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House Prices in Kent

Here we have the best breakdown of Kent house prices, with fresh information added every month.

Insight: The Housing Market December 2023

After a steady six months of falls in house prices, the last two months have shown an uptick. This resilience has bucked the anticipated trend in the housing market, demonstrating the broad strength of the industry. The Halifax House Price Index painted an interesting picture, even though we anticipate the coming year will continue with broadly downward pressure on property prices.

Furthermore, and while there are significant regional variations in terms of price drops, it looks unlikely that prices will fall below pre-pandemic levels. As we reach the end of a complex and challenging year for the housing market, we take a deeper look at the latest data below.

Read on to learn more about the latest data for the UK and in Kent.

The headline stats and facts

  • Average selling price: £283,615 (+0.5% monthly change, after a +1.1% monthly rise last month).
  • Property price increases: Annual rate of growth is -1.0% (was -3.2% last month and -4.7% the month before).
  • Interest rates: 5.25% (unchanged).
  • Inflation: 4.6% (down from 6.652% last month and on the way to the Bank of England’s 2% target).
  • Kent stats: Kent property currently spends an average of 159 days on the market (up 25% on the same time last year). The quickest properties to sell are three bedroomed, taking on average 136 days to sell. There are 22% more properties on the market than in December 2022. The average selling price in Kent is stable, at £432,493.
  • RICS net balance score: RICS data portrays the subdued nature of the housing market, but with some small improvements. New buyer enquiries have risen marginally to -28% (up from -38% last month and -47% the month previously). New instructions are also rising slightly, at -7% (having dipped to over 25% in September).  

What does this mean?

The available monthly data is interesting, but it must be viewed in the context of the wider trend. The last few months definitely reveal greater resilience than expected. However, the broader picture is one of a subdued market which is likely to continue for the next year. At first glance, it’s easy to think that buyer demand is picking up. In reality, it’s more likely that housing shortages are the main driver here. Nonetheless, with greater stability with interest rates, and many experts saying they’ve reached their peak leading to many high street mortgage lenders, e.g. Barclays, reducing borrowing rates, things are looking reasonably robust.

Property market experts are widely predicting a gently downward pattern for house prices throughout 2024 before prices pick up again the following year. However, it’s unlikely that we’ll see sharp drops, or prices dropping below pre-pandemic levels.

What about Kent?

The latest Halifax House Price Index points out the notable regional variations in house prices this last month. The South East continues the trend of experiencing the biggest house price drops, with an average of -5.7%. However, this is a broad region, and within this, Kent appears to be relatively stable, with minimal drops compared to some neighbouring counties. Kent, on average, has higher prices than most of the country. However, within the South East, it’s broadly a more affordable area. Nonetheless, it’s worth noting that within Kent there is extreme variation. For example, in Penshurst house prices are around eight times higher than in Queenborough.

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