Thursday, 10 July 2014

Erewash vs Amber Valley - Census figures released

It seems a distant memory three years ago when we were filling in our census returns, but now the final figures for the each individual town and Council area have been released.  It all makes for some very interesting reading especially around the property sections, so let’s look at the Erewash and Amber Valley figures.

Of the 48,692 properties in Erewash, just over seven out of ten properties are owned (71.5 % to be precise) and 5,762 householders rent their house (or 11.8% of households). Compare that to Amber Valley where 38,973 householders own their own home (74.1%) and 5,618 of households are rented (10.7%). When you consider the national average for renting is 15.6%, both areas are the bottom quartile of local authorities for private renting

Roll the clock back 10 years to 2001, and in Amber Valley, 77.1% people owned their homes (compared to the 74.1% mentioned above), so it would be fair to say less people own their own home now? No, quite the opposite, because in 2001, 37,900 of Amber Valley houses were owned and by 2011, that had increased to 38,973 households (as above).

The reason is that over those 10 years, 3,467 houses were built in Amber Valley, and guess what, most were bought for buy to let. In 2001, 2,854 houses in Amber Valley were rented and as we discussed earlier, by 2011, that had risen to 5,618 households, a massive 96% jump in private rented property in Amber Valley over those 10 years (and the figures are almost identical for Erewash).

As in the rest of the UK, locally more people own their home than 10 years ago (in fact, out of all the UK local authorities, Amber Valley is in the top 12% of UK local authorities for home ownership and Erewash is in a very respectable top 25% spot), but more importantly, even more people rent. The demand for rental property will steadily continue to rise as the UK turns into a more European model of homeownership.

So, if you are considering becoming a landlord or are an established landlord who is thinking of buying another property to rent out, please do your homework. Feel free to ask my opinion on what makes a 'decent property'. I don't sell property, so it's in my interest for you to buy the right property for you, not me. I don't charge for that opinion, because I hope you will recommend me to your friends, which is in fact the best compliment you can make me.

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