and want to know more about this, whether you are a landlord of ours, a Bexhill landlord with another Bexhill agent or a self-managing landlord, feel free to drop me a line or pick up the phone (I don’t bite) to chat about the implications of this and other legislative changes that are on the horizon. For more articles go online or click the following link www.redwell-estates.co.uk and head for the blogs. Here there are many different topics to chooses from, enjoy your reading time. Best wishes Patrick Stappleton Author of the Bexhill Property Blog.

The statistics were taken from the Ministry of Justice, Census and projections from ONS and English Housing Survey.
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Are Bexhill Builder’s Constructing the Wrong Type of Property?

The British housing market has never been so newsworthy.

Every other day, there is an article in the newspaper or online about impending house price drops, house price rises, building on green belt, mortgage rates up/down, first time buyer affordability and the woes of being a buy to let landlord, to mention but a few. As a nation, we have a strong national desire to be homeowners.

The English Housing Survey stated the proportion of owner-occupied households increased steadily from 52% in the early 1980s to 2003 when it reached its peak of 71%. Since then, owner occupation gradually declined to 63% in 2014, yet in fact increased to 64% in 2017 and has stayed there since.
One of the main motives of home ownership is the prospective tax-free capital appreciation that can be obtained.

It’s no wonder the phrase ‘as safe as houses’ is popular in the English language, as many homeowners use homeownership as a nest egg or even a pension pot, as savings rates are at extraordinarily low levels.

Yet even with the news that homeownership is on the rise, the biggest seismic shift to the Bexhill property market is the growth of the rental market, which has more than doubled in the last 15/20 years. So how can the social housing sector (Council Housing) remain roughly at the same level since the millennium, homeownership slightly grow, yet the private rental sector be so huge?

Well it comes down to the fact that many more homes have been built in Bexhill in the last 15/20 years, and a lot of them have been bought for buy to let, or Bexhill homeowners with second hand starter homes have also sold them to buy to let landlords and they have bought larger brand new homes.

Yet the question we wanted to ask is … are we building the right sort of homes, especially when it comes to the number of bedrooms? Whilst the data doesn’t exist for Bexhill, the country’s stats are available, and it makes fascinating reading…

Looking at the graph in 2008, 59% of new homes built were one and two beds, yet last year that had dropped to 35%.

The Housing Minster said recently he was concerned that new homebuilders were building the wrong types of homes in the wrong places at the wrong prices. Many (not all) tenants are tenants because they can’t afford the deposit and as there is a direct coloration between the rent’s landlords charge and tenant’s earnings (i.e. as earnings go up, rents go up and vice versa), and earnings for the last seven years have been subdued, the property tenants have been able to afford in Bexhill are the smaller one and two bed properties.

Yet a lot of these tenants are now having families (with the need for larger property with three, even four bedrooms).

Looking at the stats for Rother, it can be seen the vast majority of homeowners live in the larger properties with more bedrooms, whilst private rental tenants are in the smaller properties (with less bedrooms).

Our concern is – will young families and professionals be able to afford to live and work in Bexhill, especially as the local authorities are unable to build council housing (aka Social Housing)?

One symptom of all these issues mentioned above is the massive growth in multi-family households (i.e. households containing two or more families), which have increased by 42% in under a decade. Now of course many will be because of older couples moving in with their adult children yet many are unrelated families sharing a house, something that simply shouldn’t be happening in 2019.

If we don’t increase the supply of the ‘right’ sort of homes, what will their living conditions be like?

Whilst we are still a country of homeowners and even though there has been a slight growth in numbers, the long term trend is downwards if we don’t build enough of the ‘right’ new homes, in the ‘right’ location and the ‘right’ price, Bexhill people will continue to increasingly rent … which is only good news for Bexhill buy to let landlords.

So, Whats your take on this? Do you agree? Let me know by emailing me on patrick@redwell-estates.co.uk. Thank you for reading and if you want to read more articles then go to my blog at www.bexhillpropertyblog.com. Regards Patrick Stappleton

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84.3% of Bexhill OAP’s own their own home … and they are worth £2,165m

Yes, that number is staggering isn’t it ….

Of the 8,980 households in Bexhill where the head of the household is 65 years or older, an astounding 7,570 (or 84.3%) of those are owned, which is just above the national average of 74.1%, which sounds great – yet nothing could be further from the truth.

I chat with many Bexhill pensioners who would like to move but cannot, as there is a scarcity of such properties for Bexhill mature people to downsize into. Due to their scarcity and high demand, Bexhill bungalows on average get a 12% to 22% premium per square metre premium over two storey properties. To add insult to injury, a recent NHBC survey reported that only 1% of new builds in the Country were single storey bungalows (compared to 7% in the mid 1990’s).

Bexhill OAP’s are sitting on £2,165m of equity in these Bexhill homes.
In a survey conducted a couple of years ago by YouGov, they established that just over one third of homeowning people aged 65 and over in the Country were looking to downsize into a smaller home.

Yet, the Tory’s over the last nine years have appeared to target all their attention on first-time buyers with stratagems such as Starter Homes to safeguard the youngsters of the UK not becoming perpetual members of ‘Generation Rent’. Equally though, this doesn’t address the long-lasting under-supply of suitable retirement housing essential to the needs of the Bexhill’s hastily ageing population.

Lamentably, the Bexhill’s housing stock is tragically unprepared for this demographic shift to the ‘overextended middle age’, and this has created a new ‘Generation Confined’ quandary where older people cannot move.

Also, those older Bexhill retirees’ who do live in the limited number of Bexhill bungalows are finding it difficult to live on their own, as they are unable to leave their bungalow because of a lack of sheltered housing and ‘affordable’ care home places.

 Meaning those older Bexhill retirees can’t leave their Bexhill bungalows, younger Bexhill retirees in their larger 2 storey family houses can’t buy those Bexhill bungalows (occupied by the older retirees) and those Bexhill people in the 30’s and 40’s can’t buy those larger 2 storey family houses (occupied by the younger retirees) they need to for their growing families … it’s like everyone is waiting for everyone because of the bottleneck at the top.

For those wanting to see the complete stats for Bexhill as whole …
Bexhill’s (and the rest of the UK’s) property prices have soared over the last 50 years because the number of properties built has not kept up with demand. With restrictive planning regulations, migration, people living longer and excessive divorce rates (meaning one family becomes two) we need, as a Country, 240,000 properties to be built a year since the Millennium to just stand still.

At the turn of the Millennium, the Country was constructing on average 180,000 to 190,000 households a year, that figure dropped in the five years after the Credit Crunch to 135,000 and 145,000 households a year. Although we built 217,000 last year, we still have all those 19 years to make up for.

The answer …. allow more land for starter homes, bungalows and sheltered accommodation because land prices are stifling the property market as the large building firms are more likely to focus on traditional houses and apartments than bungalows (because they make more money from them).

My thoughts for the savvy Bexhill property investors – until the Government change the planning rules and allow more land to be built on – Bungalows, especially ones that need some TLC after someone has passed away, are a great bet for flipping and even potential rental returns for future property investment as more and more OAP’s will be renting in the decades to come?

For more of my blogs, go online to www.bexhillpropertyblog.com, where there are many different articles discussing the Bexhill Property Market. Let me know your thoughts please. If you have a bungalow to sell or rent, then give me a call on 01424 224242. Regards Patrick Stappleton.

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What’s the biggest street in Bexhill (TN39)?

In this week’s article I talk about the 20 biggest streets in TN39 in terms of the number of households on that street or road then compare their total values and how many people have moved homes in the last three years on those streets, with some most interesting and intriguing outcomes.

What’s the biggest street in Bexhill (TN39)?

Well my recent articles about Bexhill’s most moved street in the last 3 years and the Monopoly board article (the one where I listed the most valuable streets) caused quite a lot of interest locally, so I decided to see what else I could find out about the TN39 postcode area, and I have been able find out the biggest streets in the Bexhill (TN39) postcode area.

Don’t worry, I will get back to some hard-hitting articles about the lack of new homes being built in Bexhill, the trials and tribulations of being a Bexhill buy-to-let landlord and the future of the Bexhill property market … yet in this article because of the previous positive comments, I wanted to give you what you, the Bexhill homeowners and Bexhill landlords asked about and wanted!

The biggest street in TN39, when it comes to the number of houses on it is London Road, with 527 homes. In second place is Cooden Drive with 451 homes and in third is West Parade with 333 homes.

Yet, size isn’t everything and the most valuable street of the top 20 biggest streets is Cooden Drive at £167.6m with an average value of £372,000 per property.

The street with the greatest number of movers in the last 3 years is also Cooden Drive, yet its saleability rate was only 15.1%, with Little Common Road having the highest saleability rate of 21.3%.

The full breakdown can be found in this chart below.

Yet, did you really think I wouldn’t get at all serious ..

