House Prices in Kent

Looking at the latest Halifax House Price Index shows a small dip in activity and prices, but a continuing picture of a robust and fundamentally stable housing market. There’s anecdotal evidence that many people are holding fire on buying and selling until after the Budget on 26 November owing to rumblings that there could be significant changes to property taxes on the horizon, most notably the potential removal (and replacement) of stamp duty. Whatever happens, the reality is that property taxes are unlikely to end up less than they are at present because the Government needs to raise more money, but of course the balance of who pays and when could change.

Nonetheless, even if people are holding back on moves until after the Budget, the market is still solid overall, which given the wider economic uncertainty is testament to the strength of the market nationally.

The Headline Stats and Facts

• Average selling price: £298,184, a very small reduction of -0.3% since last month.
• Property price increases: Annual rate of growth is +1.3%
• Interest rates: 4% (since August).
• Inflation: 3.8%, stable but above the Bank of England target of 2%.
• RICS net balance score: RICS data shows notably reduced activity. New buyer enquiries recorded a net balance of -17%, agreed sales -24% and new instructions are now into negative territory for the first time since summer 2024 with a net balance of -3%.

Kent-Specific Stats

• Average time on market: Properties in Kent currently spend an average of 154 days on the market, this is 4% less than this time last year.
• Number of properties for sale: There are 22,590 properties for sale in Kent, up 8% on this time last year.
• Average selling price in Kent: £428,827, staying steady with last month.

What Does This Mean?

Amanda Bryden, Head of Mortgages at Halifax, says,

“This slight monthly dip in house prices reflects a housing market that has remained broadly stable, prices are up +0.3% since the start of the year.”

Stability in the housing market is particularly notable in the wider economic climate. However, nothing can be taken in isolation and affordability does remain a challenge. Helping this is a relatively lower mortgage rate environment, and despite struggles in the jobs market, wages continue to rise steadily.

What About Kent?

National averages don’t paint the full picture. As Bryden says, “It’s also important to remember that prices vary widely depending on characteristics like location and property type.”

In Kent, as with the rest of the South East, average prices are up year on year, and in real terms, those average prices are only slightly short of double the national average. Furthermore, most Kent properties are selling faster than they were this time a year ago. The anomaly to this is larger detached properties which are taking around the same amount of time to sell and fewer of these properties are being added to the market month on month. It worth noting that there is sizeable growth in the number of first time buyer 1- and 2-bedroom properties coming onto the market.

As such, while looking at the national picture is important, particularly from a buyer and seller confidence perspective, it’s vital to look at the data in our county relevant to the type of property you are buying and selling.

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