Recent figures from the Office for National Statistics (ONS) revealed that across the UK, nearly half a million households are occupied by individuals aged 65+ living in the private rental sector. This represents 6.7% of all OAPs now renting privately.
Ten years ago, only 267,000 households were occupied by individuals aged 65+ who lived in privately rented housing. At the time, this represented just 4.39% of OAPs. So, it is clear from the outset that the dynamics in the market have changed significantly, with over a 50% increase. So, what does this data mean?
WHY ARE RETIREES RENTING?
A survey by The Prudential a few years ago shed light on this upcoming trend. Nearly 60% of older renters have always been renting. Around 20% have sold their homes to address debt challenges, and another 10% have sold their properties intentionally with the desire to rent in older age, often using the proceeds to fund their retirement or allow more freedom and less maintenance.
Financial stability is increasingly important. Men in Bath, upon reaching 65, have an average life expectancy of 19.6 years, while women can expect to live an additional 22.1 years. Interesting when compared to the national averages of 18.1 years for men and 20.6 years for women.
However, longer life expectancies come with the challenge of sustaining finances over an extended period, particularly as inflation, rising living costs, and low interest rates erode retirement savings.
THE RENTAL LANDSCAPE IN BATH.
30% of people who live in Bath and North East Somerset (BANES) are over 65 years old. A significant majority of over 65’s, 76%, own their homes outright. 6% own their homes with a mortgage and then social housing accounts for 12%. This leaves 5% of over-65s in the area being privately rented.
This figure, whilst small, is on the rise. Anecdotal evidence suggests that property professionals are seeing more retirees in Bath choosing to sell larger homes they own and downsize into rented accommodation. This reflects a desire for more simplicity and financial flexibility upon retirement. Selling a home with or without a mortgage offers up substantial equity which can then be passed down to future generations via better investments, funds and allow a more comfortable retirement.
Renting also offers predictability. With a fixed monthly expenditure that typically includes property maintenance and potentially even services like gardening, retirees can budget with confidence. This arrangement removes the financial and logistical burdens of homeownership, such as unexpected repair costs, allowing for a more carefree retirement. Renting also offers flexibility, enabling older tenants to relocate with ease if their circumstances change, such as moving into assisted living or care facilities.
OPPORTUNITIES FOR BATH’S LANDLORDS:
This shift presents a unique opportunity for Bath’s buy-to-let investors. Older tenants often seek properties that are low-maintenance and designed to suit their needs. Semi-detached bungalows, particularly those located near essential amenities such as bus routes, GP surgeries, and shops, are in high demand. These homes are often preferred for their accessibility and practicality.
For landlords, catering to this demographic can yield excellent returns. Retirees typically value stability, making them reliable, long-term tenants. Furthermore, if a property meets their needs and provides additional conveniences like included maintenance services, they are often willing to pay a premium rent for the right home.
The Bigger Picture for Bath Landlords
As the population ages, the demand for rental properties suitable for older tenants is likely to grow as the Centre for Economics and Business Research (CEBR) stated in the report this summer that they expected the number of OAPs privately renting to double in the next decade. This trend presents both challenges and opportunities for landlords in Bath. By understanding the needs of this demographic and tailoring their portfolios accordingly, landlords can not only secure steady returns but also play a role in supporting the housing needs of an ageing community.
For the private rental sector, this demographic shift highlights the importance of creating housing solutions that balance profitability with social responsibility. As leaders in the Bath property market, we must champion approaches that meet these emerging needs while promoting long-term sustainability in the rental sector.
The last decade has been a relentless barrage of new regulations and tax changes. From the 3% stamp duty surcharge introduced in 2016 to section 24’s limitation on mortgage interest relief, then the new renters rights act slowly passing through the government and its removal of section 21 eviction notices and finally recent reductions in capital gains tax allowances – it is fair to say that Buy-To-Let (BTL) investors have been under relentless pressure.