The basic rudiments of the Bexhill property market remain principally healthy in many parts of Bexhill, yet the existing political environment means that the vital element of confidence has been diminished slightly in certain parts, and that is triggering a minority of potential property purchasers and house-sellers to vacillate, yet with unemployment at an all-time low, a record number of people with a job, ultra-low interest rates and decent mortgage availability (with the Banks and Building Societies tending to drop mortgage rates instead of increasing them), those Bexhill first time buyers (and especially Bexhill buy-to-let landlords) who have adjourned their next house purchase because of perceived political uncertainty should be reminded that talking to many of my fellow Bexhill agents they have more homes on their books than at any time for the last three or four years, so there is a greater choice of Bexhill properties to call your next home/BTL investment with a potential of securing a great property deal in the next month or so.

Irrespective of what happens with Brexit, Bexhill people will still need a roof over their heads and as I have mentioned on several occasions, I have proved beyond doubt we aren’t building enough homes both locally in Bexhill and nationally. If supply is limited and demand increases (as the population grows and we get older), prices in the medium to long term can only go in one direction. Upwards!

So, whatever happens with BoJo and Brexit – why wait, because once we get over that hurdle, there will just be another hurdle and another hurdle and by which time – we will be in 2029 and you would have missed the boat. We survived the Global Financial Crash, 3-day week in 1970s’, hyperinflation etc etc …  yet the choice is yours. I hope you enjoyed this article and invite you to make contact. Wishing you all the very best, Patrick Stappleton Author of the Bexhill Property Blog.

END

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Bexhill Property Market Update Summer 2019

In this week’s article on the Bexhill property market we look back at the last 12 months to see how many properties have sold compared to the long-term average, what’s happened to Bexhill property prices by property type and then we look forward to the short, medium and long term – what affects the new PM and his policies will have on the property market, both locally and Nationally.

The foundations of the Bexhill Property Market over the summer have continued to be principally sound; yet the existing political macroclimate means that the critical element of consumer confidence has been reduced and that is triggering some potential Bexhill property buyers and Bexhill house sellers to falter slightly and hang fire making any firm decisions on property.

With record low interest rates at 0.75%, low unemployment rates of 3.8%, and decent mortgage availability (even those with low deposits – there were 224 mortgage deals available on the day of writing this article where only a 5% deposit was required and 5 main stream lenders that would offer 100% no deposit mortgages), Bexhill buyers have a lot going in their favour, aside from the perceived political uncertainty.

Interestingly, Rightmove have stated there are more properties for sale today in the Country, than at any time since 2016, and Bexhill follows that trend. Even with that in mind, property values have remained reasonably stable as The Land Registry has just released its House Price Index for Bexhill and the surrounding locality and it makes very interesting reading.

Overall, property values in the Bexhill area are 2.1% higher
than a year ago as the average property value in Bexhill now stands at £292,700.

When I looked at the types of Bexhill properties, a slightly different picture appeared ..

• Bexhill Detached homes rose by 2.7%
• Bexhill Semi-detached homes rose by 2.3%
• Bexhill Terraced/Townhouse rose by 2.3%
• Bexhill Flats/Apartments dropped by 0.2%

and splitting down the types of Bexhill into property types ..

• Bexhill Detached £406,900
• Bexhill Semi-Detached £271,900
• Bexhill Terraced/Townhouse £231,600
• Bexhill Flats/Apartments £182,100


Yet, Bexhill Property Market Blog readers will know I always like to measure the health of the Bexhill property market not only by house prices but transaction levels as well ..

800 properties were sold in the last year in Bexhill,lower than the 10-year average of 961 properties per annum

Considering the uncertainty, the Country has been through in the last three years with the ‘B’ word issue, I don’t think that’s too bad and shows the underlying resilience of the Bexhill property market.

Now looking forward towards the end of the year… how will Bexhill house values change under the new Prime Minister?

Bexhill buy-to-let landlords and Bexhill first-time buyers seem to be sustaining their preceding activity levels, which is heartening news. It’s quite conceivable that both cohorts are presently profiting from the marginally increased numbers of Bexhill homes on the market, which not only offers them greater choice, but aids with their negotiations. The suggested Stamp Duty changes made me look at previous Stamp Duty changes in the last decade and their effects have been rather short term.

That means those selling their homes in Bexhill need to be realistic with their pricing, and, as most sellers also buy a property, what you might lose on your sale you will make up on the purchase.

BoJo, Brexit … to be honest are all short-term distractions from the long-term issues of the UK and Bexhill property market. Until we start building at least 300,000 properties a year to meet the demand for UK property, demand will always outstrip supply, meaning irrespective of short-term fluctuations that may (or may not) be caused by domestic and world events (including the ‘B’ word’), prices will always in the medium to long term remain stable and increase. Thank you for reading my latest blog.

For more articles click on www.bexhillpropertyblog.com or go onto the Redwell Estates website. Patrick Stappleton, Author of the Bexhill Property Blog. Com


The information was gathered from the following places: Property Values Growth is for your Local Authority from the land Registry. Property Value Types from Zoopla and House sale numbers from Land Registry

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Is Bexhill Too Densely Populated?

In this week’s article on the Bexhill property market, I compare the population of Bexhill and the density of people living in Bexhill to nearby towns / cities and other hotspots around the country to decide if we are overcrowded.

Has England’s green and pleasant land suddenly become England’s green and overcrowded land?

With the nation’s ever-increasing population and the double whammy that people are now living longer, this means as each year goes by, there is an ever-growing strain on public services and my favourite topic – housing. It’s no wonder some people are saying things are at crisis point when it comes to infrastructure (like roads, schooling etc.) and housing. I hear it all the time, people complaining that Bexhill looks like a building site and, we are packing people in like sardines into our Bexhill homes. Yet I wanted to find out exactly what the truth was.

Starting with the UK as a whole, there 698 people per square mile whilst in England, there are 1,103 people per square and finally in Greater London 14,587 people per square mile … these all sound quite awful numbers, until you drill down and realise a square mile is an awfully big area – there are only 93,600 square miles in the whole of the UK and that includes the wilderness areas of Scotland!

Let’s look at more realistic areas of land … and I want to look at my favourite – the acre. To those born after the mid 1970’s, an acre is roughly half the size of a football pitch or a square roughly 63 metres by 63 metres and there are just less than 2.5 acres in a hectare.

The population of TN40 is 17,422 and the total area of TN40 is 1,701 acres, meaning 10.24 people live per acre in Bexhill’s TN40, So, how does that compare to neighbouring areas…

As you can see, only just over 10 people live per acre in Bexhill’s TN40, interesting when compared to both Greater London, which has density of 23.26 people per acre and London’s most crowded suburb, Pimlico at 92.32 people per acre. Yet even Pimlico is nothing to the Collblanc district in Barcelona, which has 214.8 people living it per acre.

So, is Bexhill overpopulated? Yes, it seems that way at school time or rush hour when sitting in traffic that Bexhill is overpopulated – yet the stats show – we aren’t.

Evidently, we are never going to have an even spread of population as can be seen from the figures in the table, and the remote nature of some parts of the Country would not be able to withstand high densities of new people without enormous infrastructure investment.

Yet could we accommodate a much larger population in the UK (and Bexhill) although there would be trade-offs? Look back at the 17th and 18th century and certain sectors of society were warning about population growth. The population of the UK in 1801 was 10.5 million and even with the growth of the population since then, only 1.2% of the UK is currently built on for housing purposes.

The question, it seems to me, is not can we manage but how
would a larger Bexhill population change our way of life,
both for better and possibly worse?

The planners have a responsibility to ensure Bexhill provides its fair share of new homes to accommodate this population growth in the coming years. The local authority has a responsibility towards adequate provision of the infrastructure of roads, hospitals and schools etc., to match the growth in housing. This is not a political topic and I hope once the ‘B’ word is finally sorted we can get on with addressing the shortage of affordable new homes for future generations.

Well I do hope you enjoy reading my blogs and they are a use to how you play the Bexhill property market. If you fancy a chat on any of the topics written just call me or pop into my office in Western Road Bexhill for a chat. Best wishes, Patrick Stappleton. Author of the Bexhill property blog.

Other Information
The Statistics are taken from the recent Census on our patch. The statistics for Bexhill the ONS Built Up Area definition of Bexhill, which can slightly differ by as much as 5% to other ONS population statistics.

 

 

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Which Street in Bexhill has seen the most homeowners moving in the last 3 years?

Lots of people say moving home is one of the top ten most stressful events in your life. Fortunately, there is a way to mitigate your stress. In a nutshell, start as early as you can, plan ahead and do everything you can to make it easy on yourself, your family and even the family pet. As an agent in Bexhill, my team and myself have been helping homeowners, landlords, buyers and tenants move, sell and let their Bexhill homes for many years. So I thought I would share some top tips for making your move as stress free as possible – then find out which streets in Bexhill have moved the most in the last 3 years.

The first tip is to plan ahead and write a list; because whilst it is taking between 15 and 20 weeks at the moment from finding a buyer to moving, those few weeks will fly by in no time as day to day life carries on. Next, get yourself a decent home removal company as they are worth their weight in gold on moving day – and if you need to know a good one in Bexhill – drop me a line and I will let you know who my clients are raving about.

