The property market is one of the most important economic
indicators, as it can significantly impact the prosperity of both the local and
national economy.
Recently, new data from the Census 2021 has become available
that sheds light on seldom discussed areas of property, such as the types of
properties Neath has, together with how we live in and use our homes.
This data could be of interest to all Neath people. However,
it should be fascinating to Neath homeowners and landlords, as it can help them
make informed future decisions about buying, selling and renting property.
Furthermore, comparing the data to the national statistics
can provide a broader perspective and a better understanding of how we live in
our homes in Neath.
In this report, I
will analyse seven measurements from the new Census data to assess the town’s housing
stock and provide valuable insights for potential buyers and sellers.
The seven metrics I
have selected provide essential information about the town’s demographics,
housing types, and tenure.
- Population
and households of Neath.
Knowing the population of a town is essential for a variety
of reasons. First and foremost, it helps us understand the demographic makeup
of Neath. This information is crucial for local authority officials and
businesses as they decide where to allocate resources and how to serve the
community’s needs (like whether we need to build more new homes, for example).
Looking at demographics allows for better long-term planning
and development (and for savvy buy-to-let Neath investors to spot opportunities
years in advance). Additionally, population data can help identify trends and
changes in the community over time (I will revisit this in future articles
where I will discuss the growth of Neath over the last few decades and what
that means for the property market and long-term house prices). Finally,
having accurate population figures is necessary for allocating government
funding and resources, making it critical for our town’s overall health and
well-being.
The population of Neath currently stands at 40,700 in 18,400 households.
- The
age profile of the people who live in Neath.
The age profile of
a town’s population provides valuable insights into the local property market.
For example, suppose the town has a large population of retirees. In that case,
it is more likely to have a higher demand for bungalows or sheltered accommodation.
In comparison, a town with a large student population may have more demand for
shared accommodation. Knowing the age profile of the town’s population is
crucial for targeting the right buyers and understanding the potential market
for different types of properties.
21.4% of Neath’s population is 65 years and over, compared to the national average of 18.4%.
Again, I will delve
into this in more detail in my articles on the Neath property market in the
coming months.
- Neath
household composition – one-person households vs family households.
Understanding
household composition is crucial for predicting the demand for different
properties. For example, if the town has a large population of single people,
there may be more demand for one-bedroom apartments or studios. However, if the
town has many families, there may be more demand for three or four-bedroom
houses and schools.
33.8% of Neath households
are one-person households (compared to 30.2% nationally), and 63.0% of Neath
households are single-family households (compared to 63.0% nationally).
The remainder is
made up of shared accommodation etc.
- Neath
accommodation types – house or apartment.
Knowing the
accommodation type is critical in understanding the local property market’s
demand and supply. For example, if the town has many apartments, it may
indicate that the town has a higher demand for properties with lower
maintenance costs or land is too expensive to build houses on. Conversely, if
the town has a higher than the national (or regional) average number of houses,
it may indicate that it has more families looking for larger properties.
88.2% of the homes in Neath are houses (compared to the national average of 77.9%).
- Number
of bedrooms in Neath.
The number of
bedrooms is another crucial factor that affects the local property market.
Knowing the average number of bedrooms in the town can help predict the demand
for different property types. For example, if the town has many four or
five-bedroom properties, it has more affluent buyers looking for larger
properties.
- 7.2% of Neath homes are one-bed households
(11.4% nationally) - 23.3% of Neath homes are two-bed households
(27.1% nationally) - 53.2% of Neath homes are three-bed
households (40.4% nationally) - 16.3% of Neath homes are four-bed or more
households (21.1% nationally)
- Occupancy
rating for Neath bedrooms – whether a property is under-occupied or overcrowded.
Knowing the
occupancy rating for bedrooms is critical in understanding the local property
market’s demand and supply. For example, if the town has many under-occupied
properties, it could indicate people living in homes too big for their daily
needs.
41.2% of Neath homes have two or more spare bedrooms (compared to the national average of 42.7%).
- Tenure
of Neath households – whether owned outright, owned with a mortgage, social
housing or privately rented.
Understanding
households’ tenure is essential in understanding the local property market’s
demand and supply. For example, if the town has a high number of households in
social housing, it may indicate that there is less demand for private rental properties.
Conversely, if the town has an increased number of households owning properties
outright, it usually suggests that there are more older homeowners (compared to
younger homeowners)
- 38.6% of Neath households own their home
without a mortgage (compared to 32.8% nationally) - 28.8% of Neath households own their home
with a mortgage (compared to 29.7% nationally) - 18.5% of Neath households live in social
housing (compared to 17.1% nationally) - 14.1% of Neath households live in private
rented accommodation (compared to 20.4% nationally)
So, what is all
this telling us?
The seven metrics
discussed in this article on Neath provide valuable insights into the town’s
demographics and the future of Neath’s property market’s demand and supply.
As a Neath estate
agent, having a deep understanding of these metrics can help me better target
potential buyers, predict the demand for different types of properties and
provide valuable insights and advice to Neath house sellers, buyers and
buy-to-let landlords.
If you are
considering moving home in 2023 and want to know how this data will affect your
buying or selling decisions, please do not hesitate to contact me for a
personalised no- obligation no-cost consultation.
I am here to help
you make informed decisions and find your dream property in this thriving town
of Neath.