Now to add to this long list, the looming EPC regulation change, requiring properties to meet tougher energy performance standards, and the latest increase in stamp duty – raising its surcharge from 3% to 5%, there feels like another layer of financial burden on top of another, and it is no wonder that many landlords are feeling stretched to the limit and want to draw a line and sell up.
However, although these changes all seem daunting – let’s take a step back and evaluate the bigger picture.
For landlords with a long-term view, this extra cost is unlikely to fundamentally alter the financial viability of their investment. This one-off expense becomes ‘lost in time’ when spread out of the lifetime of an investment. Yes, it is a higher upfront cost, and as with any additional cost, it is not welcome. However, for most BTL investors, this increase won’t dramatically change the fundamentals. In fact, it’s like when the initial 3% surcharge was implemented in 2016; back then, very few landlords were deterred, and the market quickly adapted.
Another reason to stay positive is the remarkable growth in the rental sector seen over the last few years. In the last few years, rents have risen by 8-10% (Largely fueled by wage growth and continued supply/demand imbalance in the market) and are set to continue growing thanks to minimum wage rises, further bolstering the case for long-term BTL investment.
Furthermore, capital gains tax, though perceived as a deterrent, was reduced last year for higher-rate taxpayers, from 28% to 24% on residential property, which helps retain more of the gains made on property sales. Labour has made no change to that.
In real terms, UK house prices are now 15% cheaper than three years ago, another boost to the incentive to invest in BTL. So, ultimately, for savvy investors, now is potentially a more favourable time to secure a good deal for long-term gain. There will be a higher upfront cost that will have to be absorbed, but with a long-term vision, your investment can definitely be profitable.
While landlords are certainly facing pressures from the new EPC regulations in the coming years, history shows that when the government mandated the EPC rating to an “E” in 2018, it tempered the impact to avoid a market disruption with a maximum of £3,500 maximum spend to reach that level. We’ll likely see a similar approach this time if it risks an excessive withdrawal of rental properties from the market.
Ultimately, the buy-to-let market remains one of the few investment avenues where one can achieve both income and capital growth.
Bath landlords may need to consider this stamp duty increase when negotiating purchase prices, but for those with a long-term perspective, this is simply another bump in the road.
While change is inevitable, BTL still represents a sound investment – especially for those who are in it for the long haul.
On Wednesday, Parliament had the first hearing of the Renters’ Rights Bill, the revision by Labour of the previous government’s Renters Reform Act. There was a lot of information given during the hearing so let’s take a moment to take a look at what this could mean for your investments in the future.
Let’s begin by reassuring you that nothing groundbreaking was heard in these proposals that will catch you off guard. Most of what was heard was already in the previous bill by the Conservative government. Regardless, let’s break down what was involved and what might affect you as a Bath Landlord going into the future.
THE END OF SECTION 21 (‘NO FAULT’) EVICTIONS:
The big headline in the news outlets was the abolition of Section 21 evictions. For years now, landlords have been able to issue a section 21 notice, which gives tenants two months to leave the property through no fault of their own. Many have viewed this as unfair, particularly when they have been used to displace tenants who challenge landlords’ provision of poor living conditions or challenge rental increases they deem unfair.
Landlords won’t be without power. You will still be able to evict tenants who break rules under Section 8 of the Housing Act. This will cover situations such as failure to pay rent, damage to the property, and antisocial behaviour. The main difference here between a section 21 and a section 8, is that the latter requires a court order. The concern here is that in recent years these court orders have faced significant delays. However, the government has assured us that they will work to clear the backlog and streamline the process.
RENT INCREASES AND BIDDING WARS:
Another important point heard on Wednesday’s hearing was the ban coming in on bidding wars. Over recent years, some cities have seen an influx in rental bidding wars. This has been caused by over-demand and under-supply, which has then led to two people trying to offer more than the other over the asking rate of rent and leading to ‘a bidding war’. This new piece of legislation will make it illegal to ask or accept any offers from potential tenants over the advertised rent. This may stabilise the market, but it is something to keep in mind when setting rent prices for your Bath rental property.
