78.3% of Folkestone Properties Have Three or More Bedrooms
Posted: 19/08/16 2:13 PM
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’s quite 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 (living) 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 Folkestone property market, the Folkestone homeowners and Folkestone 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 Folkestone, location is still the No. 1 factor affecting the value of property, and a property in the best neighbourhoods, say Temeraire Heights or Folkestone West can command a price nearly 50% higher than a similar house in an ‘average’ area. 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 (i.e. Detached/ Semi/Terraced/Flat).
In previous articles, I have analysed the Folkestone housing stock into bedrooms and type of property, but never before now have I cross-referenced type against bedrooms. These figures for the Shepway District Council area make fascinating reading. It shows 78.3% of all properties in the area have three or more bedrooms
|Detached||Semi-detached||Terraced (Incl End-Terrace)||Flat|
|5 or more bedrooms||1,201||524||273||27|
I was genuinely surprised at the low numbers of one and two bed properties, especially 2 bed semis detached houses, especially as tenants like the smaller one and two bed properties in Folkestone. You see, it might interest the homeowners and landlords of Folkestone, 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 12 months
- 12 months ago, 154 one bed properties were for sale in Folkestone, today 94, a drop of 39%
- 12 months ago, 238 two bed properties were for sale in Folkestone, today 171, a drop of 28%
- 12 months ago, 120 three bed properties were for sale in Folkestone, today 117, a drop of 3%
- 12 months ago, 87 four bed properties were for sale in Folkestone, today 109, a rise of 25%
- 12 months ago, 44 five + bed properties were for sale in Folkestone, today 39, a drop of 11%
For several years Folkestone buy-to-let investors have been the dominant buyers at the more affordable end of the market, as they have been enticed by high tenant demand and attractive returns. Some Folkestone 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 Folkestone 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 more articles like this. Just subscribe on the right and the news will come to you!