Next, a cluttered Bexhill home doesn’t sell or let well, so maybe consider decluttering before you market the property. It will sell/let better and when it comes to the move – the job will be so much easier. Know where you plan to put all your important documents (like Passports and Bank PIN etc). Tell your utility providers and it is a good idea to create electronic copies of significant documents by scanning and saving them onto a USB stick and don’t forget to get your mail redirected.

On the day of moving home stress levels will be high and I know you will want to get everything packed away and have the tea on by 5.30pm! Those who have moved many times know that isn’t the case. Be realistic, as it’s doubtful you are going to unpack all your boxes in your new home by the end of the first day.

Make sure to keep your ‘Moving Day Survival Equipment’ close by, change of clothes, wash equipment, cold bottles of water, biscuits, kettle, tea/coffee/milk, crisps (even G&T??) to keep your spirits, morale and energy up – you will be fine.. but it will take a few days to completely unpack and get your new Bexhill home the way you would like it to be. As long as you have your bed set up and made by the end of moving day – you can have the rest of the weekend to get ship shape.

So, which street or road in Bexhill (TN39 to be more precise) has put themselves through one of the most stressful moments in their life over the last 3 years? Which street has seen the most home moves and experienced the trials of moving home.

.
Or broken down into the streets with numbers and values.

Cooden Drive comes in at the top spot, with 63 home movers in the last 36 months with a total property value of £24,323,000 sold, interestingly there are 451 properties on the road … so have a look at the top 20 and see if your street is in the Top 20! … but before you go, if you do need any help or guidance about moving home or advice about the current state of the Bexhill property market, then feel free to drop me a line or read the other articles in my blog on the Bexhill Property market.

My name is Patrick Stappleton and Im the Author of the Bexhill Property Blog. Contact me on 01424 224242 or by email at patrick@redwell-estates.co.uk

 

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The Affordability of Buying Property in Bexhill

In this week’s article on the Bexhill property market we talk about the affordability of buying a home in Bexhill since 1997 and how these changes have meant the demand for private rental properties in Bexhill will continue to grow for the foreseeable future.

The Affordability of Buying Property in Bexhill

Looking back at the 75th Anniversary of the D-Day landing a few months ago, it reminded me of the huge changes that have happened to Bexhill and more specifically the Bexhill property market since WW2. Back in 1946, the average wage in Bexhill was just over £5 a week and to buy an average car would cost you just under £600, yet this is a property blog, so…

The average value of a Bexhill property in 1946 was £1,201

In fact, in those 75 years, the average Bexhill house had doubled in price by 1961, then again in 1971, 1975, 1980, 1988, 2000 and 2006. Now a lot of those increases

(especially in the 1970’s) were caused by hyperinflation, yet since the start of the 21st Century inflation has been kept low and since the Credit Crunch (2008/9), whilst property values have been rising, they haven’t been at the rates experienced in the latter half of the 20th Century.

Now what a property sells for is irrelevant, its whether someone can afford it.

Increases in Bexhill property values have produced huge increases in equity for many Bexhill homeowners and Bexhill buy to let landlords, yet on the other side of the coin also making housing unaffordable for other people. The best measure of the affordability of housing is the ratio of Bexhill property values to Bexhill average earnings (i.e. salary/wages). The ratio works on the basis the higher the ratio, the less affordable properties are.
In 1997, the average value of a Bexhill property was 5.8 times higher than the average annual wage in Bexhill, in 2008 it peaked at 10.6, yet one year later it had dropped to 9.2 and since then has slowly risen to over 12 times higher!

Even though property in Bexhill became more affordable after the 2007/8 property crash (i.e. the ratio dropped), in subsequent years, with house values rising but earnings/salaries not keeping up, the ratio started to rise.

This has meant there has been a decline in affordability of property in Bexhill over the last five years – so for those on particularly low incomes or with little capital, it unfortunately means that buying a Bexhill home will never become an option.

Therefore, the demand for private rented properties in Bexhill will continue to grow as many young Bexhill people are deciding to rent instead of buy their own house (knowing when their parents pass away, the equity built up in their parents property will be passed down – and then they can buy in their 50’s and 60’s – just like it happens in Germany).

Yet, that is many decades away and with fewer Bexhill people wanting or able to save up the 5% deposit required by mortgage lenders, more and more people are looking to rent. Tie this in with the subtle shift in attitudes towards renting since the Millennium and less people jumping the on the bottom rung of the property ladder, this has driven rents and demand up in Bexhill over the last few years. Yet (and it’s an important proviso) the type, location and demands of Bexhill tenants has changed over that same time frame meaning you can’t just make money from buy to let as easily as falling off a log like you did in the early 2000’s.

If you are an existing landlord with us (or even another agent in Bexhill) or someone thinking of becoming a first time Bexhill landlord looking for advice and opinion and what (or not to buy in Bexhill), one source of information is the Bexhill Property Blog just click on bexhillpropertyblog.com – or drop me an email or phone call and let’s start a conversation – I don’t bite and I don’t do hard sell … and maybe, just maybe, I could help you get better returns from your property portfolio. My name is Patrick Stappleton, Author of the Bexhill Property blog. END


THE STATS. They come from the lovely Office of National Stats and they are for your local Council. The 1946 value is taking the ZPG current value of a property today in Bexhill and then taking it back 10 years to allow the seismic change in the UK figures, then applying the national change from 1946 to 2008 …

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2.6% of all Properties Sold in Bexhill are New Builds

In this week’s article on the Bexhill property market, I consider the historic effect that new homes make on the whole Bexhill property market, whether we are building enough homes and what that means for existing Bexhill homeowners and Bexhill landlords.

Of the 16,300 houses and apartments sold in Bexhill (TN39) since 1995, 570 of those have been new homes, representing 2.6% of property sold. So, I wondered how that compared to both the regional and the national picture …and from that, the pertinent questions are: are we building too many new homes or are we not building enough?

Roll the clock back a few years and in 2013 the Government expressed its disappointment that, as a Country, builders weren’t building enough new homes to house our citizens. They promised to hasten new homes building to the fastest rate since the 1980’s when the Country was building on average 168,100 private households a year. The Housing Minister stated he wanted the private sector to build in excess of 180,000 households a year, a figure which seemed unachievable at the time. In 2013, private house building was in the depths of a post Credit Crunch dip, with just 96,550 private new homes being built that year. Yet, in the five years since then, private new-build completions have climbed steadily, rising by 59.5% to 154,100 new home completions in 2018…so on appearances alone, whilst the growth is impressive, the new homes builders haven’t met their targets…. or have they?

In addition to the 154,100 new homes completions in 2018, the private sector also provided an additional 29,700 new households gained from change of use between office, industrial and agricultural buildings to residential homes meaning, last year, the private sector created 183,800 new households. When we look at the public sector, there were 30,300 Housing Association new homes and 2,950 Council houses built last year, meaning after making a few other minor adjustments, the total number of new households/dwellings created in the UK in 2018 was 222,190.

Most of the growth can be credited to an improving economic framework, though continued help for first time buyers with the Help to Buy Scheme has enabled some younger buyers to bypass the issue of saving for a large deposit for a mortgage when buying a home, thus supporting confidence among new home builders to commit to large building schemes. Yet there is more to do. The Government wants the Country to return to the halcyon days of the 1960’s where, as a Country, we were building 300,000 additional homes a year… and they want that to happen by 2025, a 36% increase from current levels.

In 2019, the country will create 257,500 households, so we are on our way to meeting that target but maintaining this level of house building will be a test. Even the Governments’ Auditors (the Office of Budget Responsibility) is predicting net additional dwellings will plateau at about 240,000 in the first few years of the next decade.

So, how does Bexhill sit within this framework?

The UK currently has 27.2m households, of which 2.45m (9%) of those have been built since 1995, whereas in Bexhill, of the 14,100 households in TN39, 570 were built since 1995 (representing 4.0% of all households), meaning Bexhill has a lower proportion of new homes building in the last couple of decades than the national figures.

I certainly feel there is an over reliance on the private sector to meet the Country’s housing needs. Local Authority’s need to step up to the plate and build more houses, and its true central government has released more cash for them to do just that, but probably only 20% to 25% of what is required. In the meantime, unless the Country starts to build 300,000 households a year, property prices will retain and improve their value in the medium to long term – which is good news for Bexhill landlords and Bexhill homeowners. What do you think about this subject? Do you agree or disagree? Let me know on patrick@redwell-estates.co.uk
Stats
The stats on new homes are from the Land Registry and Office of National Stats
Regional figures are for your postcode area e.g. TN40 would be TN40 1/ 2 postcodes for TN39 would be TN39 3/4/5 area etc.

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THE BEXHILL LOVE AFFAIR WITH ITS 1,300 TERRACED HOUSES

Call me old fashioned, but I do like the terraced house. In fact, I have done some research that I hope you will find of interest! In architecture terms, a terraced or townhouse is a style of housing in use since the late 1600’s in the UK, where a row of symmetrical / identical houses share their side walls. The first terraced houses were actually built by a French man, Monsieur Barbon around St. Paul’s Cathedral within the rebuilding process after the Great Fire of London in 1666. Interestingly, it was the French that invented the terraced house around 1610-15 in the Le Marais district of Paris with its planned squares and properties with identical facades. However, it was the 1730’s in the UK, that the terraced/townhouse came into its own in London and of course in Bath with the impressive Royal Crescent.