In addition, in-tenancy rental increases will be limited to once a year and will no longer be allowed during the period of the fixed term of a tenancy. Whilst this ban may seem restrictive, it does provide a sense of stability for tenants and in turn may encourage longer-term lets.
ENERGY EFFICIENCY AND PROPERTY STANDARDS FOR BATH LANDLORDS:
This proposed act introduces a stricter regulation on the quality and energy efficiency of rental properties. By 2030, landlords will need to ensure that their properties are given an Energy Performance Certificate (EPC) rating of C or above. (For more information about EPC Certificates see this article: How will the new EPC rules affect Landlords? (residebath.co.uk)). This is a long-term requirement, so although it may require investment at first, there is plenty of time to plan these changes, check the regulations, and plan accordingly.
The introduction of the Decent Homes Standard into the private rental sector means that Bath Landlords will also need to ensure their properties and maintained to a certain standard. This will particularly look at hazards such as dampness and mould, a common issue among Bath properties in particular. It is a move that is aimed at improving the overall quality of rental accommodation and whilst it may mean more responsibility for more landlords across the city, most landlords will already be meeting these standards.
GOING FORWARD:
If any one of these proposed changes is causing any concern then do not hesitate to get in touch with our team, we would be happy to help you understand these changes further. Being a team in Bath affiliated closely with the governing body, Propertymark, we are continuing our professional development and are constantly keeping up to date with the latest changes. Do also keep an eye on this blog page which is continually updated with all the latest news in the property industry here in Bath and beyond.
The rental property market is on the verge of a significant shift, one that will undoubtedly cause concern among landlords across the United Kingdom. The new labour government has made clear its intention to raise the minimum energy performance standards for rental properties, a move that could have far-reaching implications for both landlords and tenants alike.
The proposed change would see the minimum Energy Performance Certificate (EPC) increase from E to C by 2023 and has sparked a mix of uncertainty and anxiety within the rental property sector.
The new regulations are a part of Labour’s wider commitment to combat climate change and enhance the energy efficiency of the UK’s rental homes. This is also a bid to reduce tenant bills given the current energy crisis and cost of living crisis.
The previous conservative government introduced EPC regulations for private rental properties in 2018. This was a part of the broader effort of the previous government to improve the Energy Performance of the UK’s housing stock. Under these regulations, landlords were required to make sure their properties met this minimum standard EPC rating of E, before they were allowed to be placed on the rental market. To support landlords in doing this, exemptions were allowed, and a cost cap was introduced to limit the amount landlords were required to spend on their properties to improve their EPC.
This cap was implemented to reduce the strain on landlords financially, particualry those with older properties. The £3,500 cap covered a range of potential improvements, including insulation, heating system upgrades, and draught-proofing, and was seen as a balanced approach that allowed landlords to comply with the new standards without facing prohibitive costs.
THE SCALE OF THE CHALLENGE FOR BATH LANDLORDS:
The implications of these changes are likely to be profound. Some Bath landlords may decide that the cost of upgrading is simply too high and choose to sell their Bath properties instead. This exodus from the rental sector could exacerbate the current shortage of housing for tenants and hence drive up rents, and make it even more difficult for tenants to find affordable rental homes.
There is also the risk that the increased financial burden on landlords would be passed onto the the tentants in the form of higher rent increases. While the goal of improving the EPC of these homes is to reduce the overall living costs of tenants by lowering their energy bills, this benefit could be offset by the landlords raising their rents to recoup the associated costs.
