Property in Tunbridge Wells
Property in Tunbridge Wells
Property in Tunbridge Wells
Property in Tunbridge Wells or property to rent in Tunbridge Wells have been impacted by interest rates which were held at 0.5% as the Bank of England monetary policy committee decided that low growth presented more of a risk than inflation to the economy. The UK base rate has now been unchanged for two years despite inflation now running at close to double the Bank's target level. This is set to change however as the last few months have seen the split within the committee move from a near-unanimous vote in favour of no change down to 3 to 6 in favour of retaining the existing rate. There is an expectation that May could see the first rate increase with one more towards the end of 2011, with Tunbridge Wells homeowners set to feel the pinch as mortgages increase.
Property in Tunbridge Wells felt the affect as the south of England, generally seen as the best place for premium properties in the UK outside of London, had a weak start to 2011. According to primelocation.com the South East and the South West were both in the bottom three based on Prime property price movements since the end of last year. The UK's best performing regions based on the year so far are the North West, London, and Yorkshire.
The sharp difference between the price movements in London compared with the south in general is likely to be down to stock levels. The South East and South West both saw a large influx of property to the market in February, with around 2% more houses coming onto the market at the top end for both regions. In contrast, London, the only southern area to see prices rise, saw stock levels for Prime property drop by 1.5%. The average prime property price in the south east is currently 551,105, considerably higher than the average UK property price.
Houses for sale in Tunbridge Wells cannot escape the national trend where, according to Rightmove.co.uk the February2011 House price Index shows a 3.1% change over January and 0.3% change over the past year. The average house price is 230,030. London is up 21% but nationally the trend is almost flat. The average price in the south east in February 2011 is 294,024 up 5.2% from 279,472 a year ago. Tunbridge Wells property owners should be encouraged by this but not compare it to the buoyant mass market periods in the 90,s and early part of the new decade. According to Rightmove's Consumer Confidence Survey done recently 25.3% of people in the south east expect "house prices to go up" compared to the national average of 24.2% while 37.9% expect "house prices to stay the same"(38% national average) and 32.3% think "house prices to go down" which is the same as the national average. In the south east 57.7% say it is "currently a good time to buy" compared to 60.4% nationally while 14.7% in the south east say it is "currently a bad time to buy".
According to Estate Agents in Tunbridge Wells, property to rent in Tunbridge Wells including flats to rent in Tunbridge Wells has shown increased demand, driving rental prices up while supply in some areas is weak. This is primarily because of larger deposits required by new home owners that has put first home ownership out of reach. More people have been forced to rent while they try to save for a bigger deposit. In some instances parents are supporting children by contributing to first home deposits, often by releasing equity in their own homes.
Property in Tunbridge Wells
Sales
Average Sold Price
Detached
4124
435,905
Flats/Maisonettes
6356
165,933
Semi detached
5288
224,824
Terraced
4719
190,160
Source:FindaProperty
Auction companies are reportedly seeing a significant increase in the number of repossessed properties for sale at auction. According to figures from Essential Information Group (EiG), the volumeofrepossessions appearing at auction has risen by 100 per cent over the past 18 months, so it should be an ideal time to start bidding. By signing up with local auctioneers in Tunbridge Wells you will receive details of relevant properties. However, Tunbridge Wells houses and flats are sometimes auctioned in other large UK cities where they may attract less interest and achieve a lower price.
Tunbridge Wells property buyers should consider buying new properties. Findaproperty says the property market is like no other in one, unique way most people buy second-hand. For example, there are over 4.5 million Victorian and Edwardian properties in the UK, many of which can claim dozens of owners over the past 160 years. And they remain popular despite the downturn - 150,000 will be bought and sold this year alone. Tunbridge Wells has some of the most sought after period homes, many with fantastic history. The rest of Britain's 21 million second-hand homes hail from the many other property booms Britain has witnessed including medieval, Georgian, Elizabethan and more recently during the 50s, 60s and 70s.
So, why should new property in Tunbridge Wells be considered? According to research most people like a new home because it is untouched by anyone else. It's fresh, clean and new. They also feel that there is more room for negotiation on a new house as developers often need to move stock quickly and will offer incentives, especially to first-time buyers. These days consideration is also given to green' and economic issues. The more energy efficient a home is, the warmer it is and often cheaper to heat, clean and service. It's generally more efficient from a space point of view as well and accommodates modern appliances and gadgets in a manner that appeals to young professionals who wish to focus on their careers.
Whether it's a new house, flat to rent or a well established beautiful period home, property in Tunbridge Wells has always been a good investment and this is likely to continue well into the future. Economically, 2011 is expected to be a difficult year but this should not hold anyone back from finding their dream home in Tunbridge Wells.
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