The majority of our Bexhill terraced houses, along with the majority of our Town Centre, was built in the Victorian era. Built on the back of the Industrial Revolution, with people flooding into the towns and cities for work in Victorian times, the terraced house offered decent liveable accommodation away from the slums. An interesting fact is that the majority of Victorian Bexhill terraced houses are based on standard design of a ‘posh’ front room, a back room (where the family lived day to day) and scullery off that. Off the scullery, a door to a rear yard, whilst upstairs, three bedrooms (the third straight off the second). Interestingly, the law was changed in 1875 with the Public Health Act and each house had to have 108ft of liveable space per main room, running water, it’s own outside toilet and rear access to allow the toilet waste to be collected (they didn’t have public sewers in those days in Bexhill – well not at least where these ‘workers’ terraced houses were built).

It was the 1960’s and 70’s where inside toilets and bathrooms were installed (often in that third bedroom or an extension off the scullery), gas central heating in the 1980’s and replacement UPVC double glazing ever since.
Looking at the make up of all the properties in Bexhill, some very interesting numbers appear.

Of the 12,699 properties in TN39 …
5,688 are Detached properties (44.7%)
2,290 are Semi Detached properties (18.0%)
1,319 are Terraced / Town House properties (10.3%)
3,390 are Apartment/ Flat’s (26.7%)

And quite noteworthy, there are 12 mobile homes, representing 0.09% of all property in Bexhill.
When it comes to values, the average price paid for a Bexhill terraced house in 1995 was £38,410 and the latest set of figures released by the land Registry states that today that figure stands at £198,610, a rise of 417% – not bad when you consider apartments in Bexhill in the same time frame have only risen by 177%.

But then a lot of buy to let landlords and first time buyers I speak to think the Victorian terraced house is expensive to maintain. I recently read a report from English Heritage that stated maintaining a typical Victorian terraced house over thirty years is around sixty percent cheaper than building and maintaining a modern house- which is quite fascinating don’t you think!

Don’t dismiss the humble terraced house – especially in Bexhill! For more thoughts on the Bexhill Property Market – visit the Bexhill Property Market Blog at www.bexhillpropertyblog.com or www.redwell-estates.co.uk or give me a call on 01424 224242 especially if you are a landlord looking to improve your portfolio.

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Bexhill Property Market Do We Have the Right Sort of Bexhill Homes For the 21st Century?

Would it surprise you to know that in some parts of Bexhill, predominantly prosperous areas with high proportions of mature residents, the housing crisis is not one of supply so much as dispersal of that supply? Theoretically, in Bexhill there are more than enough bedrooms for everyone – it’s just they are disproportionately spread among the population, with some better-off and more mature households living in large Bexhill homes with many spare bedrooms, and some younger Bexhill families being over crowded.

Yet it is not the fault of these well-off mature residents that this is the current situation. Let’s be frank, Bexhill doesn’t have enough housing full stop (otherwise we wouldn’t have the large Council House waiting list and all the younger generations renting instead of buying), but up until now it hasn’t been clear that Bexhill actually also has the wrong types of properties.

We’re not building the smaller homes in Bexhill that are needed for the starter homes and we aren’t building enough bungalows for the older generations, so they can be released from their larger Bexhill homes, thus allowing those growing Bexhill families to move up the ladder.

Looking at the stats for Bexhill, and TN39 in particular…

When I compared Bexhill (TN39) with the regional stats of the TN postcode, the locality has proportionally 53.7% more apartments, yet 45% less terraced/townhouses. Looking nationally, Bexhill (TN39) has proportionally 90.2% more detached homes and quite surprisingly, proportionally 58.2% less terraced/townhouses.

I am finding that there has been a shortage of smaller townhouses and smaller apartments being built in Bexhill over the last 20 years, because most of the new builds in the last couple of decades seem to have been either large executive houses or the apartments that have been built were of the larger (and posher) variety, even though demand for households (as life styles have changed in the 21st Century) have been more towards the lower to middle sized households.

The builders do want to build, but there’s a deficiency of building land in Bexhill, and if there’s a shortage of building land, then of course new homes builders build whatever gives them the biggest profit. The properties that give them the largest profit are the biggest and most expensive properties and they certainly are not bungalows as they take up too much land. So who can blame them?

Yet would it surprise you to know that it’s not a lack of space (look at all the green you see when flying over the UK), it’s the planning system. Green belts must be observed, but only 1.2% (yes 1.2% – that isn’t a typo) is built on in this country as a whole with homes – we need the planners to release more land (and then force/encourage builders to build on it – not sit on it). Another problem is that of the smaller new homes that have been built, most of them have been snapped up for renting, not owning.

So, what’s the answer? Build more Council houses? Yes, sounds great but the local authority haven’t enough money to cut the grass verges, let alone spend billions on new homes in Bexhill. The Government did relax the planning laws a few years ago, for example for changing office space into residential use, yet they could do more as currently new homes builders have no incentive to build inexpensive homes or bungalows that the system needs to make a difference.

So, what does this mean for Bexhill homeowners and Bexhill landlords?

Changing the dynamics of the Bexhill, regional and national property market will only change in decades, not years. The simple fact is we are living longer, and we need 240,000 to 250,000 houses a year to stand still with demand, let alone start to eat into 30 years of under building where the average has been just under 170,000 households a year.

That means, today as a country, we have a pent-up demand of 2.25m additional households and we need to build a further 4.2m households on top of that figure for population growth between 2019 and 2039. So, irrespective of whether we have short term blip in the property market in the next 12/18 months, investing in property is, and always will be, a great investment as demand will always outstrip supply.

What do you think? Let me know and Ill pass it on because Bexhill will alter over the next 20 years and become unrecognisable to the Bexhill of today. For more news about the property market in Bexhill go to my website www.redwell-estates.co.uk or www.bexhillpropertyblog.co.uk, theres lots of interesting topics to choose from.

This is Patrick Stappleton Author of the Bexhill Property Market Blog and MD of Redwell Estates. My email is patrick@redwell-estates.co.uk and my phone is 01424 224242. 

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31% more homes for sale in Bexhill than a year ago


One of the key factors of the health of the Bexhill property market is the number of properties for sale at any one time.

The issue with housing is that when demand goes up, unlike with a chocolate bar factory, that can add a couple of hours overtime to increase its supply/production to satisfy demand, it takes a good 18 months to two years from planning permission to someone moving into a new home.

I have talked at length (and proved) in previous articles that we are still not building enough homes in the long term in the Bexhill area. Yet for the short term, a good indicator is the number of properties for sale and how long they have been on the market.

How long a property has been on the market is important as a guide to how the property market is performing – potential buyers can always find this information on the Rightmove and Zoopla listings (if you don’t know where – drop me an email or message and I can let you know).

So, let’s have a look at what is happening in Bexhill, both in terms of the number of properties for sale and how long they have been on the market compared to a year ago, then discuss what that means for the current state of play of the Bexhill property market.

So, to start, let’s look at the number of properties for sale in Bexhill compared to a year ago.

Interestingly, you can see there has been a proportional increase of 89% in terraced properties on the market in Bexhill, yet only a 3% increase in apartments. Overall in the last year there are 31% more properties on the market in Bexhill, compared to a year ago. Now, let’s look how long they have been on the market ..

Interesting to see that the biggest jump in the number of days on the market is terraced houses, from 62 days to 86 days … demand and supply working again. Also, the length of time an average Bexhill property has been on the market has increased by 10% in the last year.

So, what does this all mean for Bexhill Buy To let landlords and Bexhill homeowners looking to buy and sell? Well, if you are thinking of selling, as the number of properties on the market has increased and the length of time Bexhill properties are on the market has also increased – you have to be mindful that realistic pricing is the key to get the property sold. If you are a buyer, that means you find yourself in a better position to negotiate a good deal on your Bexhill property purchase.

There is an argument to suggest that property buyers see excessive days on the market as an indication that the seller is becoming desperate to sell because the property hasn’t sold. Buyers are also mindful to believe that there might be something wrong with the home, a defect that caused other buyers to pass it up. This can concern them when they view the property – if they view it at all, as that possible and perhaps made-up defect is on their minds, even if it is sub-consciously.

Normally, both assumptions are wrong. A property can loiter on the market for several reasons. The most common reason for a property sticking on the market is overvaluing or overpricing. In an effort to get the property on the market, some estate agents may have convinced the seller into believing the property was worth more than the property market will bear.

Don’t get me wrong, if you don’t ask, you don’t get and homeowners naturally want to get the best price for their home, and so test the market. Yet, if you aren’t getting a steady stream of viewers after a few weeks, then that testing can backfire. You see, by setting the asking price too high to see if they can find someone to pay that inflated price, then finding there is nobody in the market that will pay the price, here lies the biggest trap for house sellers on keeping the inflated asking prices for too long.

