House Prices in Kent
Here we have the best breakdown of Kent house prices, with fresh information added every month.
The housing market is showing immense resilience in the face of the current economic pressures, but while the rise in prices continues, there are signs that change is on the horizon. Let’s take a look at the current state of play in the housing market both across the UK and closer to home in Kent.
Many expected June to herald the start of a slowdown in the UK housing market. However, in reality, the property market was always set to experience a delayed reaction to the cost of living crisis that’s hitting the country. Fundamentally, buyers and sellers are not typically the first to be hit by rising inflation and increased costs. Indeed, buffered somewhat by pandemic savings, house buying activity has kept the market incredibly buoyant in the latest figures.
This picture is also set against a backdrop of a significant supply-demand imbalance, with very low stock of available properties for sale. This is particularly the case because there is greater demand for larger properties still.
However, this picture is highly unlikely to continue. In the coming months, house buyers will start demonstrating caution due to the economic backdrop. Home buyers will begin to feel the pressure of higher interest rates and the impact of the cost of living crisis on household budgets.
As such, it is sensible to accept a notable slowing of house price growth is likely sooner rather than later.
Kent is broadly following the wider UK picture in terms of house price rises, low availability of property for sale, and demand being largely focused on larger properties.
It should be noted that the average price of properties in Kent is, as expected, considerably higher than the national average. However, the gap between Kent average prices and national average prices continues to widen, as Kent still enjoys an ‘out-of-London’ boom following the pandemic.
It’s particularly interesting to note the intensity of the Kentish housing market. In July 2021, houses were on the market for an average of 156 days. This is now just 119 days. Notably, the average semi-detached property is on the market for just 74 days, while flats are still considerably less popular taking an average of 178 days to sell.
Additionally, while many other regions are experiencing low stock, Kent has seen a notable rise in the number of properties for sale over the last six months, with a particularly sizeable jump this month, representing a 12% increase from this time last year. Detached properties being advertised are particularly increasing.
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