DOES AGE, TENURE AND TYPE OF HOME MAKE A DIFFERENCE TO THE EPC RATING?:
The EPC scores associated with each band are as follows:
Band A – 92 plus (most efficient)
Band B – 81 to 91
Band C – 69 to 80
Band D – 55 to 68
Band E – 39 to 54
Band F – 21 to 38
Band G – 1 to 20 (least efficient)
Looking at only the property type, it certainly affects energy efficiency. Overall, flats and maisonettes are the most ‘energy-efficient’ property type in the UK with a median efficiency score of 73, so a Band C EPC. Detached and terraced properties came in second with a median score of 66 equating to a Band D EPC, and finally in last place was semi-detached houses with a median score of 65, so also a Band D.
Detached homes tend to be more modern and as such, should be expected to have a higher energy rating. There are three external walls exposed in semi-detached houses, which would make you think they would have an overall better average EPC. However, the average age of UK semi-detached homes is older than detached homes and this is where efficiency is lost.
Finally, the terraced home normally only has two external walls, so should be better than semis and detached homes. Yet, terraced homes have solid walls, which make them perform not as well as cavity walls. Finally, flats and maisonettes, are more likely to be more modern and grouped in blocks, making them more efficient.
Breaking down each type into its three tenures of owner-occupiers, private renting and social renting…
Detached properties exhibit relatively similar energy efficiency ratings across all tenures, with owner-occupied homes scoring an average of 64, slightly higher than the private rented sector at 62, with social rented properties at 66. This suggests that while there is a marginal variation, socially rented detached homes tend to be more energy efficient on average.
Semi-detached homes show uniformity in energy efficiency for owner-occupied and private rented properties, both with an average rating of 63. Social rented semi-detached homes, however, are somewhat more efficient, with an average rating of 68. This may reflect better insulation or energy-saving measures in the social housing sector.
Terraced properties reveal a small increase in energy efficiency as we move from owner-occupied (63) to private rented (64) and then to social rented (69). This trend indicates that terraced homes in the social rented sector might benefit from recent energy efficiency upgrades or more rigorous building standards.
Finally, flats and maisonettes demonstrate the highest energy efficiency ratings across all property types, with owner-occupied and socially rented homes both scoring 72, and privately rented properties closely following at 70. The higher ratings in this category could be due to the structural benefits of multi-unit buildings, such as shared walls that reduce heat loss.
In summary, while there are differences in energy efficiency across different property types and tenures, social rented properties generally exhibit higher energy efficiency ratings, particularly in the semi-detached and terraced categories. This may reflect concerted efforts within the social housing sector to improve energy efficiency, possibly driven by policy initiatives and funding targeted at reducing fuel poverty.
AGE:
Finally, let us look at the age of properties and if there is any correlation between age and energy performance rating.
The age of a home is a key determinant of its energy efficiency, largely due to advancements in construction techniques and building regulations over time. Properties built from 2012 onwards tend to have the highest EPC ratings, with a median score of 84 (Band B). Homes constructed between 1983 and 2011 also perform relatively well, with a median score of 72 (Band C).
Moving on to older properties – looking particularly at those built between 1930 and 1982, these have a lower median energy performance rating of 65, equating to an EPC rating of Band D. The least efficient homes are those built pre-1930 which have a median score of 59, ranking them with an average EPC of Band D also.
THE LOCAL BATH PICTURE:
38.36% of the UK privately rented homes are in the proposed minimum EPC standards of A to C. Locally in the South-West, there was an average of 40.63% of homes falling between those marks.
Nationally, 59.46% of private rented homes are in the D and E bands of the EPC rating system and locally again in the south-west, there are 56.46% of private rented homes in this category.
In other words, over 50% of privately rented properties in Bath are within the EPC bands D to E which would mean under these proposed changes they would need to be improved. To visualise this better, there is a heat map below of the homes that would fail the testing under the proposed new law.
BATH LANDLORDS NAVIGATING THE UPCOMING UNCERTAINTY:
In the face of this wave of new challenges, landlords in Bath must adopt a pragmatic approach. While the initial reaction may be one of concern, it is important to consider the long-term benefits of making these energy improvements to your investment properties. Properties with higher EPC ratings are more attractive to tenants, alongside this they also tend to yield higher market value. By investing in upgrades to your investment property, you can not only comply with the new regulations afoot but also enhance the value of your property on the market.
