44.1% of Alfreton Households are 3-Bedroom Homes. Is that a Problem?
A detailed look at Alfreton's housing market reveals a significant statistic: 44.1% of households have 3 bedrooms, but, does this align with current and future needs? Do we need more 4 bedroom homes or smaller starter homes? This article starts to unpack the intricacies of Alfreton's property landscape offering homeowners and landlords vital info..
Firstly, if you like your statistics, you're going to love this article! It's full of numbers and stats which do give a great insight into the composition of the local property market in the Amber Valley area.
As an estate and letting agent with a keen eye on local Alfreton property trends, it becomes imperative to delve into the nuanced landscape of property types, mainly through the lens of bedroom distribution across various tenures.
This analysis enriches the knowledge base of Alfreton homeowners and landlords and positions them advantageously in making informed decisions.
At the heart of this exploration lies the categorisation of properties based on tenure: owner-occupied, owner-occupied with a mortgage, privately rented, and social housing. When dissected by the number of bedrooms - one, two, three, and four or more - each category reveals insightful trends that I can compare with local and national housing narratives.
Understanding this breakdown is crucial for Alfreton homeowners as it sheds light on the current demand and supply dynamics within Alfreton.
It offers a glimpse into which types of properties are most sought after. For instance, a surge in smaller, one or two-bedroom privately rented properties might indicate a rising demand from young professionals or smaller families, a demographic trend that has been observed nationally. Conversely, a prevalence of larger, owner-occupied homes could reflect a community with a significant number of established families valuing space and comfort.
On the other hand, Alfreton landlords stand to gain immensely from this granular analysis.
The bedroom distribution across privately rented sectors can guide investment decisions, highlighting portfolio diversification or consolidation opportunities. For instance, an Alfreton landlord noticing an undersupply in three-bedroom rental properties might consider acquiring or converting properties to fill this gap, thereby meeting market demand and enhancing rental yields. Our local authority, Amber Valley Borough Council, will also find it helpful to compare their housing stock against the private rented sector.
Moreover, comparing these local insights with national statistics offers a broader context, allowing Alfreton's property stakeholders to benchmark against broader trends. Such comparisons can reveal whether Alfreton is moving in tandem with national shifts - like the growing preference for more space post-pandemic - or if it harbours unique local preferences that could be leveraged for competitive advantage.
Let's look at the distribution of properties under tenure in the Alfreton area, comparing them against the national stats.
In the Amber Valley area …
• 6.40% of Amber Valley homes are 1 bed households, compared to 11.4% nationally.
• 29.75% of Amber Valley homes are 2 bed households, compared to 27.1% nationally.
• 44.10% of Amber Valley homes are 3 bed households, compared to 40.4% nationally.
• 19.75% of Amber Valley homes are 4+ bed households, compared to 21.1% nationally.
Next, let me look at the distribution over the tenures in Amber Valley …
• 40.96% of Amber Valley homes are owned outright, compared to 32.8% nationally.
• 31.58% of Amber Valley homes are owned with a mortgage, compared to 28.7% nationally.
• 12.74% of Amber Valley homes are social rented (Council & Housing Association), compared to 17.1% nationally.
• 14.73% of Amber Valley homes are privately rented, compared to 20.3% nationally.
And now let’s look at household tenure by bedrooms …
Owned Outright
• 1.81% of Owned households in Amber Valley have 1 bedroom (compared to the national average of 3.9%).
• 28.07% of Owned households in Amber Valley have 2 bedrooms (compared to the national average of 22.9%).
• 47.98% of Owned households in Amber Valley have 3 bedrooms (compared to the national average of 46.7%).
• 22.14% of Owned households in Amber Valley have 4 or more bedrooms (compared to the national average of 26.5%).
Owned with a Mortgage
• 1.15% of Owned (with a mortgage) households in Amber Valley have 1 bedroom (compared to the national average of 3.6%).
• 21.11% of Owned (with a mortgage) households in Amber Valley have 2 bedrooms (compared to the national average of 19.0%).
• 47.68% of Owned (with a mortgage) households in Amber Valley have 3 bedrooms (compared to the national average of 45.1%).
• 30.05% of Owned (with a mortgage) households in Amber Valley have 4 or more bedrooms (compared to the national average of 32.3%).
Social Renting
• 26.43% of Social Rented households in Amber Valley have 1 bedroom (compared to the national average of 29.4%).
• 36.57% of Social Rented households in Amber Valley have 2 bedrooms (compared to the national average of 35.5%).
• 34.43% of Social Rented households in Amber Valley have 3 bedrooms (compared to the national average of 31.2%).
• 2.57% of Social Rented households in Amber Valley have 4 or more bedrooms (compared to the national average of 3.9%).
Private Renting
• 13.06% of Private Rented households in Amber Valley have 1 bedroom (compared to the national average of 18.8%).
• 47.05% of Private Rented households in Amber Valley have 2 bedrooms (compared to the national average of 39.1%).
• 34.02% of Private Rented households in Amber Valley have 3 bedrooms (compared to the national average of 31.8%).
• 5.88% of Private Rented households in Amber Valley have 4 or more bedrooms (compared to the national average of 10.4%).
So, what does it all mean?
The Alfreton and Amber Valley housing market, with its diverse range of properties and tenures, offers a rich tapestry for analysis.
For Alfreton homeowners and landlords alike, understanding how the number of bedrooms correlates with different types of tenure provides a strategic lens through which to view their home or investments. It underscores the importance of local market intelligence in making informed decisions for buying, selling or renting properties.
As Alfreton continues to evolve, staying abreast of these trends will empower current property holders and attract prospective buyers and investors to this vibrant town.
And finally, to answer the question posed at the start, 44.1% of Alfreton households are 3-bed homes – is that enough? Well, that can't be answered in this short article, as there is such a difference between the tenures. Instead, the article's purpose was to highlight the information and make you think.
Why? Ultimately, the most knowledgeable agents, homeowners and landlords will recognise the value of detailed, localised property insights, using them to navigate the complexities of the Alfreton property market with confidence and understanding.
Do let me know your thoughts.
