Are Our Gravesend Homes Fit for Our Families?

Gravesend has become an attractive destination for families to buy and rent, known for its rich heritage and strategic location.

In this article, I will delve into the current housing situation of family homes in Gravesend, compare them with national averages, and explore opportunities for home buyers and landlords. My goal is to provide valuable insights for anyone interested in the Gravesend property market, especially those focused on family living, and find out if we have enough homes for families in Gravesend, particularly in the private rented sector.

Total Number of Gravesend Family Homes by Tenure

According to the latest data for our local authority, Gravesham has a total of 25,322 homes with families in them. A family home is defined as a home with dependent children up to the age of 18. These homes are distributed across various tenure types, including owned outright, owned with a mortgage, socially (council & housing association) rented, and privately rented properties.

Here’s a detailed breakdown of those 25,322 family homes:

Owned outright: 1,537 Gravesham homes (6.07%)
Owned with mortgage: 11,816 Gravesham homes (46.66%)
Social rented: 5,576 Gravesham homes (22.02%)
Privately rented: 6,393 Gravesham homes (25.25%)

When we compare these figures to the national averages from 2021, we can see how Gravesham aligns with or deviates from broader national trends.

Nationally, the percentage of family homes is broken down as follows:
Owned outright: 8.42%
Homes owned with a mortgage: 48.1%
Socially rented homes: 20.93%
Privately rented homes: 22.55%

These comparisons help us understand how well Gravesend’s housing market (inclusive of the whole local authority housing) serves families, providing a unique perspective for both residents and investors.

Understanding these figures is crucial for local government, service providers, homeowners, and prospective buyers alike. For families looking to settle in Gravesend, the high percentage of homes owned with a mortgage indicates a vibrant property market where families are buying homes and settling down. The decent number of socially rented homes also suggests robust support for families in need of affordable housing, ensuring that Gravesend and the surrounding area remain inclusive and supportive of all family types.

Breakdown of Gravesend Family Homes by Bedrooms

Next, I want to look at the distribution of family homes in Gravesham by the number of bedrooms. Families, by their very nature, need more bedrooms, meaning this breakdown provides a clearer picture of the housing stock.

Of the 25,322 family homes in our local authority area, they are split as follows:
2.82% of Gravesham homes occupied by families have 1 bedroom
19.39% of Gravesham homes occupied by families have 2 bedrooms
51.41% of Gravesham homes occupied by families have 3 bedrooms
26.38% of Gravesham homes occupied by families have 4+ bedrooms

Comparing these percentages with the national averages, we find that:
3.1% of UK family homes have 1 bedroom
17.35% of UK family homes have 2 bedrooms
46.67% of UK family homes have 3 bedrooms
32.88% of UK family homes have 4+ bedrooms

This comparison highlights how Gravesend’s (including the local authority’s) housing stock differs in terms of size distribution, offering a unique perspective for prospective buyers and investors.

Families in Gravesend can take pride in the fact that a significant portion of the housing stock consists of larger homes, which can be a strong selling point for those looking to settle in the area. However, the relatively low percentage of smaller family homes might indicate a potential demand for more compact living spaces, especially for smaller families or those just starting out. Ensuring that there is a diverse range of housing options is key to accommodating the varying needs of families at different stages.

Gravesend Rental Properties Breakdown by Bedrooms

For landlords, understanding the rental market’s composition is crucial, particularly when it comes to family homes.

In Gravesham, rental family properties are distributed as follows:
5.08% of Gravesham rental homes occupied by families have 1 bedroom
32.36% of Gravesham rental homes occupied by families have 2 bedrooms
50.38% of Gravesham rental homes occupied by families have 3 bedrooms
12.17% of Gravesham rental homes occupied by families have 4+ bedrooms

In comparison, nationally:
2.58% of UK homes occupied by families have 1 bedroom
27.85% of UK homes occupied by families have 2 bedrooms
51.34% of UK homes occupied by families have 3 bedrooms
18.23% of UK homes occupied by families have 4+ bedrooms

For families renting in Gravesend, the good level of 3-bedroom rentals is beneficial, providing ample space for children and family activities. However, the lower availability of 4+ bedroom rentals could be a concern for larger families needing more space. This gap in the market highlights an opportunity for landlords to invest in larger rental properties, potentially attracting long-term, stable tenants.

Opportunities for Gravesend Landlords

The Gravesend rental market for families shows a notable skew towards smaller to medium-sized properties, with a significant number of 3-bedroom rentals. This indicates a robust demand for those types of homes. However, the relatively lower supply of larger rental homes (with more bedrooms) presents an intriguing opportunity for landlords looking to invest in properties.

While smaller properties tend to offer higher yields, making them attractive for landlords seeking immediate rental income, larger properties often appreciate more significantly than their smaller counterparts, providing better long-term capital growth potential. The choice between investing in smaller versus larger properties depends on whether a landlord prioritizes rental yield or capital growth.

Investing in family-oriented rental properties can also ensure stable, long-term tenancies. Families are more likely to settle down for longer periods, reducing tenant turnover and associated costs. Landlords who offer family-friendly amenities, such as proximity to good schools, parks, and other community facilities, can attract and retain tenants more effectively.

Final Thoughts

For both homeowners and landlords, understanding the composition of Gravesend’s housing market is key to making informed decisions. Families can gauge how their property fits into the local market landscape, while landlords can identify lucrative investment opportunities in family homes.

With Gravesend’s unique housing distribution and potential gaps in the rental market, it stands out as an interesting location for property investment. As an agent with extensive knowledge of the Gravesend market, I am here to help you navigate these opportunities and make the most of your property investments.

Whether you are a family curious about the local market or a landlord seeking the next best investment, Gravesend offers diverse possibilities. Reach out today to learn more about how you can leverage these insights to your advantage.