Moreover, there may be an opportunity to mitigate the costs. The government has yet to finalise the details of the new regulations and there is hope that they will introduce measures to support landlords through this transition to more energy-efficient homes. There may be grants, loans or tax incentives available to those who make the improvements and thus offset some of the cost.
Bath landlords should also consider the timing of their investments. While 2030 may seem distant, the scale of work required means starting early could be beneficial. Properties that are upgraded sooner rather than later will be in a better position to attract and retain tenants, particularly as energy efficiency becomes an increasingly important consideration for renters. Furthermore, by acting now, landlords can avoid the rush and potential price increases that are likely to occur as the deadline approaches.
It is also worth considering the broader societal benefits of these changes. Improving the energy efficiency of rental properties is not just about meeting government regulations; it is about contributing to the fight against climate change and helping to reduce the country’s overall carbon footprint. This is something that both Bath landlords and tenants can take pride in, and it aligns with the growing demand for more sustainable living options.
Again, the improvements made to properties will not only benefit current Bath tenants but also increase the long-term viability of the rental market. As properties become more energy-efficient, they will be better equipped to withstand future changes in energy prices and regulations. This future-proofs investments and ensures that landlords can continue to offer quality housing in a competitive market.
FINAL THOUGHTS: A STRATEGIC APPROACH FOR BATH LANDLORDS:
In conclusion, while the proposed changes to EPC requirements may initially seem daunting, they should be viewed as an opportunity rather than a threat. By taking a proactive and strategic approach, Bath landlords can not only meet the new standards but also enhance the value and appeal of their properties. This will not only benefit their portfolios but also contribute to a more sustainable and resilient local rental market.
The key is to start planning now, seek out advice from Letting and Estate Agents such as ourselves or many of the other agents located in Bath, and consider the long-term benefits of these changes. The road ahead may be challenging, but with careful planning and a commitment to improving the quality of rental housing, Bath landlords can navigate this transition successfully.
As leaders in the local property market, feel free to contact us to discuss what has been said in the article as it is everyone’s responsibility to not only meet these new standards but to embrace the positive changes they bring.
It may surprise many, but despite the significant rises in inflation over the last few years, buying a house in today’s market is more affordable as a percentage of take-home pay.
First, the average value of a typical first-time buyer’s home has surged by 318% since 1989 (35 years ago for those counting), reaching £314,000 in 2024. So, you would think the title of the blog sounds…well…wrong.
However, the headline price one pays for a home is not relevant when looking at affordability, to measure this we need to look at what the home costs each month out of someone’s salary.
Despite this significant increase in headline pricing of houses over the last 35 years, the monthly mortgage payments that a first-time buyer needs to make today are significantly lower as a proportion of their monthly take-home than in 1989.
According to data from the Nationwide Building Society, today’s first-time buyers in Bath spend 41.9% of their household take-home pay on mortgage payments. This is substantially lower than the 64% required in 1989. This was due to the Bank of England’s base rate being 14%, and base wage rates being lower than they are today comparatively. So we can see a representative 34% reduction in the financial burden that a mortgage payment has today on first-time buyers compared to 1989.
Now, 1989 was 35 years ago and many may argue that as such, it is an irrelevant comparison to today’s economy. However, if we compare the data from today to a closer time, 2007, we can see that even 17 years ago, first-time buyers had to allocate 51% of their household income to their monthly mortgage payments. 17.9% higher than today’s figures which continues to show the relative affordability of a home in Bath over the last few decades.
Now we have established that when comparing % of monthly income to mortgage payments, how has this reduction happened? Well, in real terms (after inflation) incomes have risen and interest rates are much lower. UK household incomes have grown in real terms by 25% in the last 35 years, while interest rates are at 5.25%.
