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 Edgware property market; the Edgware homeowners and Edgware 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 Edgware, location is still the No. 1 factor affecting the value of property, and a property in the best neighbourhoods, say St Margaret’s or Mill Hill 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 Edgware housing stock into bedrooms and type of property, but never before now have I cross-referenced type against bedrooms. These figures for the Barnet London Borough Council area make fascinating reading. It shows 71.7% of all properties in the area have 3 or more bedrooms
Detached Semi-detached Terraced Flat
1 bedroom 81 215 143 2,426
2 bedrooms 646 2,212 2,798 15,498
3 bedrooms 2,431 13,911 8,324 4,714
4 bedrooms 3,913 10,361 3,766 599
5+ 5,354 6,291 1,121 213
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 Edgware. You see, it might interest the homeowners and landlords of Edgware, 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, 31 one bed properties were for sale in Edgware, today 28, a drop of 10%
• 12 months ago, 88 two bed properties were for sale in Edgware, today 79, a drop of 10%
• 12 months ago, 85 three bed properties were for sale in Edgware, today 130, a rise of 53%
• 12 months ago, 70 four bed properties were for sale in Edgware, today 67, a drop of 4%
• 12 months ago, 29 five + bed properties were for sale in Edgware, today 54, a rise of 86%
It can quite clearly be seen more Edgware properties have become available, which can only be good news for Edgware first time buyers and Edgware buy to let landlords looking for a bargain (especially post Brexit) as property prices have stopped rising at the silly rates they were 12/18 months ago.
For several years Edgware 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 Edgware 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 Edgware 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 Edgware property market Blog www.edgwarepropertyblog.com
If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Edgware Property Market together with regular postings on what I consider the best buy to let deals in Edgware, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! email me on Steve@benjaminstevens.co.uk
If you are in the area feel free to pop into the office we are based at 194 Station Road Edgware Middlesex HA8 7AT- the kettle is always on.
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