The first Thanet Property Network meeting has taken place with guest speaker Peter Bishop from Lets 11 in Ramsgate and Alan Munns of My 4 Walls in Margate.
Peter gave an overview of the lettings market in and around Thanet. He explained that there are a huge number of people on the social housing waiting list (approximately 3,500) in Thanet at the moment, and that this problem is only set to get worse.
The rental market is being squeezed in a number of ways. Firstly, quite a few landlords are selling up and leaving the industry because of recent tax and legislation changes, there are also a lot of existing rental properties being turned in to holiday lets in Thanet because of the better returns available for the investor.
On top of this there is less of an appetite from new landlords generally so there is very little new rental stock coming on to the market. The result of this is that landlords are now firmly in the driving seat and are able to be choosier about the tenants they accept, and they are also able to charge more rent because the demand is so high. Peter told us that if he markets a good property he will get 20+ enquiries within 24 hours.
Alan Munn gave an in-depth talk about the property market in and around Margate, including a look at the local holiday rental market. The audience was interested to hear how prolific London buyers are in the area right now. They seem to have a particular penchant for Margate Old Town and, apparently, are more in the mood for house shopping when the sun is shining!
They also tend to have a more positive view of Thanet than some of the residents. This is best reflected in their enthusiastic approach to Cliftonville compared to existing Thanet residents who are still reluctant to buy in that area.
Alan said this is not without good reason, as there are some parts of Cliftonville where banks won’t lend because of crime rates and reputation. It’s thought the amount of ‘out of town’ buyers are set to increase as the rail links from Ramsgate to London get closer to the magic 60-minute mark. And more people discover Thanet while on short breaks and holidays.
This is evident as the holiday market has nearly tripled in the last two years! Even though more and more properties are being converted in to Air bnb accommodation there is still a shortage of holiday rental property in the area, particularly around the peak season and when there are events being held.
This part of the industry will increase in coming years as the area continues to improve, the staycation grows more popular and Thanet plays host to more and more events.
Join the next event
If you have an interest in property investment or work within the property industry come along to the next event on April 11. It is a not for profit event which is held to help share knowledge, ideas and strategy… and also to do some business!
Follow Thanet Property Network on facebook, or just come along to St Georges School in Broadstairs on the night for a 7pm kick off.