House Prices in Kent
Here we have the best breakdown of Kent house prices, with fresh information added every month.
Unsurprisingly, given the lag-effect of significant interest rate rises and the typical summer slowdown in the housing market, the latest Halifax House Price Index has revealed a notable dip in house prices. This is good news for those looking to get onto the housing ladder. There is also reassurance for existing home owners as prices still remain, on average, £40,000 above pre-pandemic levels.
In line with previous predictions, and while there will be some monthly variations, it’s likely that the housing market will continue a gradual downward trend into next year. However, this is a much-anticipated stabilisation effect in the broader context of a resilient market. We continue to urge homeowners and those looking to buy to take a long-term view. Bricks and mortar remain a valuable investment, and there are always opportunities for those looking for them.
Read on to learn more about the latest data for the UK and in Kent.
As expected, the housing market is declining. Also expected, we are now seeing the anticipated impact of the notable interest rate rises of recent months. It always takes some time for this to feed through to the housing market, but we are now seeing the effects. This decline is within the framework of relative stability over recent times, as well as a generally resilient picture. It’s also important to note that this period of stabilisation and adjustment is needed.
Kim Kinnaird, Director, Halifax Mortgages, explains the outlook and the wider positive picture,
“We do expect further downward pressure on property prices through to the end of this year and into next, in line with previous forecasts. While any drop won’t be welcomed by current homeowners, it’s important to remember that prices remain some £40,000 (+17%) above pre-pandemic levels. It may also come as a relief to those looking to get onto the property ladder.”
It’s particularly important to note the positive news for first time buyers, with a significant fall in the house price to income ratio falling from 5.8 to 5.1, making getting into the market the most affordable since June 2020.
The South East remains the area for the sharpest house price falls. However, within this, Kent is relatively strong, as the above data shows. The county has a considerable buffer, given the sharp rises in house prices during the race for space during the pandemic. There are excellent opportunities for those looking to move now or in the near future.
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.