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East Grinstead Homeowners 135% More Likely To Live in a Home with 3+ Bedrooms than those that Privately Rent

The conventional way of categorising property in Britain is to look at the number of bedrooms rather than its size in square metres (square feet for those of you over 50!). My intuition tells me that homeowners and tenants are happy to pay for more space. It’s quite obvious, the more bedrooms a house or apartment has, the bigger the property is likely to be. And it’s not only the tangible additional bedrooms, but those properties with those additional bedrooms tend to have larger (and more) reception (living) rooms. However, if you think about it, this isn’t so surprising given that properties with more bedrooms would typically accommodate more people and therefore require larger reception rooms.

In todays East Grinstead property market, the East Grinstead homeowners and East Grinstead 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 East Grinstead, location is still the No. 1 factor affecting the value of property, and a property in the best neighbourhoods can achieve a price almost 50% higher than a similar house in an ‘average’ area. Nevertheless, 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 (i.e. Detached/Semi/Terraced/Flat).

The number of bedrooms for owner-occupiers very much depends on the size of the family and the budget, whilst East Grinstead landlords have to consider the investment opportunity. In this article, I have analysed East Grinstead’s housing stock into bedrooms and tenure. Initially looking at East Grinstead homeowners..

 

 

And now the Private rented sector …

 

It can quite clearly be seen that East Grinstead owner-occupiers tend to occupy the larger properties with more bedrooms. This would be expected due to the demographic of homeowners and people that privately rent.

However, this shows there could be opportunities for East Grinstead buy to let landlords to purchase larger properties with more bedrooms to attract tenants requiring properties with more bedrooms. However, before you all go buying larger 4 bed and 5 bed mansions to rent them out, a lot of bigger properties in East Grinstead don’t make financial sense when it comes to buy to let.

For numerous years East Grinstead buy to let landlords have been the lone buyers at the smaller one and two bed starter homes of the market, as they have been lured by elevated tenant demand and eye-catching returns. Some East Grinstead 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 East Grinstead landlords .. all is not lost .. you can still pick up bargains, you just need to be a lot more savvy and do your homework ..one source of such information with articles like this is the East Grinstead Property Market Blog.

Kate Boyes FARLA MRICS

Group Director

Kate has been letting and managing property for 15 years, having established Alexandre Boyes Residential Lettings in 2003 and Alexandre Boyes Estate & Block Management in 2007. Kate is fiercely proud of the reputation both teams have in Tunbridge Wells & East Grinstead. Kate launched a national product, Resident, in August 2014 being an online property management software that is now utilised by Alexandre Boyes clients enabling them to log in and transparently view information on their blocks of flats and estates.

Kate has a first class honours degree in Land Management from the University of Reading specializing in Investment & Finance, and trained at Nelson Bakewell (now Capita Symonds), a Property Consultancy, in London. She qualified as a Chartered Surveyor in 2004, and is a Fellow of ARLA. She became a Board member of ARLA in June 2015, representing Kent, Essex, Norfolk, Suffolk & Cambridgeshire.

"Our aim over the last 20 years has been to develop Alexandre Boyes into the 'go to' local agent, the alternative choice to the major brands. Contemporary, fresh marketing combined with genuine traditional values and service, and most importantly in depth local as well as professional knowledge make us the obvious choice."

Kate's role at Alexandre Boyes lettings focuses on valuations and new business, procedures & policies, and marketing. In block management she advises on new business, and oversees policy and procedures internally. When she isn't working (which is not very often!) she can be found enjoying a glass of wine at Sankeys or spending time with her three children at home in Sussex.