Sellers can also get stuck on an asking price and they are willing to wait out the market until it catches up to what they want for their property – yet we aren’t in that type of property market now. Consumer champion “Which” said that if you have to reduce your asking price by 5% or more, it adds an extra 64 days to the sales process meaning you might lose the property of your dreams.

Also, I have seen countless times, house sellers insist on an inflated asking price, reduce 12 weeks later, yet buyers think there is something wrong with it so the homeowner gets fed up and accepts a lower offer to get the property sold, whereas if the house seller had gone onto the market at the right asking price, they would get much nearer to what they deserve for their property.

So, if you are looking for a bargain to buy – all the Portals (Rightmove, Zoopla and On the Market) allow you to search and sort by the length of time on the market as well as the asking price. Who knows – there could be a bargain waiting for you!

If you would like to discuss the worth of your property and how my team can help you, call us on 01424 224242. For more articles go online to www.bexhillpropertyblog.com. Kind regards Patrick Stappleton.

END

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Unemployment – the Secret Driver of the Bexhill Property Market?

If you have been reading my articles on the Bexhill property market recently, you will see that in the three years since the referendum of the ‘B’ word (that word is banned in our household), we have proved beyond doubt that it (whose name shall remain nameless) has had no effect on the Bexhill property market (or the UK as a whole).

So, one might ask, what does affect the property market locally? Well many things on the demand side include wages, job security, interest rates, availability of mortgages, confidence in the economy, inflation, speculative demand … the list goes on. Yet as my blog readers will note, I like to delve deeper into the numbers and I have found an interesting correlation between unemployment and the number of properties sold (i.e. transactions).

Why transaction levels and not house prices? Well just looking at Bexhill house prices as a bellwether has flaws. Many property market commentators and economists believe transaction numbers (the number of properties sold) give a more accurate and candid indicator of the health of the property market than just house values alone.

The reason is twofold. First most people when they sell also buy, so if property values have dropped by 10% or risen by 10% on the one you are selling, it would have done the same on the one you are buying – meaning to judge the health of a property market is very one dimensional. Secondly, the act of moving is very much a human thing. Property habitually conveys a robust emotional connection with homeowners – a connection that few would attribute to their other investments like their savings or stock market investments.

Moving home could be described as a human enterprise, moving from one chapter of one’s life to another. When people move home, it shows they are moving forward in their lives and so this gives a great indicator of the health of the property market.

Looking at Rother’s figures on the graph, you can see an inverse relationship between unemployment and housing transaction levels.

Property transactions in Bexhill dropped by 44.81%, whilst unemployment in Bexhill rose by 28.81% during the 2007 to 2009 Global Financial Crash.  There is clearly a relationship between conditions in the Bexhill job market and the number of people who move home … interesting don’t you think?

Now I am not saying unemployment is the only factor influencing the Bexhill property – but it must be said there is a link.

As a country (and indeed here in Bexhill) over the last 40 years, we have seen a shift in the outlook over the purpose of housing and the development of the religion of following house prices (and I appreciate the irony of me writing these articles on Bexhill – feeding that habit!) Yet, when did owning a home turn from buying a roof over your head to an out and out investment vehicle?

I do wish people would stop fretting about their intrinsic value being associated with their Bexhill home. Now of course, I am not dismissing the current levels of Bexhill house prices – we just must take into consideration other metrics alongside them when judging the health of the property market locally.

One final thought, looking on a broader scale in the UK, those towns and cities whose property markets bounced back after the Global Financial Crash had high levels of employment and low unemployment whilst places with high unemployment and relatively low employment have, on the other hand, typically underperformed.

So, the next time you are considering a house move or buying a buy to let property in Bexhill … don’t make your judgement on house price growth alone.

Now if you would like to discuss this topic in more details give me a call on 01424 224242 or send me an email on patrick@redwell-estates.co.uk. Hope you enjoyed reading it.  Best wishes Patrick Stappleton Author of the Bexhill Property Blog.com
END

Statistics taken from.
Unemployment stats – ONS.

Property Sales – Land Registry

 

 

 

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Which Bexhill Properties are Selling the Best?

Moving home is said to be the third most stressful life event, following a member of your family dying or getting divorced. So it is always best to keep your stress levels down by investigating and doing your homework on both the particular area of Bexhill (or nearby conurbations) where you live (i.e. where you are selling) and where you want to search for your next Bexhill home. Being mindful of how fast (or slow) the different aspects of the Bexhill property market is moving is key.. because it could save you much heartache and many thousands of pounds.

You see, if you know you are selling a property in a sluggish price range and buying in a faster moving price range in Bexhill then putting your property on the market first is vital, otherwise you will always find the one you want to buy tends to sell before your property sells – there is nothing worse than pondering over a property only to find that someone else has bought it. Being primed with all the knowledge is key. On the other side of the coin, if you are selling in a fast moving market and buying in a sluggish market .. you can probably get a better deal on the one you are buying.

For buy to let landlords in Bexhill, this evidence is particularly critical as purchasing a high-demand property in a well-liked area of Bexhill will safeguard a surfeit of availability of tenants, as well as respectable house price growth. 

Being an agent in Bexhill, I like to keep an eye on the Bexhill property market on a daily basis because it enables me to give the best advice and opinion on what (or not) to buy in Bexhill; be that a buy to let property for a landlord or an owner occupier house.  So, I thought, how could I scientifically split the Bexhill housing market into sections, so I could analyse which part of the Bexhill property market was doing the best (or the worst).

I took the decision that the preeminent way was to fragment the Bexhill property market into roughly four uniform size price bands (in terms of properties for sale). Each price band would have roughly around 25% of the property in Bexhill available for sale .. then add up all the sold (stc) properties and see which sector of the Bexhill property market was performing best? … And these were the results ..

It’s not unexpected that the upper end of the property market (the top 25%) in Bexhill is finding things a little tougher compared to the others. Remarkably for Bexhill landlords, the lower market is doing reasonably well, but it’s not the best, so maybe there could be some property deals out there for buy to let investment? Even though the number of first time buyers in 2018 did increase over the 2017 levels, it was from a low starting point and the large majority of 20 to 30yo’s don’t want to or can’t buy their first home and the local authority has no money to build Council houses meaning an increase in demand as private landlords take up the slack – because everyone needs a roof over their head!

If you would like to pick my brains on the Bexhill Property Market – pop in for a coffee or drop me a line on social media or email.

The best performing price range in Bexhill is the lower to middle market £190,000 to £280,000 where 43.1% of all property in that price range has a buyer and is sold stc. There are plenty of articles here for you to read and catch up on the Bexhill Property Market or if you want a chat, call me on 01424 224242.

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Cooden Drive, Bexhill… …the road where people move the most

Many folks say moving home is the most stressful thing. Moving home is like someone (and that someone is usually you and you are the cause of this devastation) has collected all your worldly goods, put them into brown boxes and into a lorry making your whole life look like a Amazon delivery van, only to spend the next six months unpacking it all, whilst unable to find important things like your bank cards, Continue reading “Cooden Drive, Bexhill… …the road where people move the most”

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How Would a Hard Brexit Affect Bexhill House Prices?

I have been asked several times recently what a hard Brexit would mean to the Bexhill property market. To be frank, I have been holding off giving my thoughts, as I did not want to add fuel to the stories being banded around in the national press. However, it’s obviously a topic that you as Bexhill “buy to let” landlords and Bexhill homeowners are interested in … so I am going to try and give you what I consider a fair and unbiased piece on what would happen if a hard Brexit takes place in March 2019.

After the weather and football, the British obsession on the UK property market is without comparison to any other country in the world. I swear The Daily Mail has the state of the country’s property market on its standard weekly rotation of front-page stories! Like I have said before on my blog, there are better economic indexes and statistics to judge the economy (and more importantly) the property market. If you recall, I said the number of transactions was just as important, if not more, as a bellwether of the state of the property market.

Worries that the Brexit referendum would lead to a fast crash in Bexhill (and national) property values were unfounded, although the growth of property values in Bexhill has reduced since the referendum in the summer of 2016.

Now, it’s true the Bexhill property market is seeing less people sell and move and the property values are rising at a slower rate in 2018 compared to the heady days of the first half of this decade (2010 to 2015), but before we all start panicking, let’s ask ourselves, what exactly has happened in the last couple of years since the Brexit vote?

Rother and Bexhill house prices have risen by 13.71% since the EU Referendum…

…and yes, in 2018 we are on track (and again this is projected) to finish on 1,948 property transactions (i.e. the number of people selling their home) … which is less than 2017 … but still higher than the long term 12-year average of 1,911 transactions in the local council area.

So, it appears the EU vote hasn’t caused many major issues so far, however, if there was a large economic jolt, that could be a different game, yet how likely is that?

The property market is mostly influenced by interest rates and salaries.

A hard Brexit would subdue wage growth to some degree, yet the level of the change will depend on the undetermined type of Brexit deal (or no deal). If trade barriers are imposed on a hard Brexit, imports will become more expensive, inflation will rise, and growth will fall, although at least we are not in the Euro, meaning this could be tempered by the exchange rate of the Pound against the Euro. In plain language, a hard Brexit will be worse for house prices than a deal.

