Insight: The Housing Market March 2024

As we head into March, it appears that the positive start to the year in terms of the housing market is continuing. The latest Halifax House Price Index has continued to buck expectations, showing growth in house prices for the fifth consecutive month. In fact, house prices are only around £1800 off the peak that we saw in June 2022.

The housing market isn’t without challenge or uncertainty. It’s still a challenge for potential buyers to raise adequate deposits, especially first time buyers. However, overall, the housing market is once again proving its resilience and robust nature.

Here we look at the data in more detail, so read on to learn more about the latest data for the UK and in Kent.

The headline stats and facts

• Average selling price: £291,699 (+0.4% monthly rise, the fifth consecutive monthly rise).
• Property price increases: Annual rate of growth is +1.7%.
• Interest rates: 5.25% (unchanged since August 2023).
• Inflation: 3.981% (continuing to edge downwards, but very similar to last month).
• Kent stats: Kent property currently spends an average of 162 days on the market (up 12% on the same time last year), which is notably less than last month. The number of properties on the market is up 16% on the same time last year. The average selling price in Kent is virtually the same as last month at £427,344.
• RICS net balance score: RICS data shows good signs with sales markets indicators out of negative territory. New instructions are considerably up at +11%. New buyer enquiries are now at +7% (was -3% in December).

What does this mean?

In essence, what the data reveals is that the UK market is incredibly robust and fairing much better than predicted. Early 2024 is already showing broad growth when it was anticipated that we would still witness falls at this stage. While there is some belief that things will be slow, at least until interest rates begin to fall, as predicted for later in the spring, what we can see here is the wider resilience of the market.

As we’ve reported in recent months, the picture does vary somewhat across the country. Northern Ireland is witnessing considerable increases in house prices and growth is generally more positive in the North of England than the South. That said, London (which continues to have the highest average house prices), has seen prices increase +1.5% in the last month, representing the first positive shift in prices since January last year.

What about Kent?

Kent’s housing market looks to be very stable in the last month. House prices remain almost identical to last month. The South East in general has been experiencing small drops in prices of late, but within this, Kent remains the most resilient. Those selling are seeing the process take slightly less time, with an average of 162 days on the market. The county continues to see a bigger number of large properties coming onto the market in comparison to smaller one and two bedroom ones.

Kent has demonstrated its solidity and strength as a county in the South East while other areas in the region have seen considerable falls. However, in line with the rest of the country, there are significant positive signs on the horizon.

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