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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 2024

The most recent Halifax House Price Index continues to bring good news for buyers and sellers alike. House prices have reached a record high for the fifth consecutive month, reflecting the resilience of the housing market amidst easing economic pressures. With inflation stabilising and interest rates edging lower, there is renewed confidence in the housing market. In this month’s report, we provide a snapshot of the national and local housing market, giving you key insights if you’re planning a move.

The Headline Stats and Facts

  • Average selling price: £298,083 (a record high, up +1.3% from last month).
  • Property price increases: Annual rate of growth is +4.8% (up from +4.0% last month).
  • Interest rates: 4.75% (down from 5% on 7 November 2024).
  • Inflation: 2.3% (just slightly above the Bank of England target of 2%).
  • RICS net balance score: The RICS data continues to show an improving market. New buyer enquiries are at a net balance of +12%, in line with the last few months, and representing four consecutive months of positive growth. Agreed sales are up to +9% from +5%. New instructions are strong at +14%.  

Kent-Specific Stats

  • Average time on market: Properties in Kent currently spend an average of 169 days on the market, up 6% on this time last year. This is slightly skewed because terraces and flats are actually selling marginally faster than this time last year, but detached larger properties are taking longer.
  • Number of properties for sale: The number of properties for sale is up 10% compared to the same time last year.
  • Average selling price in Kent: £417,254, very stable with last month’s average of £418,784. Prices are broadly in line with the same time last year and up on 2021.

What Does This Mean?

Amanda Bryden, Head of Mortgages at Halifax, notes, “As we move towards the end of the year and into 2025, positive employment figures and anticipated decreases in interest rates are expected to continue supporting demand. This should underpin further house price growth, albeit at a modest pace as borrowing costs remain above the average of a few years ago.”

The national housing market continues to demonstrate impressive resilience. The annual growth rate of +4.8% is the highest since late 2022, and the record-high average selling price reinforces the sector’s robustness. However, affordability challenges persist for many, with borrowing costs still elevated compared to pre-pandemic levels.

Looking ahead, the anticipated economic stability and lower interest rates should support further growth. The renewed demand for smaller properties, particularly in the South East, is also notable, signalling a possible market shift towards more affordable housing options.

What About Kent?

Kent’s housing market mirrors national resilience but lags slightly in recovery pace. The average selling price remains stable at £417,254, while the average time on market has increased due to slower sales of detached properties. However, flats and terraces are bucking the trend, selling faster than last year.

The county continues to attract buyers, with the number of available properties up by 10% year-on-year. Kent remains a desirable location with prices considerably higher than the national average. The market is adjusting from pandemic-driven price spikes, suggesting that buyers and sellers can expect a more balanced landscape moving into 2025.

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