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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 2023

the most recent Halifax House Price Index report bucked the trend of the last six months showing a slight rise in house prices. However, the annual trend indicates that prices will remain relatively subdued on recent years for some time yet. Nonetheless, it’s easy to spot areas of optimism within the wider market, such as amongst first time buyers.

There’s also real resilience in the UK housing market, with prices remaining considerably above pre-pandemic levels. This time of reduced activity in the housing market was anticipated and while falls were expected, the market remains strong overall. Caution amongst those buying and selling is to be expected, but there are good opportunities out there and on the horizon.

Read on to learn more about the latest data for the UK and in Kent.

The headline stats and facts

  • Average selling price: £281,974 (+1.1% monthly change after only a small -0.4% monthly change last month).
  • Property price increases: Annual rate of growth is -3.2% (was -4.7% last month).
  • Interest rates: 5.25% (unchanged).
  • Inflation: 6.652% (very similar to last month, continuing to reduce but some way from the Bank of England’s 2% target).
  • Kent stats: Kent property currently spends an average of 152 days on the market (up from 122 days a year previously, and up on the last few months). There are 32% more properties on the market than in November 2022. The average selling price in Kent continues to reduce, and now sits at £432,493. Nonetheless, house prices in Kent were 12% up on 2020, showing some buffer zone for falls.
  • RICS net balance score: The RICS data shows that we’re in a challenging market. New buyer enquiries have gone up slightly to -39% (from -47% last month). New instructions are up again slightly, back to -17% (they dipped to -26% last month).

What does this mean?

While the figures indicate a slight uplift in the housing market compared with the previous month, it’s important to look at the longer-term trend. As expected, the overall trend is downward pressure on house prices within a robust market capable of adjusting. With interest rates remaining steady for several months, buyers and sellers are cautious but still moving.

It’s anticipated that interest rates will remain steady for some time yet, with drops not anticipated for a while. As such, it’s likely that house prices will broadly continue to fall over the next year, before growth returns in 2025. However, this is within the context that prices have a long way to go before they fall beyond pre-pandemic levels, so there’s plenty of security and optimism for those looking to buy or sell.

While it’s helpful to look at the overall data to spot trends, we need to dive in and identify pockets where the picture is slightly different. Notably, despite a wider picture of subdued buyer demand, that’s not the picture for first time buyers. First time buyers are cautiously taking advantage of the fall in prices – it remains attractive to get on the ladder, especially given how much rental prices are increasing. As such, this means that while first time buyers are benefiting from prices that are lower than a year ago, the drop in the price of first time property purchases is weaker than across the broader market.

What about Kent?

The South East continues to see the biggest annual declines in house prices with a -6.0% fall in the last year. The average house price for the region is now £374,066. However, if you look above, you’ll notice that the average price for Kent is considerably higher than this. The Kent property market is robust, with excellent opportunities for buyers and sellers.

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