Beyond this, Bath’s first-time buyer affordability is influenced by several factors beyond interest rates and income. One significant aspect is the overall change in the housing market dynamics, including government policies, the availability of mortgages and demographic shifts.
UK GOVERNMENT POLICIES AND MORTGAGE AVAILABILITY:
Government policies supporting first-time buyers, such as Help-to-Buy schemes and favourable mortgage products, have made homeownership more accessible. These policies often provide financial assistance or guarantee parts of the mortgage, reducing the initial financial barriers for first-time buyers. Moreover, the regular availability of competitive mortgage products with lower interest rates and longer repayment terms (35+ years) has eased the burden on first-time buyers.
DEMOGRAPHIC SHIFTS AND URBAN DEVELOPMENT IN BATH:
Demographic changes, including the growth in urban areas and improved infrastructure, have also contributed to the housing market’s evolution. With a strategic location and vastly improved transport links, Bath has become an attractive option for commuters and young families. This has increased demand for housing, driving development projects that cater to the needs of first-time buyers with affordable housing options.
RENT VS BUY IN BATH – ECONOMIC CONSIDERATION:
As rental prices continue to rise at a considerable rate, the economic advantage of buying over renting is becoming more pronounced. Renting often involves annual rent increases, which then in turn offers no financial long-term security. In contrast, buying a home with a fixed-rate mortgage does offer financial predictability in monthly payments and property value appreciation.
However, many people will counter these arguments by saying that first-time buyers need to find large deposits. The average first-time buyer deposit in 2023 was an eye-watering £53,000. However, do remember that this is an average. 95% mortgages with 5% deposits have been available for some time now, but these do come with considerably higher interest rates and require a strong credit rating. For example, a large deposit (25%) will get to a lower interest rate (at the time of writing, the best 95% mortgage/5% deposit was at 5.2%, versus a 75% mortgage/25% deposit mortgage at 4.24%), yet if one extends the number of years one has for the mortgage, then the monthly payments will come down. (Remember to take advice from someone qualified to advise you on this).
Another advantage is that homeowners build equity. This becomes a significant financial asset over time, whereas renters do not gain any form of ownership benefit despite monthly payments.
If we are talking about the long term rental option in life then do be aware that if you retire having not purchased a home then you can qualify for support from the government for rental payments. However, if you are the sole occupant then you may only qualify for a smaller rental property payment and thus have to move upon retirement.
FINAL THOUGHTS:
The Bath property market has seen a roller coaster shift in affordability for first-time buyers over the past 35 years. While property prices have increased substantially, the proportion of household income required for mortgage payments has decreased due to lower interest rates, real-term income growth, and supportive government policies. This improved affordability, combined with the rising cost of rent, makes buying a more attractive and financially sound option for many.
The economic landscape has changed significantly, favouring first-time buyers in ways that were impossible in 1989 or even 2007. As the market continues to evolve, first-time buyers in Bath can take advantage of the current conditions to secure their financial future through homeownership. The reduced financial burden and the potential for long-term gains make now a suitable time for those considering stepping onto the property ladder.
This wonderful city, with its rich heritage, stunning architecture and deep-rooted history has always been an attractive place to live. However, there has been recent concern that suggests the whole of the UK and thus Bath, may be facing a population crisis, impacting the quality of life for its current and potential future residents.
With 10,128 people living in Bath per square mile, the city appears to be bursting at the seams. However, is Bath truly overcrowded, or are these figures misleading?
UNDERSTANDING POPULATION DENSITY –
To put things in perspective, the UK has a population density of approximately 1,065 people per square mile. This makes it the second most densely populated country in Europe. If we then zoom into the local area, Bath covers a 9.4 square mile area and has a population of 94,800 people. This translates to 10,128 people per square mile. Now this sounds like an extremely high figure at first glance. However, for comparison, there are 33,465 people per square mile in the Lambeth Council Area in London.
