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 Stoke on Trent property market, the Stoke on Trent homeowners and Stoke on Trent 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 Stoke on Trent, 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 Stoke on Trent landlords have to consider the investment opportunity. In this article, I have analysed Stoke on Trent’s housing stock into bedrooms and tenure. Initially looking at Stoke on Trent homeowners..
And now the Private rented sector …
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Owner-Occupier Households in Stoke on Trent
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Private Rented Households in Stoke on Trent
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1 Bed
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1.64%
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12.90%
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2 Bed
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33.62%
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52.77%
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3 Bed
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52.77%
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29.70%
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4+ Bed
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11.97%
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7.00%
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However, this shows there
could be opportunities for Stoke on Trent 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 Stoke on Trent don’t
make financial sense when it comes to buy to let.
For numerous years Stoke on Trent 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 Stoke on
Trent 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 Stoke on Trent 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 Stoke on Trent Property
Market Blog http://stokeontrentproperty.blogspot.com
