81.3% of Bexhill Properties have 3 or more bedrooms – Problem or Opportunity?
The orthodox way of classifying property in the UK is to look at the number of bedrooms rather than its size in square metres (although now we are leaving the EU – I wonder if we can go back to feet and inches?). It seems that homeowners and tenants are happy to pay for more space. It is obvious, the more bedrooms a house or apartment has, the bigger it is likely to be. The reason being not only the actual additional bedroom space, but the properties with more bedrooms tend to have larger / more reception rooms. However, if you think about it, this isn’t so astonishing given that properties with more bedrooms would typically accommodate more people and therefore require larger reception rooms.
In today’s Bexhill property market, the Bexhill homeowners and Bexhill landlords I talk to are always asking me which attributes and features are likely to make their property comparatively more attractive and which ones may detract from the price. Over time, buyers’ and tenants’ wants and needs have changed. In Bexhill, location is still the No. 1 factor affecting the value of property, and a property in the best neighbourhoods, say Cooden, can command a price nearly 50% higher than a similar house in other areas. However, after location, the next characteristic that has a significant influence on the desirability, and thus price, of property is the number of bedrooms and the type of property that it is (i.e. Detached/ Semi/Terraced/Flat).
In previous articles, I have analysed the Bexhill housing stock into bedrooms and type of property, but never before now have I cross-referenced type against bedrooms. These figures for the Rother District Council area make fascinating reading. It shows 81.3% of all properties in the area have 3 or more bedrooms. DetachedSemi-detachedTerraced (including end-terrace)Flat1 bedroom1853221302 bedrooms3687976999533 bedrooms1,7293,1991,8573664 bedrooms2,636979377965 or more bedrooms1,57429814324
I was genuinely surprised at the low numbers of one and two bed properties, especially 2 bed detached houses, especially as tenants like the smaller one and two bed properties in Bexhill. You see, it might interest the homeowners and landlords of Bexhill, that there has been a change in the numbers of properties on the market and the split in bedrooms on the market over the last 18 months.
18 months ago, 65 one bed properties were for sale in Bexhill, today 93, a rise of 43%
18 months ago, 260 two bed properties were for sale in Bexhill, today 230, a drop of 12%
18 months ago, 171 three bed properties were for sale in Bexhill, today 179, a rise of 5%
18 months ago, 106 four bed properties were for sale in Bexhill, today 98, a drop of 8%
18 months ago, 52 five + bed properties were for sale in Bexhill, today 49, a drop of 6%
For several years Bexhill buy-to-let investors have been the only buyers at the lower end (starter homes) of the market, as they have been enticed by high tenant demand and attractive returns. Some Bexhill landlords believe their window of opportunity has started to close with the new tax regime for landlords, whilst it already appears to be opening wider for first-time buyers. This is great news for first time buyers, but one final note for Bexhill landlords, all is not lost… you can still pick up bargains, you just need to be a lot savvier and do your homework!
One source of such information with articles like this is the Bexhill Property Market Blog which you can find at www.bexhillpropertyblog.com