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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 July 2024

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.

The headline stats and facts

  • Average selling price: £288,455 (down marginally by -0.2%, again showing stability).
  • Property price increases: Annual rate of growth is +1.6% (up from 1.5% last month).
  • Interest rates: 5.25% (unchanged since August 2023).
  • Inflation: 1.99% (just nudging below the Bank of England’s target of 2%).
  • Kent stats: Kent property currently spends an average of 159 days on the market (up 14% on the same time last year).  The number of properties for sale is also up 12% on this time a year ago. The average selling price in Kent is £427,129. This remains 5% up on 2021 prices.  
  • RICS net balance score: RICS data was particularly positive last month which can make this month look less so unless the full context is considered. New buyer enquiries are at a net balance of -8% and agreed sales down to -13%. However, new instructions reported a sixth consecutive positive reading of +16%.  

What does this mean?

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.

What about Kent?

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.

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