28.67% of Lewisham households are 3-bedroom homes. Is that enough?
As an estate agent with a keen eye on local Lewisham property trends, it becomes imperative to delve into the nuanced landscape of property types, mainly through the lens of bedroom distribution across various tenures.
Understanding this breakdown is crucial for Lewisham homeowners as it sheds light on the current demand and supply dynamics within Lewisham.
It offers a glimpse into which types of properties are most sought after. For instance, a surge in smaller, one or two-bedroom privately rented properties might indicate a rising demand from young professionals or smaller families, a demographic trend that has been observed nationally. Conversely, a prevalence of larger, owner-occupied homes could reflect a community with a significant number of established families valuing space and comfort.
On the other hand, Lewisham landlords stand to gain immensely from this granular analysis.
The bedroom distribution across privately rented sectors can guide investment decisions, highlighting portfolio diversification or consolidation opportunities. For instance, a Lewisham landlord noticing an undersupply in three-bedroom rental properties might consider acquiring or converting properties to fill this gap, thereby meeting market demand and enhancing rental yields. Our local authority, Lewisham London Borough Council, will also find it helpful to compare their housing stock against the private rented sector.
Moreover, comparing these local insights with national statistics offers a broader context, allowing Lewisham's property stakeholders to benchmark against broader trends. Such comparisons can reveal whether Lewisham is moving in tandem with national shifts - like the growing preference for more space post-pandemic - or if it harbours unique local preferences that could be leveraged for competitive advantage.
Let's look at the distribution of properties under tenure in the Lewisham area, comparing them against the national stats.
In the Lewisham area …
• 23.30% of Lewisham homes are 1-bed households, compared to 11.4% nationally.
• 34.22% of Lewisham homes are 2-bed households, compared to 27.1% nationally.
• 28.67% of Lewisham homes are 3-bed households, compared to 40.4% nationally.
• 13.81% of Lewisham homes are 4+ bed households, compared to 21.1% nationally.
Next, let me look at the distribution over the tenures in Lewisham …
• 15.40% of Lewisham homes are owned outright, compared to 32.8% nationally.
• 28.04% of Lewisham homes are owned with a mortgage, compared to 28.7% nationally.
• 29.21% of Lewisham homes are socially rented (Council & Housing Association), compared to 17.1% nationally.
• 27.34% of Lewisham homes are privately rented, compared to 20.3% nationally.
And now let’s look at household tenure by bedrooms …
Owned Outright
• 8.67% of Owned households in Lewisham have 1 bedroom (compared to the national average of 3.9%).
• 23.37% of Owned households in Lewisham have 2 bedrooms (compared to the national average of 22.9%).
• 45.34% of Owned households in Lewisham have 3 bedrooms (compared to the national average of 46.7%).
• 22.62% of Owned households in Lewisham have 4 or more bedrooms (compared to the national average of 26.5%).
Owned with a Mortgage
• 13.77% of Owned (with a mortgage) households in Lewisham have 1 bedroom (compared to the national average of 3.6%).
• 31.89% of Owned (with a mortgage) households in Lewisham have 2 bedrooms (compared to the national average of 19.0%).
• 33.11% of Owned (with a mortgage) households in Lewisham have 3 bedrooms (compared to the national average of 45.1%).
• 21.24% of Owned (with a mortgage) households in Lewisham have 4 or more bedrooms (compared to the national average of 32.3%).
Social Renting
• 29.97% of socially rented households in Lewisham have 1 bedroom (compared to the national average of 29.4%).
• 38.41% of Social Rented households in Lewisham have 2 bedrooms (compared to the national average of 35.5%).
• 25.52% of Social Rented households in Lewisham have 3 bedrooms (compared to the national average of 31.2%).
• 6.10% of Social Rented households in Lewisham have 4 or more bedrooms (compared to the national average of 3.9%).
Private Renting
• 34.19% of Private Rented households in Lewisham have 1 bedroom (compared to the national average of 18.8%).
• 38.26% of Private Rented households in Lewisham have 2 bedrooms (compared to the national average of 39.1%).
• 18.08% of Private Rented households in Lewisham have 3 bedrooms (compared to the national average of 31.8%).
• 9.47% of Private Rented households in Lewisham have 4 or more bedrooms (compared to the national average of 10.4%).
So, what does it all mean? The Lewisham housing market, with its diverse range of properties and tenures, offers a rich tapestry for analysis.
For Lewisham homeowners and landlords alike, understanding how the number of bedrooms correlates with different types of tenure provides a strategic lens through which to view their home or investments. It underscores the importance of local market intelligence in making informed decisions for buying, selling or renting properties.
As Lewisham continues to evolve, staying abreast of these trends will empower current property holders and attract prospective buyers and investors to this vibrant area.
And finally, to answer the question posed at the start, 28.67% of Lewisham households are 3-bed homes – is that enough? Well, that can't be answered in this short article, as there is such a difference between the tenures. Instead, the article's purpose was to highlight the information and make you think.
Why? Ultimately, the most knowledgeable agents, homeowners and landlords will recognise the value of detailed, localised property insights, using them to navigate the complexities of the Lewisham property market with confidence and understanding.
Do let me know your thoughts.