Insight: The Housing Market November 2024

The most recent Halifax House Price Index continues to deliver positive news for both buyers and sellers, with house prices edging upwards, but not so much as to create any concern. The impact of economic uncertainty hasn’t been felt in the housing market as much as anticipated, and recovery is now confidently underway. In this monthly report, we look at the wider national picture, as well as the local housing market here in Kent, providing you with everything you need to know if you’re considering a move.

The Headline Stats and Facts

• Average selling price: £293,999 (an increase of +0.2% from last month).
• Property price increases: Annual rate of growth is +3.9% (down slightly from last month, but comfortably in positive territory).
• Interest rates: 5% (unchanged from 1^st August 2024).
• Inflation: 1.7% (dropping below the Bank of England’s target of 2% - a significant drop given recent high inflation).
• RICS net balance score: The RICS data reveals strong positive movement in the housing market. New buyer enquiries are at a net balance of +14%, very close to last month’s figure, and representing three positive months of growth. Agreed sales are stable at +5%. New instructions are gaining momentum, at +22%, up from +7% last month and +2% the month before.

Kent-Specific Stats

• Average time on market: Properties in Kent currently spend an average of 163 days on the market, only slightly up from last month.
• Number of properties for sale: The number of properties for sale is up 9% compared to the same time last year.
• Average selling price in Kent: £418,784 which continues to show the slight falls we’ve witnessed in the county in recent months. However, prices are still +3% higher than in 2021.

What Does This Mean?

Amanda Bryden, Head of Mortgages at Halifax, has given thoughtful insight: “That house prices have reached these heights again in the current economic climate may come as a surprise to many, but perhaps more noteworthy is that they didn’t fall very far in the first place. Despite the headwind of higher interest rates, house prices have mostly levelled off over the past two and a half years, recording a +0.2% increase overall.”

Fundamentally, the national housing market has demonstrated resilience that has gone beyond expectations, reaffirming its robust nature, underpinning the long-term benefits of investing in bricks and mortar.

While the averages are positive, we need to look at how pockets of the country are stabilising more slowly, and only just returning to growth. Kent is one such area.

What About Kent?

It’s fair to describe the local Kent housing market as robust, but against the national figures, it’s slightly lagging behind in terms of recovery. House prices here have edged down slightly once again, but it really is marginal. What we’re likely witnessing is a balancing out from the South East ‘race for space’ that saw Kent prices during the pandemic artificially rise intensely. Nonetheless, prices remain considerably higher than the national average, and still 3% higher than in 2021. It’s worth noting that momentum is growing in the market amongst smaller properties, most notably flats, which are now spending less time to sell than this time last year.

Your House Move

Moving can be challenging, but we’re here to support you every step of the way. For a seamless moving experience and a quote, please call 01622 672217.