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Kings Langley ‘Home Owning’ Movers and Shakers in 2018

05/12/2018

It’s now commonly agreed among economists and the general public that the dramatic rise in UK property prices over the last six years has come to an end and that is certainly the case in Kings Langley and the surrounding villages.

Read the National newspapers, and they talk of doom and gloom in the British housing market with such things as strained buyer affordability (as property prices have increased over the past six years at a far faster pace than average salaries), a lack of new properties being built and the Brexit uncertainties over the last two and half years being blamed for the slow down - yet in the last 12 months, people have still been moving, buying and selling in Kings Langley at levels similar to the last six years - perhaps we have a case of ‘bad news selling newspapers’.

So instead, let us share with you what, exactly, is happening in the Kings Langley property market, and more specifically, who is moving and why in Kings Langley. The majority of sales in Kings Langley during the last twelve months were semi-detached properties, selling for an average price of £497,100. Detached properties sold for an average of £767,400, with flats fetching on average £277,400.

 

In Kings Langley, in the homeowner sector in 2018 (i.e. owner occupation), 48 households moved within the tenure (i.e. sold the home they owned and bought another one) and 9 new households were created (i.e. they moved from living with family/friends and bought their first home without privately renting).

 

    

Kings Langley Home Movers in 2018

Moved from Owner Occupation to Private Rented

18

Moved from Private Rented to Owner Occupation

22

Owner Occupation to Social Housing

2

Straight to Owner Occupation

9

Left Owner Occupation (i.e. Household Ended)

12

Owner Occupation to Owner Occupation

48

 

 

What does this mean for Kings Langley buy to let landlords? Well looking at the graph, it appears bad news for landlords. There were 22 households that moved into the home owning (owner occupation) tenure from the private rented sector, whilst on the other side of the coin, 18 Kings Langley households moved to the private rented sector from owner occupation … which appears on the face of it, a reduction in the private sector.

 

My research has calculated that in 2018, an additional 23 new households in the Kings Langley private rental sector were created

 

...and it will continue to grow at those levels for the foreseeable future.

 So, whatever is happening in the world with Brexit, Trump, China, and the Stock Market … the Kings Langley housing market is in decent shape for the medium to long term. If we do have small corrections in values in the next 12 to 18 months, in the long term, house prices have always returned ... and returned with vengeance. Like we say to anyone buying a property, be they a first time buyer, landlord or homeowner ... property is a long game ... and if you play the long game, you will always win (although isn’t that true in most aspects of life?).

 



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