Date Published 28 August 2018
The combined value of Worthing's housing market has risen by £40,894,515 in the last 6 months, meaning the average value of a property in Worthing has increased in value by £1,245.
This is great news for homeowners and buy to let landlords in Worthing because property prices have risen despite a slight hesitation in the market due to the uncertainty over Brexit. As I have always said, investing in Worthing property, be it for you to live in or as a buy to let investment, is a long-term game.
The latest RICS showed that nationally the number of properties actually selling has dropped for the 16th month in a row. Locally in Worthing, certain sectors of the market are matching that trend, yet others aren't. It really depends which price band and type of property you are looking for, as to whether it's a buyers or sellers market.
The RICS also said its member's lettings data showed a lower number of rental properties coming on to the market. Anecdotal evidence suggests that (and this is borne out in the recent English Housing Survey figures) over the last few years tenants in Worthing are staying in their rental properties longer, meaning less are coming onto the market for rent. I have noticed locally, that where the landlord has gone the extra mile in terms of decoration and standard of finish, this has certainly helped increase rents whereas those properties where the landlord has been remiss with improvements and standard of finish are in fact seeing rents drop. Worthing tenants are getting pickier – but will pay top dollar for quality. So much so, I believe there will be a cumulative rise of around fourteen to sixteen per cent over the course of the next five years in private rents for the best properties on the market.
Back to the Worthing Property Values - The fact is that over the last 6 months 551 properties have sold for a combined value of £176,351,407. 6 months ago, the total value of Worthing property stood at £10,519,415,985 (£10.52bn), and today it stands at £10,560,310,500 (£10.56bn).
In the short term, say over the next six months and assuming nothing silly happens in Korea, the Middle East or Brexit negotiations, it will be more of the same until the end of the year. In the meantime, the on-going challenges ensuring we as a Country build more homes (although the Office of National Statistics figures released in July showed nationally the number of new homes started to be built over the second Quarter of 2018 had dropped dramatically) makes me think that Worthing (and Nationally) property value is likely to maintain an upward trajectory as we go into 2019.
Two final thoughts, firstly for all the buy to let landlords in Worthing (and indirectly this does affect all you Worthing homeowners too). I do hope the recent tax changes towards buy to let landlords don't bite as deep as it is possibly starting to with certain landlords I know. I talked about this in an article a few weeks ago and I know why the Government wanted to change the balance by taxing landlords and providing a lift for first time buyers. However, this may well come at the expense of higher rents for those Worthing tenants that don't become first time buyers, as the appeal of buy to let potentially weakens. Secondly, even though values have increased, realistic pricing (i.e. the asking price) is still the key to achieving these figures. So, if you are considering selling in the next 6 months – please bear that in mind.
All the best