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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 March 2023

Once again, stabilisation and plateauing is the main theme of Halifax's February House Price Index. February saw a slight uptick of 1.1% in house prices when compared to January. However, overall prices have remained stagnant over the last three months.

Despite this, recent cuts to mortgage rates, an increase in consumer confidence and the labour market's continuing resilience have helped stabilise prices after a decline in November and December. Nonetheless, while there has been a recent increase in house prices, the overall trend suggests a downward trajectory. If you're looking to purchase a home, it may be a good idea to take advantage of current market conditions.

As we enter spring, there’s still a great deal of positivity about the housing market in 2023 and the solid stabilisation affirms this. Here we look at what the latest data reveals both across the UK and in Kent.

The headline stats and facts

  • Average selling price: £285,476 (+1.1% on last month)
  • Property price increases: Annual rate of growth remained close to stable at +2.1% (1.9% February and 2% January)
  • Interest rates: 4% (next review 23 Mar)
  • Inflation: 10.052% (down very slightly from previous highs)
  • Kent stats: Kent property currently spends an average of 145 days on the market. A year previously, it was 147 days. There are 78% more properties on the market than in March 2022. The average selling price in Kent remains unchanged at £438,142.
  • RICS net balance score: The reading for new buyer enquiries slipped to a net balance of -47%, down from -40% previously. Agreed sales had a net balance of -39% (-41% previously) and new instructions returned a net balance of -14% (previously -23%).

What does this mean?

After the falls we witnessed at the tail end of 2022, the housing market remains somewhat stable. It’s worth noting that this is within the wider context of HMRC monthly property transaction data that shows the number of sales going through is lower by 2.6% compared to December.

The UK housing market experienced a rollercoaster ride in the past couple of years, with record growth being recorded. Now we are facing the challenges of rising interest rates and a cost of living crisis that are taking a toll on housing activity, leading to a dip in house prices. Despite the slowdown in the market, the scarcity of properties in many regions is helping to keep prices at a higher level.

Wider predictions are that stagnations and falls are expected throughout the rest of the year, and perhaps beyond, before a return to notable growth. However, the fall will not be as hard or intense as previously predicted.

What about Kent?

Kent reflects the wider UK picture this month, with clear stagnation in prices. That said, the county has a much higher number of properties on the market now than compared with a year ago. There are good opportunities for both buyers and sellers, as long as they rely on expert support. Overall, there are pockets of Kent where things remain largely unchanged, but mostly the region reflects the national outlook.

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