How Much Would It Cost to Buy All the Homes in Ramsgate?

How Much Would It Cost To Buy All The Homes In Ramsgate?

18/01/2025 53

I didn't know the answer off the top of my head, yet I promised I would find out. So, over the Christmas holidays, I worked out the total value of all the properties in Ramsgate and, just for a bit of fun, worked out how much they have gone up in value since his daughter was born in the autumn of 2010.

In the last 14 years, the total value of Ramsgate property has increased by 56%, or £1.788 billion, to £4,982,439,251 (or £4.982 billion).

Interestingly, the FTSE100 stock market has only risen by 38.5%. When I compared it to inflation (i.e. the UK Retail Price Index), this had risen by 51.1% during the same 14 years.

When I looked deeper into the numbers, the average price currently being paid for a Ramsgate home stands at £289,538.

(Ramsgate being, for this exercise, all homes within a 2-mile radius of the town centre and the average price paid in the last three months).

But regular readers of my Ramsgate property market blog articles know me. I wasn't going to stop there, so I split the property market down into the individual property types in Ramsgate. The average numbers come out like this:

Detached houses have an average value of £390,821 and a total of £797.6 million.
Semi-detached houses, with an average value of £295,900, contribute £1.640 billion.
Terraced and townhouses, averaging £286,676, collectively amount to £1.602 billion.
Apartments, with an average value of £198,250, still contribute a substantial £941.4 million.

This remarkable growth in property values over the past decade and a half reflects the fundamental strength of Ramsgate's property market. But what does this mean for homeowners, homebuyers, and landlords as we move into 2025 and beyond?

A Growing Rental Market in Ramsgate

For landlords, the rental market in Ramsgate remains an area of significant opportunity. Demand for rental properties is robust, driven by population growth, changing lifestyle preferences, and continued interest in the area from those seeking a quieter pace of life (compared to major cities). This demand keeps rental yields steady, offering landlords a reliable income stream and the potential for capital growth.

As Ramsgate continues to attract young professionals and families due to its excellent transport links, quality schools, and a sense of community, the appetite for quality rental homes remains strong. For landlords considering expanding their portfolios, now may be an excellent time to explore options in Ramsgate's semi-detached or terraced housing market (even apartments if the service charge is reasonable), which provides a good balance of affordability and rental potential.

Supply and Demand of New Homes in Ramsgate

Another reason for optimism is Ramsgate's persistent undersupply of new housing. I know some of you will say some parts of Ramsgate have looked like a building site for months, yet the fact is, we aren't building enough new homes in the town. With demand consistently outstripping supply, property values are thus supported, reducing the likelihood of significant price drops.

Borrowing Costs to Buy Ramsgate Homes

Although interest rates are higher compared to recent years' historic lows, they remain very manageable by historical standards. For those looking to buy their home in Ramsgate, this can still represent an opportunity to secure a mortgage and move up the property ladder.

Meanwhile, the Bank of England's continued efforts to stabilise the wider British economy offer hope that rates may drift downwards, further boosting buyer confidence.

Beyond the financial figures, Ramsgate has a lot to offer. Continued investment in local infrastructure, schools, and public amenities enhances its appeal as a place to live, work, and invest.

Final Thoughts

As always, navigating the Ramsgate property market can be complex. Whether you're considering buying, selling, letting, or even investing in buy-to-let, making informed decisions is essential. If you'd like to discuss your property-related goals or have questions about the Ramsgate property market, I'd be happy to help. My door is always open for a no-obligation chat.