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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 May 2023

It’s not unsurprising that April’s house prices bore the brunt of the unanticipated inflationary rises in March and the Bank of England’s decisions to raise interest rates. The latest Halifax House Price Index showed an overall dip in house prices, and particular downward pressure on the South of England’s market.

Nonetheless, the market remains strong and resilient. While dips are apparent, and we should expect more over the rest of 2023, they are not sharp or intense. This latest fall is minimal, which in the context of sharply rising prices until two years ago, is easily absorbed.

Those considering moving are generally more cautious, characterised by wider economic concerns and uncertainty. However, there remain excellent opportunities for those wishing to enter the market as a first-time buyer, or make their next move or investment.

Here we reveal the latest data for the UK and in Kent.

The headline stats and facts

  • Average selling price: £286,896 (down -0.3% whereas March increased +0.8%)
  • Property price increases: Annual rate of growth has dropped further to 0.1% (was +1.6% in March and +2.1% in February)  
  • Interest rates: 4.25%
  • Inflation: 10.057% (down marginally from March)
  • Kent stats: Kent property currently spends an average of 143 days on the market. A year previously, it was 130 days. There are 83% more properties on the market than in May 2022. The average selling price in Kent has increased approx. +£3k since last month and is now £444,319.
  • RICS net balance score: New buyer enquiries have remained fairly stable, while remaining negative. There is a net balance of -29%. Agreed sales had a net balance of -31% (-26% previously) and new instructions returned a net balance of -6%.

What does this mean?

We were warned that 2023 would see a subdued housing market, and that’s what April’s figures reveal. Within the context of wary buyers, who face additional financial pressure due to cost of living rises and the cost of borrowing increasing, it’s not unsurprising that there is some reluctance to buy at the present time.

That said, what the figures also show is considerable resilience in the UK housing market. Despite the harder economic climate, we experienced three consecutive months of growth earlier this year. This dip now is therefore small and anticipated. It’s difficult to use just a month’s data to get accurate trends as they mirror short-term volatility, but there is a subdued trend overall. Nonetheless, within this, sellers are adapting and more properties are becoming available once more.

For now, we expect a continued period of some downward pressure, but general steadiness within the market. As such, Kim Kinnaird, Director, Halifax Mortgages, anticipates that we will witness continued falls in house prices this year.

What about Kent?

The latest Halifax House Price Index paid particular attention to house prices in the South of England, being under greatest pressure. While you may assume this includes Kent, the Kent data doesn’t reflect this trend. Rather, it’s more applicable to Greater London, the East and South West. Kent had positive price inflation in April, showing that the local market is relatively thriving. Nonetheless, Kent is not immune to nationwide trends. As such, we anticipate the local market will remain robust, but begin to reflect some of the subdued characteristics of the wider UK picture over the rest of the year.

Your house move

Moving home in an uncertain housing market is unsettling. We’re here to make moving day the stress-free part of the process. For a quote, please call 01622 672217.

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