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Home » Buy to let » Preston Property Blog – 44.38% of Preston households are 3-bedroom homes.

Preston Property Blog – 44.38% of Preston households are 3-bedroom homes.

Is that enough?

As an estate and letting agent with a keen eye on the local property trends, it becomes imperative to delve into the landscape of property types, mainly through the lens of bedroom distribution across various tenures.

This analysis enriches the knowledge base of Preston 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 local homeowners as it sheds light on the current demand and supply dynamics.

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, 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, a Preston 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, Preston City Council, will also find it helpful to compare their housing stock against the private rented sector.

Let’s look at the distribution of properties under tenure in the local area, comparing them against the national stats.

In the Preston area …

  • 23% of Preston homes are 1 bed households, compared to 11.4% nationally.
  • 29% of Preston homes are 2 bed households, compared to 27.1% nationally.
  • 38% of Preston homes are 3 bed households, compared to 40.4% nationally.
  • 10% of Preston homes are 4+ bed households, compared to 21.1% nationally.

Next, the distribution over the tenures in Preston …

  • 57% of Preston homes are owned outright, compared to 32.8% nationally.
  • 58% of Preston homes are owned with a mortgage, compared to 28.7% nationally.
  • 42% of Preston homes are social rented (Council & Housing Association), compared to 17.1% nationally.
  • 43% of Preston homes are privately rented, compared to 20.3% nationally.

And now let’s look at household tenure by bedrooms.

So, what does it all mean? The local housing market, with its diverse range of properties and tenures, offers a rich tapestry for analysis.

For local 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 local homes continues to evolve, staying abreast of these trends will empower current property holders and attract prospective buyers and investors to this vibrant city.

Regards

Paul Forbes