By In this article I unveil some of the hidden secrets of Torbay's Housing Market with insights from the 2021 Census. So, if you live in Torbay, whether you a tenant, homeowner or landlord, read the article here to find out some fascinating info on Torbay …
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 Torbay has, together with how we live in and use our homes.
This data could be of interest to all Torbay people. However, it should be fascinating to Torbay 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 Torbay.
In this report, I will analyse seven measurements from the new Census data to assess the area's housing stock and provide valuable insights for potential buyers and sellers.
The seven metrics I have selected provide essential information about the area's demographics, housing types, and tenure.
1. Population and households of Torbay.
Knowing the population of an area is essential for a variety of reasons. First and foremost, it helps us understand the demographic makeup of Torbay. 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 Torbay 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 Torbay 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 area's overall health and well-being.
The population of Torbay currently stands at
139,300 in 63,000 households.
2. The age profile of the people who live in Torbay.
The age profile of an area's population provides valuable insights into the local property market. For example, suppose the area 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, an area with a large student population may have more demand for shared accommodation. Knowing the age profile of the area's population is crucial for targeting the right buyers and understanding the potential market for different types of properties.
26.7% of Torbay'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 Torbay property market in the coming months.
3. Torbay household composition - one-person households vs family households.
Understanding household composition is crucial for predicting the demand for different properties. For example, if the area has a large population of single people, there may be more demand for one-bedroom apartments or studios. However, if the area has many families, there may be more demand for three or four-bedroom houses and schools.
34.7% of Torbay households are one-person households (compared to 30.2% nationally), and 59.3% of Torbay households are single-family households (compared to 63.0% nationally).
The remainder is made up of shared accommodation etc.
4. Torbay 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 area has many apartments, it may indicate that the area has a higher demand for properties with lower maintenance costs or land is too expensive to build houses on. Conversely, if the area has a higher than the national (or regional) average number of houses, it may indicate that it has more families looking for larger properties.
69.8% of the homes in Torbay are houses (compared to
the national average of 77.9%).
5. Number of bedrooms in Torbay.
The number of bedrooms is another crucial factor that affects the local property market. Knowing the average number of bedrooms in the area can help predict the demand for different property types. For example, if the area has many four or five-bedroom properties, it has more affluent buyers looking for larger properties.
· 14.5% of Torbay homes are one-bed households (11.4% nationally)
· 31.0% of Torbay homes are two-bed households (27.1% nationally)
· 36.5% of Torbay homes are three-bed households (40.4% nationally)
· 17.9% of Torbay homes are four-bed or more households (21.1% nationally)
6. Occupancy rating for Torbay 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 area has many under-occupied properties, it could indicate people living in homes too big for their daily needs.
33.0% of Torbay homes have two or more spare
bedrooms (compared to the national average of 42.7%).
7. Tenure of Torbay 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 area has a high number of households in social housing, it may indicate that there is less demand for private rental properties. Conversely, if the area has an increased number of households owning properties outright, it usually suggests that there are more older homeowners (compared to younger homeowners)
· 39.2% of Torbay households own their home without a mortgage (compared to 32.8% nationally)
· 25.9% of Torbay households own their home with a mortgage (compared to 29.7% nationally)
· 8.3% of Torbay households live in social housing (compared to 17.1% nationally)
· 26.6% of Torbay 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 Torbay provide valuable insights into the area's demographics and the future of Torbay’s property market's demand and supply.
As a Torbay 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 Torbay 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 area of Torbay.
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