So why did the Governor of the Bank of England suggest a disorderly hard Brexit would affect house prices by up to 35%?

I mean it was only nine years ago we went through the global financial crisis with the credit crunch. Nationally, in most locations including Bexhill, property values dropped in value by 16% to 19% over an 18-month period. Look at the graph and if we had a similar percentage drop, it would only take us back to the property value levels we were achieving in 2015.

And let’s not forget that the Bank of England introduced some measures to ensure we didn’t have another bubble in any future property market. One of the biggest factors of the 2009 property crash was the level of irresponsible lending by the banks. The Bank of England Mortgage Market Review of 2014 forced Banks to lend on how much borrowers had left after regular expenditure, rather than on their income. Income multipliers that were 8 or 9 times income pre-credit crunch were significantly curtailed (meaning a Bank could only offer a small number of residential mortgages above 4.5 times income), and that Banks had to assess whether the borrower could afford the mortgage if interest rates at the time of lending rose by three percentage points over the first five years of the loan … meaning all the major possible stumbling blocks have been mostly weeded out of the system.

So, what next?

A lot of Bexhill homeowners might wait until 2019 to move, meaning less choice for buyers, especially in the desirable areas of Bexhill. For Bexhill landlords, Bexhill tenants are also likely to hang off moving until next year, although I suspect (as we had this on the run up to the 2015 General Election when it was thought Labour might get into Government), during the lull, there could be some Bexhill buy to let bargains to be had from people having to move (Brexit or No Brexit) or the usual panic selling at times of uncertainty.

Brexit, No Brexit, Hard Brexit … in the whole scheme of things, it will be another footnote to history in a decade. We have survived the Oil Crisis, 20%+ Hyperinflation in the 1970’s, Mass Unemployment in the 1980s, Interest Rates of 15% in 1990’s, the Global Financial Crash in 2009 … whatever happens, happens. People still need houses and a roof over their head. If property values drop, it is only a paper drop in value … because you lose when you actually sell. Long term, we aren’t building enough homes, and so, as I always say, property is a long game no matter what happens – the property market will always come good.

Growth in UK property values as well as in Bexhill seems fated to slow over the next five to ten years, whatever sort of Brexit takes place. If you are worried about the value of your property and whether Brexit will have an effect on your property, give me a call on 01424 844081, Im Patrick Stappleton, Author of the bexhillpropertymarketblog.com

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Bexhill First Time Buyers Need 10.8 Times Annual Salary to Get on Housing Ladder.

What is it to be British? Our stubbornness, long-suffering stoicism, our vexation at injustice, our obsession with football and rugby, we are weather obsessed external awkward noncommittal modest people whilst underneath seething like a volcano because someone jumped the queue…. and our No.1 obsession is with the property ladder. Continue reading “Bexhill First Time Buyers Need 10.8 Times Annual Salary to Get on Housing Ladder.”

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7 Reasons Why Bexhill Buy To Let Landlords Shouldn’t Be Criticised

There is no escaping the fact that over the last couple of decades, the rise in the number buy to let properties in Bexhill has been nothing short of extraordinary. Many in the “left leaning” press have spoken of a broken nation, the fact many youngsters are unable to buy their first home with the rise of a new cohort of younger renters, whom have been daubed ‘Generation Rent’ as landlords hoover up all the properties Continue reading “7 Reasons Why Bexhill Buy To Let Landlords Shouldn’t Be Criticised”

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49 Days to Sell a Property in Bexhill

Whether you are a Bexhill landlord looking to liquidate your buy to let investment or a homeowner looking to sell your home, finding a buyer and selling your property can take an annoyingly long time. It is a step-by-step process that can take months and months. In fact, one of the worst parts of the house selling process is not knowing how long you might be stuck at each step. Continue reading “49 Days to Sell a Property in Bexhill”

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Value of Bexhill Property Market rises £81.2m

The combined value of Bexhill’s housing market has risen by £81,160,560 in the last 6 months, meaning the average value of a Bexhill property has increased in value by an average of £6,084.

This is great news for Bexhill first time buyers and Bexhill buy to let landlords, as property prices have risen despite a slight hesitation in the market because of the uncertainty over Brexit. Continue reading “Value of Bexhill Property Market rises £81.2m”

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‘Taxing’ Time for the 1,991 Bexhill Buy To Let Landlords

Over the last twenty years, there has been a shift in the way the Bexhill (and the UK’s) property market works. In the 1960’s, 70’s, 80’s and 90’s, a large majority of twenty somethings saved up their 5% deposit, went without life’s luxuries of going out and holidays etc., for a couple of years and then bought their first home with their hard earned savings.

By 2000, 47.2% of Bexhill 25 to 29 years owned their own home (compared to 46% Nationally (and 66% of Bexhill 30 to 34 year olds in 2000 owned their own home – again compared to 64.2% nationally) whilst the remaining youngsters mostly rented from the Council and in some rare cases, privately rented.

Now it’s 2018, and those levels of homeownership have slipped dramatically and now only 25.2% of Bexhill 25 to 29 year olds own their own home and 44.4% of Bexhill 30 to 34 year olds own their own home (interestingly mirroring the National picture of 24.5% for the younger age cohort and 64.2% for the older 30 to 34 year cohort).

Capture 228 graph

There was concern in Government since the late Noughties that this shift from homeownership to private renting wasn’t good for the well-being of the Country and things needed to change, to make it a more level playing field for first time buyers. House prices needed to be more realistic and there needed to be a carrot and stick for both landlords and first time buyers.

In the 1980’s and 1990’s, interest rates were the weapon of choice of Government to cool or heat up the UK housing market – and it did work – up to a point. It’s just interest rates also affected so many other sectors of the UK economy (and not always a in good way). The policy of interest rates to control the economy is called ‘Monetary Policy’. Monetary policy is primarily concerned with the management of interest rates (and the supply of money) and is carried out by the Bank of England (under direction from the Government).

It’s just in this post Credit Crunch, Brexit environment, the use of higher interest rates wouldn’t directly affect landlords (as around two thirds of buy to let properties are bought without a mortgage). Therefore, an increase in interest rates would have hardly any effect on landlords and hit the first time buyers – the people the Government would be trying to help!

Also, given muted growth of real income (i.e. real income being the growth salaries after inflation) in the past few years, an uplift in interest rates (from their ultra-low 0.5% current levels) would have a massive effect on Britain’s household disposable incomes. Yet, over 90% of new mortgages in 2018 being taken are fixed rate and with such low rates, it has made buying a property comparatively attractive.

Instead, over the last 8 years, the Government has encouraged first time buyers and clipped the wings of landlords with another type of economic policy – Fiscal Policy (Fiscal Policy is the collective term for the taxing (and spending) actions of the Government). First time buyers have had the Help to Buy Scheme, Stamp Duty Exemption and contributions to their deposit by HMRC. On the other side of the coin, landlords have had the way they are able to offset the tax relief of their mortgage payments against income change (for the worse), an increase in Stamp Duty (for the worse) and they will be hit with additional costs as the Government will be phasing out fees to tenants in the next 12 to 18 months.

So, what does this all mean for the 1,991 Bexhill landlords?

The days of making money in Bexhill “buy to let” with your eyes closed are long gone.

There are going to be testing times for Bexhill landlords, yet there is still a defined opportunity for those Bexhill landlords who are willing to do their homework and take guidance from specialists and experts.

It’s all about looking at your Bexhill portfolio (or getting a property professional to do so) and ascertaining if your current portfolio, mortgage and gearing are designed to get what you want from the investment (because that is what it is – an investment) in terms of income now and income in the future, capital growth and when you plan to dispose of your assets.

I have seen many Bexhill landlords (both who use me and my competitors) to manage their rental property or find them tenants – and on many occasions recently, I have told them to SELL – yes sell some of their portfolio to either reduce mortgage debt or buy other types of property that match what they want in the short and long-term from their investments. I know that sounds strange – but my role isn’t just to collect the rent .. it’s also to give strategic advice and opinion on the landlord’s portfolio to help them meet their current and future investment goals.

The opportunities will appear in the Bexhill property market for Bexhill landlords from gentler growth in property values linked with a restrained Bexhill property market, meaning if you put in the time, there will be deals and great bargains to have. Many landlords in Bexhill (both clients and non-clients) send me Rightmove links each week, asking my opinion on the suitability of the investment. Some are exceptional – whilst others are duds.

The bottom line is, private renting will continue to outgrow first time buyers in the next 5 to 10 years and as we aren’t building enough homes in the UK, it means rents can only go in one direction – upwards!

Whats your plan for the next 5 years? If you would like to discuss it call me on 01424 844081or email me at patrick@redwell-estates.co.uk. Thank you for reading my latest blog, there are more articles available on my blog at www.bexhillpropertyblog.com. Kind regards, Patrick Stappleton.

