Gravesend Homeowners Have Turned To The Rental Market To Cash In By £29,500 Each

Posted on: 26 August 2021

Gravesend Homeowners Have Turned to the Rental Market to Cash In By £29,500 Each

Gravesend Homeowners Have Turned to the Rental Market to Cash In By £29,500 Each

 

Should you sell or should you buy in this most interesting Gravesend property market?

 

I have calculated that at least 84 Gravesend house sellers have rented a home to break their house chain in the last 12 months, although at a cost as they face paying many thousands of pounds in rent. 

 

There are a number of reasons behind this. One is because they cannot find another Gravesend property to buy amidst a continuing shortage of new Gravesend properties coming to the market. Although, there are others who have achieved such a high price for their home they have decided to cash in and are (hopefully for them) waiting for the Gravesend property market drop?

 

Or will it drop? (More on that later).

 

Those selling their home have seen the…

 

average Gravesend home rise in value in the

last 12 months by £29,500.

 

Yet, if they have had to go into private renting, they have paid for that privilege in the rent they have had to pay.

 

The average cost of a six-month rental agreement in Gravesend is £5,536, meaning accidental Gravesend tenants have pumped £465,003 into the Gravesend rental market in the last 12 months.

 

The unevenness between the number of properties for sale and demand for them is at its widest since the early 2000’s. Whilst we have seen a slight improvement in the number of properties for sale in Gravesend, there are still…

 

30% fewer homes up for sale today in Gravesend,

compared to August last year.

 

This serious shortage of Gravesend property for sale is discouraging some hesitant Gravesend homeowners from putting their property on to the housing market, anxious they will not be able to find their next home and will be left renting.

 

Yet some savvy Gravesend homeowners are moving into a rented property as a way to navigate the shortage of properties to buy. If you have someone offering you top dollar for your Gravesend home, whilst you will have the hassle of two moves, the increase in value of your Gravesend home will more than offset the rent. 

 

Also, when you come to buy your next Gravesend home, you will be chain free and in pole position to buy your ‘forever home’, rather than being overlooked for the home because you are sold stc and burdened with a chain.

 

Yet this trend has made life tougher for long-term Gravesend tenants.

 

On average there were normally 140 to 170 properties available to rent in Gravesend on Rightmove at any one time (pre-pandemic), today there are only 77 available.

 

To give you an idea of how this has affected the Gravesend rental market, with heightened demand and lower supply, demand for rental properties has grown to such an extent…

 

the average rent in Gravesend has grown from £923 per month a year ago to £942 per month today.

 

Tenants are suffering from less choice and higher rents in the Gravesend property rental market, with few indications it’s going to significantly ease on the run up to Christmas.

 

So, what is going to happen to the Gravesend property market? 

 

Well, those of you that follow me know I regularly write about the Gravesend property market in my property blog. If you would like some recent articles I have written about the future of the local property, either drop me a line and I will send you some links to those posts, send me a DM or contact me by telephone.

 

In the meantime, please do share your thoughts on the matter in the comments.

 

 

Share:


Recent Articles

9 September 2021

Why Are More Gravesend Oap Homeowners Deciding Not To Move Home?

A recent report by Legal & General stated that  since the pandemic , many older homeowners had put their plans to move home   'on ice' . It said that f ewer  OAP  homeowners are planning to downsize  from their large family homes  after the...

9 September 2021

Gravesend Homes Asking Prices Down 2%

  With  Rightmove announc ing  a national drop of 0.3% in average asking prices in August,  some are asking if the steam has  been l et out of the property market. Y et with the gains we have seen in the last 12 months,  is this  just a ...

26 August 2021

Gravesend Homeowners Have Turned To The Rental Market To Cash In By £29,500 Each

Gravesend Homeowners Have Turned to the Rental Market to Cash In By £29,500 Each   Should you sell or should you buy in this most interesting Gravesend property market?   I have calculated that at least 84 Gravesend house sellers have rented a home to break their...

instant online valuation

Request an instant online valuation

Find out how much your property is worth