Local property market information for the serious investor

Month: July 2016

The Edgware Love Affair with its 1,060 Terraced House

Call me old fashioned, but I do like the terraced house. In fact, I have done some research that I hope you will find of interest my Edgware property market blog reading friends!

In architecture terms, a terraced or townhouse is a style of housing in use since the late 1600’s in the UK, where a row of symmetrical / identical houses share their side walls. The first terraced houses were actually built by a French man, Monsieur Barbon around St. Paul’s Cathedral within the rebuilding process after the Great Fire of London in 1666. Interestingly, it was the French that invented the terraced house around 1610-15 in the Le Marais district of Paris with its planned squares and properties with identical facades. However, it was the 1730’s in the UK, that the terraced/townhouse came into its own in London and of course in Bath with the impressive Royal Crescent.

However, we are in Edgware, not Bath, so the majority of our Edgware terraced houses were built in the Victorian era. Built on the back of the Industrial Revolution, with people flooding into the towns and cities for work in Victorian times, the terraced house offered decent livable accommodation away from the slums. An interesting fact is that the majority of Victorian Edgware terraced houses are based on standard design of a ‘posh’ front room, a back room (where the family lived day to day) and scullery off that. Off the scullery, a door to a rear yard, whilst upstairs, three bedrooms (the third straight off the second). Interestingly, the law was changed in 1875 with the Public Health Act and each house had to have 108ft of livable space per main room, running water, it’s own outside toilet and rear access to allow the toilet waste to be collected (they didn’t have public sewers in those days in Edgware – well not at least where these ‘workers’ terraced houses were built).

It was the 1960’s and 70’s where inside toilets and bathrooms were installed (often in that third bedroom or an extension off the scullery) and gas central heating in the 1980’s and replacement Upvc double glazing ever since.

Looking at the make up of all the properties in Edgware, some very interesting numbers appear. Of the 23,509 properties in HA8 …

2,305 are Detached properties (9.8%)
9,216 are Semi Detached properties (39.2%)
4,681 are Terraced / Town House properties (19.9%)
7,338 are Apartment/ Flat’s (31.2%)

 

And quite noteworthy, there are 5 mobile homes, representing 0.02% of all property in Edgware.

When it comes to values, the average price paid for a Edgware terraced house in 1995 was £94,700 and the latest set of figures released by the land Registry states that today that figure stands at £680,050, a rise of 618% – that’s not bad at all is it.

But then a lot of buy to let landlords and first time buyers I speak to think the Victorian terraced house is expensive to maintain. I recently read a report from English Heritage that stated maintaining a typical Victorian terraced house over thirty years is around sixty percent cheaper than building and maintaining a modern house- which is quite fascinating don’t you think!

Don’t dismiss the humble terraced house – especially in Edgware! For more thoughts on the Edgware Property Market – visit the Edgware Property Market Blog www.edgawarepropertyblog.com

 

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90.2% of Edgware Homeowners are over 35 – The affect of their Brexit vote on the Edgware Property Market

Well it’s been x weeks since the Referendum vote and we have had a chance to reflect on the momentous decision that the British public took. Many of you read the article I wrote on the morning of the results. I had gone to bed the night before with a draft of my Remain article nicely all but finished, to be presented, at just after 5am, with the declaration by the BBC saying we were leaving the EU. I don’t think any of us were expecting that.

If you want to read a copy of that original Post Brexit blog post, please visit my blog http://edgwarepropertyblog.com here and scroll back to late June to find it. In this article I would like to take my thoughts on from that initial article and now start to see the clearer picture as the dust settles on the UK, but more importantly, the Edgware Property Market.

In case you weren’t aware, the residents of the Edgware Council area went with the National mood and voted as follows..

Edgware Council Remain Votes 100,210 (62.2% of the vote)
Edgware Council Leave Votes 60,823 (37.8% of the vote)
Edgware Council Turnout 72.1%

I have been reading there is some evidence to indicate younger voters were vastly more likely to vote Remain than their parents and grandparents and, whilst the polling industry’s techniques may have been widely criticised, following them getting both the 2010 General Election and the recent Brexit vote wrong, anecdotally, many surveys seem to suggest there was a relationship between age and likelihood to support leaving the EU.

Interestingly, the average age of an Edgware resident is 36.8 years old, which is below the national average of 39.3, which might go someway to back up the way Edgware voted? What I do know is that putting aside whether you were a remain or leave voter, the vote to leave has, and will, create uncertainty and the last thing the British property market needs is uncertainty (because as with previous episodes of uncertainty in the UK economy – UK house prices have tended to go down).

Interestingly, when we look at the Homeownership rates in the Edgware Council area, of the 79,537 properties that are owned in the Edgware Council area (Owned being owned outright, owned with a mortgage or shared ownership), the age range paints a noteworthy picture.

Age 16 to 34 homeowners 7,767 or 9.8% (Nationally 9.6%)
Age 35 to 49 homeowners 23,801 or 29.9% (Nationally 29.2%)
Age 50 to 64 homeowners 24,726 or 31.1% (Nationally 30.7%)
Aged 65+ homeowners 23,243 or 29.2% (Nationally 30.5%)

So, looking at these figures, and the high proportion of older homeowners, you might think all the Edgware Council area homeowners would vote Remain to keep house prices stable and younger people would vote out so house prices come down- so they could afford to buy?

But there’s a risk in oversimplifying this. The sample of the polling firms are in the thousands whilst the country voted in its millions. Other demographic influences have been at play in the way people voted, as early evidence is starting to suggest that class, level of education, the levels of immigration and ethnic diversity had an influence on the way the various parts of the UK voted.

 

So what I suggest is this – Don’t assume everyone over the age of 50 voted ‘Leave’ and don’t assume most 20 somethings backed ‘Remain’; because many didn’t!

.. and the Edgware Property Market – well read my original article in the Edgware Property Blog and you can make your own mind up

 

62.2% of Barnet Voters voted to Stay the EU – What now for the 18121 Edgware Landlords and Homeowners?

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