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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 June 2024

There’s not much change in the latest Halifax House Price Index, which reveals much welcomed stability and ongoing resilience in the housing market. Anticipation of interest rate reduction is growing, especially in light of the upcoming General Election, so while confidence is growing, there’s also a sense of people holding tight for the time being.

However, as we’ve shared in recent months, the picture across the country isn’t uniform. With considerable discrepancies in regional data, and within regions themselves, it’s important to understand the specific picture as it applies to you.

Our summary report looks at the relevant data you need to know, whether you’re considering being a buyer or a seller.

The headline stats and facts

  • Average selling price: £288,688 (down marginally by -0.1%, showing relative stability in the market after a pattern of marginal growth for the last 6 months).
  • Property price increases: Annual rate of growth is +1.5% (up from 1.1% last month).
  • Interest rates: 5.25% (unchanged since August 2023).
  • Inflation: 3.333% (similar to last month).
  • Kent stats: Kent property currently spends an average of 159 days on the market (up 14% on the same time last year). Properties that spend longer on the market are detached or semi-detached. Terraces and flats sell more quickly. The average selling price in Kent has dipped marginally once more, from £427,678 to £427,129. While this is down 3% on 2023 prices, it is up 5% on 2021 prices.  
  • RICS net balance score: RICS data is interesting and shows that confidence is returning in the housing market overall. New instructions have a net balance reading of +25%, up considerably from +13% last month, and representing the fifth consecutive month of positive figures. New buyer enquiries have stagnated at -1%, which likely indicates people sitting tight for the moment in light of the anticipated interest rate changes and General Election. Nonetheless, agreed sales are in positive territory at +5%.  

What does this mean?

Similar to last month, the nation’s data shows confidence and resilience in the housing market. Amanda Bryden, Head of Mortgages, Halifax has said,

“A period of relative stability in both house prices and interest rates should give a degree of confidence to both buyers and sellers. While homebuyers and those remortgaging will continue to respond to changes in borrowing costs, set against a backdrop of a limited supply of available properties, the market is unlikely to see huge fluctuations in the near term.”

It’s likely that a similar picture of stability in the housing market will continue for some time yet. This is good news for both buyers and sellers as it underpins the confidence needed to make decisions.

What about Kent?

Continuing with the same theme we’ve seen so far this year, there remains considerable regional variation in housing data. The strong data in the North and Northern Ireland is largely hiding the small but notable drops elsewhere. Kent is an area experiencing reductions in house prices. However, this adjustment was largely needed and the drops are small. House prices are still considerably higher than in 2021, and only marginally down on last year.

Within Kent, we have always experienced intense area differences. For example, Penshurst has extremely high prices, while Queenborough has prices well below the national average, despite being in the South East. As such, it’s incredibly important to look at the individual area and do research into the individual area and property, as both a buyer and seller, before making decisions.

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