House Prices in Kent

For the first time since November 2023, there’s been a drop in the UK year-on-year average house price. But as always, we need to dive into the data from the latest Lloyds House Price Index more carefully. It’s worth noting that prices are still 25% higher than they were at the end of 2019, and the market is proving solid and robust despite the wider economic picture. Specifically, the national landscape is one of notable variation between areas.

Read on to learn more about both the national and Kent housing market according to current data.

The Headline Stats and Facts

• Average selling price: £298,468, a marginal drop of -0.1% from July.
• Property price increases: Annual rate of growth is -0.4% representing the first year-on-year fall since November 2023.
• Interest rates: 3.75% since 18 December.
• Inflation: 2.9%, pushing upwards slightly.
• RICS net balance score: RICS data underscores a sluggish market. New buyer enquiries remain weak at -28%. Agreed sales are -30%. These two figures are broadly similar to recent months. However, agreed sales have improved significantly to -4%.

Kent-Specific Stats

• Average time on market: Average time on market in Kent is 157 days, with a median of 116 days, showing that properties are selling faster than earlier in the year.
• Number of properties for sale: There are 33,328 properties for sale in Kent. Numbers are significantly down on a few months ago, showing the broad trend to stay put in the face of a subdued market.
• Average selling price in Kent: £444,919 which is up from our last report of £439,707.

What Does This Mean?

It’s likely that the headlines hitting the media on the back of the latest data will home in on the first fall in house prices since November 2023. It’s true that it reflects the plateaued environment of late. The last few months have been difficult. The wider geopolitical turmoil has impacted inflation and borrowing costs. People who maybe were considering moving have responded by sitting tight for the moment, rather than accepting price cuts.

However, we need to carefully consider a bigger picture and a regional one. Prices are still relatively high, pushed up by steep climbs post-pandemic. The market hasn’t rapidly adjusted to higher borrowing costs, rather it’s been a more gradual adjustment. Similarly, the overall national data tells us little about what’s going on regionally. Broadly, there’s a north-south divide with notable growth happening in the north (particularly Northern Ireland and Scotland) with house price falls in the South East.

What About Kent?

Yet, Kent is not fitting the typical South East pattern. The county continues to see (small but positive) average house price increases month on month. That said, the median house price is remaining very constant at £350,000. Therefore, while the South East is largely responsible for the year-on-year house price fall, Kent is proving to buck the regional trend by holding steady.

What this shows is the importance of personalised decisions rooted in local knowledge. In Kent, there are good opportunities out there for both buyers and sellers.

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