House Prices in Kent
Here we have the best breakdown of Kent house prices, with fresh information added every month.
While the housing market had a shock with the announcement of unanticipated inflationary rises on 22 March and the consequent Bank of England decision to raise interest rates to 4.25% the next day, the latest data reveals a resilient and robust market. The Halifax’s March House Price Index reveals that the housing market is characterised by relative stability.
It remains true that the current outlook is marred by uncertainty, and while property prices are rising, this growth is slowing, but the latest information is testimony to a strong market overall that’s weathering a difficult time. The overall trend shows downward movement. However, this isn’t as sharp or intense as during the latter part of last year.
Those looking to buy or sell should recognise the opportunities of the current market, especially now we’re into spring, the season where the housing market is characteristically more buoyant.
Let’s take a look at what the latest data reveals both across the UK and in Kent.
The last month appeared to paint a difficult picture for the housing market. On the back of significant falls at the end of 2022, March revealed surprise inflation rate rises and another 0.25% increase in interest rates. In this broader picture, difficult times for the housing market can be expected. When homeowners feel the pinch through inflation and increased mortgage interest rises, they are understandably less inclined to move. This is reflected in HMRC monthly property transaction data which showed house sales were down 18.2% from the same period a year previously.
However, what the data also reveals is robustness in the market which shows its resilience against a backdrop of a difficult economic climate, demonstrating that the impact is perhaps not as bad as feared. There is still growth in the market, it’s just subdued. There are multiple factors coming into play as to why this is. The market has experienced record growth in recent years, which was unsustainable, so a normalisation period was expected. Additionally, the easing of mortgage rates after the late 2022 turmoil has helped. Furthermore, the labour market, which is a good indicator of changes in the housing market, remains impressively strong with notable pay growth and low unemployment rates at 3.7%.
As in the last few months, Kent is broadly following the same pattern as the UK as a whole, with a small increase in house prices. There are many more Kent properties on the market than a year ago, particularly 3-bedroom properties, indicating many opportunities for families looking to move.
Moving home in an uncertain housing market is unsettling. We’re here to make moving day the stress-free part of the process. For a quote, please call 01622 672217.