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The Bexhill Bank of Mum and Dad Lent £3.44m Last Year

My analysis has shown that up to the end of the last quarter, Bexhill first time buyers purchased 277 Bexhill properties. With wages rising at 2.8%, unemployment at a low rate of 4.2% (down from 4.6% from a year earlier and the joint lowest since 1975), national GDP rising at 1.87% and inflation at 2.3%, tied in with indifferent house price growth (compared to a few years ago), this has given first time buyers a chance to get a foot hold on the Bexhill property market.

Over the last year, the average purchase price of a Bexhill first time buyer property has been £175,700 and the average deposit was £28,463. Furthermore, my calculations show the average Bexhill parents contributed £12,453 of that £28,463 figure.

You see “The Bank of Mum and Dad (Bexhill Branch)” is for countless Bexhill twenty something’s, perceived to be the only way they will ever be able to afford their first home. In fact, Bexhill parents put up a substantial £3.44m in the last 12 months to help their nearest and dearest progeny onto the property ladder. This assistance towards the deposit makes a huge difference, enabling Bexhill youngsters who thought they couldn’t get on the housing ladder more able to do so.

With mortgage rates at all-time lows, few Bexhill twenty something’s would struggle to make mortgage repayments, but it is the requirement of the deposit which is the issue, although as parents (and grandparents) are helping out where they can, it does little to address the real problems of the housing market, whether for people renting or buying their first home.

If you think about it, as a Country we have been fortunate that the older generation who control the biggest share of the nation’s wealth are so plentiful to those following after. We need to remember, though, that this generosity is
 a sign of the issues of the British housing shortage, not its solution.

But before I leave this article … note I used the word PERCEIVED in a previous paragraph. Yes, the average first time buyer deposit is 16.1%, but that is an average. Did you know 95% mortgages returned to first time buyers in late 2009 and have been available ever since? Also, lenders like Barclays and many local Building Society’s now offer 100% mortgages (i.e. no deposit) at 2.75% fixed for three years.

The perception is you need 15%, 20% even a 25% deposit to be a first-time buyer – you don’t! You don’t need any deposit, but (there is always a but!)…

Over the last decade, many renters have upgraded themselves into homes that they (or any generation before them) could never have ever afforded as a first time buyer in the past. You see the British housing market started to change with the dawn of the new Millennium and I am seeing a slow but steady attitude change when it comes to renting. Those tenants have found the price difference of upgrading from the typical 1970’s TV show Rigsby “Rising Damp” style rental property to plush terraced house or even semi-detached home, with all the mod cons, comparatively inexpensive (when compared to the increase in mortgage payments if they had to make the move as buyers).

Renting isn’t seen as the poor man’s choice, as many young (and increasing older) people are becoming more at ease and comfortable with the flexibility offered by private renting a property rather than jumping ‘lemming like’ into home ownership. Bexhill landlords will continue to see growth in sector, and like Germany, todays renters will become homeowners in 20 years’ time – when they will inherit the wealth of their parent’s home. Let me know how your plans are going especially if you are a first time buyer, call me at my Little Common Office on 01424 844081 or email me at patrick@redwell-estates.co.uk. Kind regards, Patrick Stappleton. END

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How Affordable is Property for Bexhill’s Average Working Families?

The simple fact is we are not building enough properties. If the supply of new properties is limited and demand continues to soar with heightened divorce rates, i.e. one household becoming two, people living longer and continued immigration, this means the values of those existing properties continues to remain high and out of reach for a lot of people, especially the blue collar working families of Bexhill.

Looking at some recent statistics released by the Government, the ratio of the lower quartile house prices to lower quartile gross annual salaries in Rother District Council has hit 10.98 to 1.

What does that mean exactly and why does it matter to Bexhill landlords and homeowners?

If we ordered every property in the Rother District Council area by the value of those properties, the average value of the lower quartile properties (i.e. lowest 25%) would be £196,500. If we then did the same, and ordered everyone’s salary in the same council area, the average of the lowest quartile (lowest 25%), the average salary of the lowest 25% is £17,892 pa, thus dividing one with the other, we get the ratio of 10.98 to 1.

Assuming there is one wage earner in the house, the chances of a Bexhill working family being able to afford to buy their own home, when it’s just under eleven times their annual salary, is very slim indeed. The existing affordability crisis of people wanting to buy their own home is the unavoidable outcome of the decade on decade failure to build enough homes to keep up with demand. Nevertheless, improving affordability is not a case of just constructing more homes. Rother District Council needs to ensure more properties are not only built, but built in the right locations and of the right type and at the right price to ensure the needs of these lower income working families are met, because at the moment, they presently have few options apart from the private rental sector.

Looking at the historic nature of the ratio, it can clearly be seen in the graph below that this has been an issue since the early to mid 2000’s.

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However, if one looks at the historic data, those on the bottom rung of the ladder (those in the lower quartile of wage earners) used to be housed by the local authority instead of buying. However, the vast majority of council houses were sold off in the 1980’s, meaning there are much fewer council houses today to house this generation.

Many of the lower quartile working class families were given a lifeline to buy their own homes in middle 2000’s, with 100% mortgages, but the with the credit crunch in 2009, that rug (of 100% mortgages) was rudely pulled from under their feet. You see it is cheaper to buy than rent … it’s the finding of the 5% deposit that is the challenging issue for these Bexhill working class families. So unless the Government allow 100% mortgages back, the fact is, demand for rental properties will outstrip supply.

In the long term, to alleviate that, I would suggest the Bexhill community hold their local politicians at Rother District Council to account for the actions they could take to ensure the affordability of housing and the extent to which they work with private developers and housing associations and aggressively use the planning tools at their disposal to safeguard the local community getting the new households we need. Rother District Council could make certain parcels of residential building land for private rented development only, eliminating the opportunity of the land being bought to develop large executive homes, which do not solve the current problem.

Yet in the short term, all this means is demand for rental properties will continue to grow, keeping Bexhill house prices high and Bexhill rents high. For any Landlords who would like to discuss this article or discuss the rental market in Bexhill, call in and see me at my Little Common office or email me at patrick@bexhillpropertyblog.com or call me on 01424 224242. Hope you enjoy the read. Kind regards, Patrick.

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Extra Funding Is Required for Affordable Homes in Bexhill

In my blog about the Bexhill Property Market I mostly only talk about two of the three main sectors of the local property market, the ‘private rented sector’ and the ‘owner occupier sector’. However, as I often stress when talking to my clients, one cannot forget the third sector, that being the ‘social housing sector’ (or council housing as some people call it).

In previous articles, I have spoken at length about the crisis in supply of property in Bexhill (i.e. not enough property is being built), but in this article I want to talk about the other crisis – that of affordability. It is not just about the pure number of houses being built but also the equilibrium of tenure (ownership vs rented) and therein, the affordability of housing, which needs to be considered carefully for an efficient and effectual housing market.

An efficient and effectual housing market is in everyone’s interests, including Bexhill homeowners and Bexhill landlords, so let me explain ..

An average of only 58 Affordable Homes per year have been built by Rother District Council in the last 9 years

The requirement for the provision of subsidised housing has been recognised since Victorian times. Even though private rents have not kept up with inflation since 2005 (meaning tenants are better off) it’s still a fact there are substantial numbers of low-income households in Bexhill devoid of the money to allow them a decent standard of housing.

Usually, property in the social housing sector has had rents set at around half the going market rate and affordable shared home ownership has been the main source of new affordable housing yet, irrespective of the tenure, the local authority is simply not coming up with the numbers required. If the local authority isn’t building or finding these affordable homes, these Bexhill tenants still need housing, and some tenants at the lower end of the market are falling foul of rogue landlords. Not good news for tenants and the vast majority of law abiding and decent Bexhill landlords who are tarnished by the actions of those few rogue landlords, especially as I believe everyone has the right to a safe and decent home.

Be it Tory’s, Labour, SNP, Lib Dems, Greens etc, everyone needs to put party politics aside and start building enough homes and ensure that housing is affordable. Even though 2017 was one of the best years for new home building in the last decade (217,000 home built in 2017) overall new home building has been in decline for many years from the heady days of the early 1970s, when an average of 350,000 new homes were being built a year. As you can see from the graph, we simply aren’t building enough ‘affordable’ homes in the area.

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The blame cannot all be placed at the feet of the local authority as Council budgets nationally, according to Full-Fact, are 26% lower than they have been since 2010.
So, what does this mean for Bexhill homeowners? Well, an undersupply of affordable homes will artificially keep rents and property prices high. That might sound good in the short term, but a large proportion of my Bexhill landlords find their children are also priced out of the housing market. Also, whilst your Bexhill home might be slightly higher in value, due to this lack of supply of homes at the bottom end of the market, as most people move up the market when they do move, the one you want to buy will be priced even higher.

