House Prices in Kent
Here we have the best breakdown of Kent house prices, with fresh information added every month.
The latest Halifax Price Index report once again showed a fall in house prices, but the rate of decline slowed compared to the previous month. Despite the downward trend, which is anticipated to remain for some time yet, the housing market is notably resilient. Prices remain considerably above pre-pandemic levels and, with strong wage growth continuing, affordability remains.
Overall, while the amount of movement in the housing market is easing and will continue to do so, there remain valuable opportunities for those looking to buy and sell at this time. Things are particularly improving for first time buyers who will now find they need smaller deposits to get onto the property ladder.
Read on to learn more about the latest data for the UK and in Kent.
Realistically, the market is subdued and will continue to experience drops in house prices likely well into 2024. We’ve now seen six consecutive months of prices falling. However, last month was a considerably smaller fall than the month before. Interest rates have held steady for a few months, and while this takes time to be reflected in market movements, it will help buyer confidence.
It’s also important to recognise the resilience of the housing market. While falls were always inevitable, prices remain robust in practice. On average house prices are still £39,400 higher than in March 2020. The pace of growth during the pandemic has allowed some cushioning as the effects of economic tightening occur.
Experts generally feel that the Bank of England base rate is now around the peak it will reach. This will take time to filter through to inflation, allowing it to drop closer to the Bank of England’s 2% target. However, with greater predictability and fewer interest rate rises now anticipated, buyers should regain some confidence. Particularly, first time buyers may find now is a good time to consider their first purchase, in turn allowing greater movement up the levels.
As is often the case, the South East continues to lead the national trend in house price falls, falling by -5.7% in the last year. The average house price across the region stands at £376,450. However, Kent remains considerably higher overall, with an average price of £436,456.
We’re here to make moving day the stress-free part of the process, whether you’re a first-time buyer, buying somewhere bigger, or looking to downsize. For a quote, please call 01622 672217.