The UK housing market has been through numerous highs and lows over the past 50 years.
Over the past few months, UK house prices have started to fall, with November 2022 seeing the largest monthly decrease in prices since June 2020. The average price of a property in the UK now stands at £263,788.
Regional variations in the housing market are always interesting to note. For example, property prices in the north-east of England only returned to their pre-2008 levels at the end of 2020, and prices in Northern Ireland are still below their 2007 peak. At the other end of the spectrum, the average London house price has more than doubled in that period.
Kent appeal
Kent is consistently ranked as one of the best places to live in the UK and it is easy to see why. It offers coastal communities, stunning countryside, and great schools, yet is still within a commutable distance of London. And average house prices are around a third cheaper than in the Capital.
What has happened to property prices in Kent?
Over the past 10 years, average house prices across Kent have increased by around 68%. According to figures from GetAgent, the average house price (sold price) now stands at £471,534. This is a drop of around 1% over the past 6 months.
What is expected?
Whilst some areas still remain very popular, the evidence is there that property prices in Kent are starting to fall. According to a recent report by PropCast, there are ten areas in Kent where property prices are forecast to fall significantly in the near future. This is based on trends in buyer demand (actual and predicted).
Postcodes in the west of Kent are expected to see the largest decrease, with TN10 and TN11 in Tonbridge and CT11 in Ramsgate at the top of the list. Following that are the TN13 (Sevenoaks, Kippington, Dunton Green, Chipstead, and Riverhead) and CT17 (Dover) areas. TN15 (West Kingsdown, Ightham, Kemsing, Platt, and Wildernesse) and TN16 (Bromley) postcodes come next.
The CT8 postcode (Thanet), ME9 area (Newington, Teynham, Bobbing, Borden, and Upchurch), and CT21 postcode (Hythe) make up the rest of the top 10.
If you are looking to move to or from the Kent region, you may well benefit from the services of conveyancing solicitors Maidstone from a firm such as Sam Conveyancing.
Does this mean it is a good time to buy?
Kent has many fantastic attributes and these are not going to disappear. If prices fall, it would not be surprising to see more people move to the area as their money will go even further in-terms of property. The main factor that could prevent people taking advantage of this is the fact that mortgage interest rates are higher than they have been and are likely to remain so for a while. So, even if the sale price is lower, the monthly repayments will be harder to cover.
Investors may feel that the next year or two is a good time to buy for the longer-term as there is an expectation that prices will rise again in the second half of the decade. This could make it an attractive location for buy-to-let landlords.