Hello and welcome to the second edition of our newsletter on the Prestwich and Whitefield Property Market
I am the owner of Philip Ellis Estate and Lettings in Whitefield. Each month we will share with all the owners and landlords in our area what is happening in our very own property market.
This month I will focus on the trends in rental stock in the Prestwich area.
Prestwich Homeowners 78% More Likely To Live in a Home with 3+ Bedrooms than those that Privately Rent
The conventional way of categorizing property in Britain is to look at the number of bedrooms rather than its size in square meters (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. 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 today’s Prestwich property market, the Prestwich homeowners and Prestwich 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 Prestwich, 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 Prestwich landlords have to consider the investment opportunity. In this article, I have analysed Prestwich’s housing stock into bedrooms and tenure. Initially looking at Prestwich homeowners.
It can quite clearly be seen that Prestwich owner-occupiers tend to occupy the larger properties with more bedrooms.
This would be expected due to the demographic of that privately rent.
However, this shows there could be opportunities for Prestwich buy to let landlords to purchase larger properties with more bedrooms to attract tenants requiring properties with more bedrooms.
For numerous years Prestwich 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.
Going forward with the changes in the tax regime for landlords, you just needs to be more savvy and do your homework, but you can still pick up bargains. The team at Philip Ellis would be happy to discuss your options in the area for sales and lettings.
We are happy to announce that we are now working with Joshua Lee of the UK Adviser to help you get the best mortgage products and property services under one roof.
Some services that UK Advisers offer are:
- Buy-to-let & Portfolio Landlords
- Bridging Finance
- Purchases & Remortgages
- Secured Loans
- Equity Release
- Commercial & Business Finance
Philip Ellis estate agents acts as an independent introducer to The UK Adviser and may be paid a commission on completion of the mortgage.
UK Adviser is a trading name of The UK Adviser Ltd, which is authorised and regulated by the Financial Conduct Authority (Ref: 798920).
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