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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 November 2022

The past month has seen the sharpest decrease in house prices we’ve seen as the current dip
continues. We have witnessed enormous house price inflation for a sustained period, so with recent
economic and political news, and the unfolding of a recession, it’s no great surprise.
Let’s take a closer look at what’s going on in the housing market – nationally and in Kent – so that
you can understand trends and the local picture.

The headline stats and facts

  • Average selling price: £292,598 (down 0.4% on October’s figures)
  • Property price increases: Annual rate of growth slows further to 8.3% (down from 11.5% in September)
  • Interest rates: 3.0% (up 0.75% on last month – the single biggest increase in over three decades - next review 15 Dec 2022)
  • Inflation: 10.096% (was 9.87% in October, 10.1% in September)
  • Kent stats: Kent property currently spends an average of 122 days on the market. Notably, there are 61% more properties on the market in Kent now than in November 2021. Average selling price in Kent continues to rise and is now £417,192.
  • RICS net balance score: RICS reports New Buyer Enquiries are down for the fifth month in a row to a net balance -36% (was -38% in October).

What does this mean?

History teaches us that the housing market follows the wider economy. As such, it’s not unexpected
that house prices have reached their peak and we’re now seeing the clear start of decline. Three out
of the last four months have seen decline, but November’s has been the sharpest drop so far.
However, we should still view this within the wider context that house prices remain near record
highs. The period of rapid house price inflation was never expected to last, and a post-pandemic
slowdown was on the cards.

Nonetheless, the housing market in November reeled significantly in the wake of the mini-budget
with the consequent mortgage rate increases. These rates seem settled for the time being, but it’s
likely that this may still change as interest rate changes continue over the coming months.

What we now see is greater caution amongst homebuyers, and more difficulties for first time
buyers, pushing down the prices of first-time homes more significantly. Data shows that demand for
mortgages is dipping. The ongoing cost of living crisis will continue to dampen confidence.

While this is the current state of play, it’s important to remember the wider pressures on the
housing market that keep it buoyant and strong. There remain shortages of properties for sale, and
this places upward pressure on prices. Additionally, while unemployment is likely to rise through the
upcoming recession, it is historically low, and this supports a strong housing market. Even as it rises,
it’s not likely that it will reach previously painful highs.

What about Kent?

Kent shows a particularly interesting picture, as a microcosm of the wider national housing market.
House prices here remain considerably higher than elsewhere, and we’ve witnessed vast increases in
the number of properties available for sale. However, when we investigate the data closer, there is
less demand for flats – commonly popular with first time buyers. Demand is much higher for larger
family homes, especially detached homes. As such, it is likely that the picture here doesn’t fully
reflect the national picture when it comes to the details.

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