However, back in Bath, let’s break down these figures further. A square mile is a large area and is hard to comprehend, so let’s break it down into acres. 1 Acre is 64m² and is a more relatable unit of measure.
So with this in mind, Bath has an average of 14.43 residents per acre, as Bath covers 6,570 acres.
THE HOUSING SHORTAGE –
The real issue within the city at the moment isn’t just the number of residents in the area, it is the lack of available housing in the market.
To put it simply, there isn’t enough housing to accommodate everyone who wants to live in the city. This shortage is placing immense pressure on public services. Many parents end up struggling to secure their first choice of primary or secondary school for their children, and being able to find a local GP or dentist with available appointments is becoming increasingly difficult.
You would think that with all the new developments being built in and around the city, there would be plenty of new homes. The truth is that even with this number of new homes being built we still aren’t building enough. So why is this?
The source of the issue began back in the 1980s when councils stopped building houses. Before 1979, an average of 147,000 private homes were being built yearly. Since then, around 153,000 private homes have been built per year, which is not a lot different. However, the disparity comes when we look at the amount of homes councils were building per year before and after 1979. Pre 1979, councils were building an average of 165,000 homes per year, and since 1979 they have only been building 11,400 per year, a stark contrast.
In 2007, then Prime Minster, Tony Blair set out a target of 240,000 new homes per year to keep pace with population growth. The conservative government then adjusted this target to 200,000 homes per year. However, since 2012, the UK has been building only 175,641 homes per year. This shortfall has exacerbated the housing crisis, particularly in densely populated cities such as Bath.
Since their landslide victory in the recent general election, the new Labour government has announced ambitious plans to build 300,000 new homes per year. This new initiative aims to address the housing shortfall and improve housing affordability across the country.
The government’s commitment to this large-scale construction project reflects its focus on boosting the housing supply and supporting communities that are in need of new homes. However, assuming they find the people to build all these new homes, where are they going to be building them?
IS THERE SPACE FOR ALL THESE NEW HOUSES?
One might be left to wonder, if the government plans to build that many houses, where are they going to fit on a seemingly crowded island?
Interestingly, a recent government report reveals that residential properties cover only 1.2% of England’s landmass, increasing to 4.7% when we include these properties’ land and gardens. So, as well as homes, how is the rest of the land used in England:
Residential Houses and Flats: 1.2%
Gardens: 3.5%
Shops and Offices: 0.7%
Highways (Roads and Paths): 2.3%
Railways: 0.1%
Water (Rivers and Reservoirs): 2.6%
Industry, Military, and Other Uses: 1.4%
Open Countryside: 88.3%
This means that 88.3% of the land remains open countryside. If we factor in gardens, which are green spaces, the country is 91.8% green space. Thus, if we were to adopt the 300,000 annual target for the next 20 years, there is ample room to build those additional six million homes, and it would occupy only 0.3% of the country’s land.
SUSTAINABLE DEVELOPMENT:
Focusing back on Bath, the key to solving Bath’s housing crisis lies in sustainable development and innovative urban planning. Massive housing estates and towering apartment blocks are not the answer for this city. Instead, we need to consider creative solutions that allow these new developments to seamlessly integrate with the natural landscape here in and around the city.
THE ROLE OF TECHNOLOGY:
Modern technology can also play a significant role in addressing modern housing challenges. For example, prefabricated and modular homes can be constructed quickly and efficiently and reduce the strain on resources. These types of homes can be designed to be environmentally friendly, incorporating energy-efficient systems and sustainable materials.
Furthermore, advancements in urban planning software also allow for better simulation and planning of new developments, ensuring that they are both efficient and harmonious with the surrounding environment.
COMMUNITY INVOLVEMENT:
Public engagement and community involvement are crucial in addressing Bath’s current housing needs. Bath residents should have a say in how their neighbourhoods evolve. Collaborative planning can lead to more acceptable sustainable solutions. Fostering a sense of ownership of these developments can create pride among residents when developments are community-driven and with their local interests in mind.
