House Prices in Kent
Here we have the best breakdown of Kent house prices, with fresh information added every month.
On the day of the General Election result, with Labour’s pledge to deliver a vast swathe of new housing, the latest Halifax House Price Index continues to show a resilient housing market with relative stability for now.
It is likely that the changing political landscape will gradually filter through to have an impact on the housing market. Interest rates, which have remained high for longer than expected, are now anticipated to begin falling in the autumn, and this will, of course, affect borrowing costs and therefore the wider market.
Here we dive into the most recent data to help you gain an understanding of the housing market at a national and Kent level.
Like the previous month, the national data indicates a strong sense of confidence and resilience in the housing market. Amanda Bryden, Head of Mortgages, Halifax has said,
“This continued stability in house prices – rising by just +0.4% so far this year – reflects a market that remains subdued, though overall activity has been recovering. For now it’s the shortage of available properties, rather than demand from buyers, that continues to underpin higher prices.”
This is likely very true. While there remains a huge mismatch between supply and demand, prices will remain high. This makes it interesting to see how well the new Labour government will deliver on their promise to build 1.5 million new houses over the next 5 years, and how this, combined with changes to interest rates, will affect the market.
2024 has been characterised with significant regional differences in the housing data. Kent’s average house prices have dropped compared to this time last year, but this is marginal at 3%. Overall, Kent property prices are still up 5% on 2021 prices. In actual terms, what we are witnessing is more a case of stability, rather than radical price drops. Prices in Kent remain high compared to the national average, as to be expected. There is some notable change in the political landscape in key areas in Kent, following the General Election. Time will tell how this affects the region in terms of the housing market.
We’re here to make moving day easy. For a quote, please call 01622 672217.