Problems at the lower end of the property market will affect the middle and upper parts. There is no getting away from the fact that the Bexhill housing market is all interlinked .. it’s not called the Property ‘Ladder’ for nothing! Interesting stuff when you think about it. Anyway, if you would like to discuss this article or any other of my pieces, then email me on patrick@bexhillpropertymarket.com or call into Redwell Estates in Little Common where I will be delighted to see you. Kind regards, Patrick Stappleton, Author of the Bexhill Property Blog.
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Bexhill Council Tax Payers Stung by 64.42% above Inflation Rise

Buying and selling a home in Bexhill isn’t the easiest or cheapest thing you will ever do. Estate Agent fees, Solicitors fees, Survey fees, Mortgage fees, Removal Van … the costs just mount up throughout every step of the move. Last week, a Bexhill landlord asked me whether the Council Tax Band made a difference to a property’s appeal, be it tenanted or to owner occupiers, when it comes to being sold on the open market and whether extensions or improvements made a difference to the tax banding? Continue reading “Bexhill Council Tax Payers Stung by 64.42% above Inflation Rise”

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Homeownership Amongst Bexhill’s Young Adults Slumps to 46.60%

The degree to which young Bexhill people are locked out of the Bexhill housing market has been revealed in new statistics.

A Bexhill landlord was asking me the other week to what effect homeownership rates in Bexhill in the early to middle aged adult age range had affected the demand for rental property in Bexhill since the Millennium. Continue reading “Homeownership Amongst Bexhill’s Young Adults Slumps to 46.60%”

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282 First Timer Buyers in Bexhill Bought Their First Home in 2017

A little bit of good news this week on the Bexhill Property Market as recently released data shows that the number of first time buyers taking out their first mortgage in 2017 increased more than in any other year since the global financial crisis in 2009. The data shows there were 282 first time buyers in Bexhill, the largest number since 2006. Continue reading “282 First Timer Buyers in Bexhill Bought Their First Home in 2017”

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Bexhill’s ‘Millennials’ set to inherit £408,183

That got your attention … didn’t it!

But before we start, what is Generation X, let alone Generation Z, Millennials, Baby Boomers … these are phrases banded around about the different life stages (or subcomponents) of our society. But when terminologies like this are used as often and habitually as these phrases (i.e. Gen X this, Millennial that etc.), it appears particularly vital we have some practical idea of what these terms actually mean. Continue reading “Bexhill’s ‘Millennials’ set to inherit £408,183”

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Bexhill’s £139,776,000 “Rentirement” Property Market Time Bomb

Yes, I said ‘rentirement’, not retirement … rentirement and it relates to the 728 (and growing) Bexhill people, who don’t own their own Bexhill home but rent their home, privately from a buy to let landlord and who are currently in their 50’s and early to mid-60’s.

The truth is that these Bexhill people are prospectively soon to retire with little more than their state pension of £155.95 per week, Continue reading “Bexhill’s £139,776,000 “Rentirement” Property Market Time Bomb”

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Bexhill Private Rents hit £10.10 per sq. ft.

As I am sure you are aware, one the best things about my job as an agent is helping Bexhill landlords with their strategic portfolio management. Gone are the days of making money by buying any old Bexhill property to rent out or sell on. Nowadays, property investment is both an art and science. The art is your gut reaction to a property, but with the power of the internet and the way the Bexhill property market has gone in the last 11 years, science must also play its part on a property’s future viability for investment. Continue reading “Bexhill Private Rents hit £10.10 per sq. ft.”

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£910.64pm – The Profit made by every Bexhill Property Owner over the last 20 years

As we go headlong into 2018, I believe UK interest rates will stay low, even with the additional 0.25% increase that is expected in May or June. That rise will add just over £20 to the typical £160,000 tracker mortgage, although with 57.1% of all borrowers on fixed rates, it will probably go undetected by most buy-to-let landlords and homeowners. I forecast that we won’t see any more interest rate rises due to the fragile nature of the British economy and the Brexit challenge. Even though mortgages will remain inexpensive, with retail price inflation outstripping salary rises, it will still very much feel like a heavy weight to some Bexhill households.

Now it’s certain the Bexhill housing market in 2017 was a little more subdued than 2016 and that will continue into 2018. Property ownership is a medium to long-term investment so looking at that long-term time frame; the average Bexhill homeowner who bought their property 20 years ago has seen its value rise by more than 334%.

This is important, as house prices are a national obsession and tied into the health of the UK economy as a whole. The majority of that historic gain in Bexhill property values has come from property market growth, although some of that will have been added by homeowners modernising, extending or developing their Bexhill home.

Taking a look at the different property types in Bexhill and the profit made by each type, it makes interesting reading.

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However, I want to put aside all that historic growth and profit and look forward to what will happen in the future.

I want to look at the factors that could affect future Bexhill (and the Country’s) house price growth/profit. One important factor has to be the building of new homes both locally and in the country as a whole. This has picked up in 2017 with 217,350 homes coming on to the UK housing ladder in the last year (a 15% increase on the previous year’s figures of 189,690. However, Philip Hammond has set a target of 300,000 a year, so still plenty to go!

Another factor that will affect property prices is my prediction that the balance of power between Bexhill buy-to-let landlords and Bexhill first-time buyers should tip more towards the local first-time buyers in 2018.

The Council of Mortgage Lenders expects the number of buy to let mortgages to drop by 34% from levels seen in 2015. This is because of taxes being increased recently on buy-to-let and harder lending criteria for buy to let mortgages, which means I foresee a gradual move in the balance of power in favour of first-time buyers rather than buy-to-let landlords. First time buyers will also be helped by The Chancellor Eradicating Stamp Duty for all properties up to £300,000 bought by first-time buyers in the recent budget.

This means Bexhill buy-to-let landlords will have to work smarter in the future to continue to make decent returns (profits) from their Bexhill buy-to-let investment. Even with the tempering of house price inflation in Bexhill in 2017, most Bexhill buy to let landlords (and homeowners) are still sitting on a copious amount of growth from previous years.

The question is, how do you, as a Bexhill buy to let landlord ensure that continues?

Since the 1990’s, making money from investing in buy-to-let property was as easy as falling off a log. Looking forward though, with all the changes in the tax regime and balance of power, making those similar levels of return in the future won’t be as easy.

Over the last ten years, I have seen the role of the forward thinking letting agents evolve from a ‘rent collector’ and basic property management to a more holistic role, or as I call it, ‘landlord portfolio strategic leadership’. Thankfully, along with myself, there are a handful of letting agents in Bexhill whom I would consider exemplary at this landlord portfolio strategy where they can give you a balanced structured overview of your short, medium and long-term goals, in relation to your required return on investment, yield and capital growth requirements. If you would like such advice, speak with your current agent – or whether you are a landlord of ours or not – without any cost or commitment, feel free to drop me a line by letter or email to redwell Estates, 44b Cooden Sea Road, Little Common Bexhill TN39 4SL or email me at patrick@redwell-estates.co.uk

For more Articles about the Bexhill Property Market click onto www.bexhillpropertymarket.com and read away to your hearts content.  More interesting news from Bexhill soon.
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Bexhill Homeowners Are Only Moving Every 14 Years (part 2)

In the credit crunch of 2008/9 the rate of home moving plunged to its lowest level ever. In 2009 the rate at which a typical house would change hands slumped to only once every 20 years. The biggest reason being that confidence was low and many homeowners didn’t want to sell their home as Bexhill property prices plunged after the onset of the financial crisis in 2008. However, since 2009, the rate of home moving has increased (see the table and graph below), meaning today: Continue reading “Bexhill Homeowners Are Only Moving Every 14 Years (part 2)”

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Moving from a 2 bed Bexhill Property to a 4 bed will cost you £873 pm

Moving to a bigger home is something Bexhill people with growing young families aspire to. Many people in two bedroom homes move to a three-bedroom home and some even make the jump to a four-bed home. Bigger homes, especially three bed Bexhill homes are much in demand and it can be a costly move.

If you live in Bexhill in a two-bedroom property and wish to move to a four-bedroom house in Bexhill, you would need to spend an additional £220,908 (or £872.59 pm in mortgage payments (based on the UK Bank average standard variable rate)). Continue reading “Moving from a 2 bed Bexhill Property to a 4 bed will cost you £873 pm”

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Slowing Bexhill Property Market? Yes and No!

My thoughts to the landlords and homeowners of Bexhill…

The tightrope of being a Bexhill buy-to-let landlord is a balancing act many do well at. Talking to several Bexhill landlords, they are very conscious of their tenants’ capacity and ability to pay the rent and their own need to raise rents on their rental properties (as Government figure shows ‘real pay’ has dropped 1% in the last six months). Evidence does however suggest many landlords feel more assured than they were in the spring about pursuing higher rents on their Bexhill buy-to-let properties. Continue reading “Slowing Bexhill Property Market? Yes and No!”Facebooktwitterlinkedinyoutubeinstagram

Bexhill Property Market and Mysterious Politics of the General Election

As the dust starts to settle on the various unread General Election party manifestos, with their ‘bran-bucket’ made up numbers, life goes back to normal as political rhetoric on social media is replaced with pictures of cats and people’s lunch. Joking aside though, all the political parties promised so much on the housing front in their manifestos, should they be elected at the General Election. In hindsight, irrespective of which party, they seldom deliver on those promises.  Continue reading “Bexhill Property Market and Mysterious Politics of the General Election”Facebooktwitterlinkedinyoutubeinstagram