FINAL THOUGHTS:
Bath’s apparent overcrowding is a complex issue that goes beyond mere numbers. While the city does have a high population density, the real challenge lies in the availability of housing and the efficient use of space.
By rethinking urban development and leveraging modern technology, Bath can accommodate its growing population without sacrificing the quality of life that makes it such an appealing place to live.
What are your thoughts on the matter? We would love to hear from you.
Well, with the election just on the horizon, understanding the impact of the outcome will be crucial for any landlord and property owner.
This month’s event will take place on the 17th of July, starting at 6:30 and hoping to wrap up by 8pm.
At this conference, we have three incredible speakers lined up for the evening.
Tim Thomas – Propertymark’s Policy & Campaigns Officer, a role in which he regularly digests new legislation, liaises with government departments and attends government and industry working groups. Tim will share his insights into what the newly elected government has in store for the housing sector.
Jacqui Swann & Shaz Sarfraz – Is your tenancy watertight? Do you have every safety certificate? Have you served every mandatory document? If you’re not sure, you could have missed something important that will pose problems further down the line. In this session, Shaz Sarfraz and Jacqui Swann from Battens Solicitors will explain how to ensure you are not at risk of fines or failed notices.
Toby Martin – our very own Bath lettings expert will be presenting an up-to-the-minute summary of the local lettings market, along with some simple tips for landlords to ensure a successful tenancy
Well, what an insightful day the team here at RESIDE had during the trip to London to attend this year’s Propertymark One.
For those who do not know, Propertymark is the leading membership body in the UK for all property agents, big or small, sales or lettings. They provide us with professional credibility and help businesses in the sector be equipped with the tools and training needed to tackle all the hurdles we face and provide us with the ability to grow our professional knowledge, allowing us to gain valuable and nationally recognised qualifications within the industry so you can trust us with your homes.
Since its inception last year, Propertymark One was back again to gather many familiar and influential speakers within the industry to provide us all with their valuable insight into the market over the coming months. With an election on the horizon, we were told all about how this is looking to shape the market over the next 6 months and what this means for us all.
Alongside some incredible talks on the main stage, there were also a host of ‘breakout’ rooms throughout the day which delved further into the nuances of the industry, and focussed on topics the speakers specialised in. Talks here included the way that AI may be changing the way we in the property landscape do business in the future, the benefits of marketing not only our properties but our personalities and knowledge of the market and showcasing industry insights, and the way we brand our business to stand out and be ahead of competitors.
One of these sessions was co-hosted by our very own GM, Toby Martin. Toby and his band of property marketing pros gave us all a valuable look at what it takes to become a ‘marketing superhero’, and gave an amazing insight into the reasons why we as property experts, shouldn’t be all sell sell sell when it comes to social media and our online presence, but become more tell tell tell. Tell the potential landlord or home buyer why we should be the ones they chose to come to through telling our audience about the trends in the market and becoming a place people come to for knowledge within the market. Tell everyone who we are as individuals. People buy from people and we want people to feel they can approach us, know us and trust us before they’ve even stepped foot into our office.
The whole team here are bursting with excitement at being within this market over the coming months. This year’s Propertymark One was a great day, and we can’t wait to be back next year. With the general election brewing and almost upon us, with potentially a new party coming in for the first time in 14 years, the market is due to see some new, and hopefully welcome, changes. We look forward to sharing all this with you as we find out more.
(p.s. We got to see location, location, locations’ one and only Phil Spencer in person!)
If you want to list your rental property with us, find a new place to rent, or begin searching for your new home to buy, then get in touch with our team. All details can be found in the ‘contact’ tab above. We can’t wait to hear from you.
With an election just announced, the latest trends in and the summer holidays fast approaching…Toby is here to catch everyone up with the most recent trends from the rental market here in Bath!
As always, the YouTube video is below. Let us know what your thoughts are in the comments. Until next month folks!
