It’s a well-known fact that average house prices in Kent have increased astronomically in the last 20 years and our recent figures show just how much the average value of a semi-detached house in Kent has risen in this time!
Figures show there’s been a huge rise in the average price of a semi-detached property in Kent over the last 20 years.
According to research carried out by Kent Estate Agents, Ben Siggins, homes in Sevenoaks sold for an average of £503,769 in 2017. That’s a rise of 293% from 1997 when they stood at around £128,070.
Properties in all other areas of Kent have also experienced a similar rise. The average semi-detached property in Margate stood at £54,394 two decades ago whilst this year the average was £255,627. An increase of over £200,000.
Ben Siggins, director of Ben Siggins Estate Agents in Maidstone, said: “Areas closer to London have seen the most significant increases, in areas such as Tunbridge Wells and Sevenoaks where a commute to London is around 35 – 40 minutes.
Figures also show the South East has seen property prices increase by 3.13% per year since 2007 while homes in London have seen a staggering increase of 4.97% per year.
Ben adds: “10 years ago was the end of the most recent financial crises, it is no surprise therefore to see such a surge in prices over this period.
“This coupled with historically low-interest rates have seen the housing market rocket over this time.
Meantime, if trends continue, stats show buyers could expect to see the average price of properties in the South East to reach £440,955.93 by 2027.
Ben said: “I doubt the future 10-year predictions can be entirely accurate, as nobody can predict what will happen over this period.
“I don’t think anyone would have predicted that in the last 10 years we have seen interest rates as low as they are, Britain leaving Europe and Donald Trump being president of America.”
Ben also predicts that the price rise in London will be lower than most surrounding areas in the next 2-3 years post-Brexit.
He said: “The most significant impact on house prices over the next 2-3 years will be Brexit. I don’t see this having much if any effect during 2018, but I do see a tough 2-3 years ahead after this.
“The flow of business out of London will continue as homeowners choose to realise the equity gains they have made in the years of strong growth, meaning the price rises in London will continue to be lower than most other areas the surround it.”
The rise in house prices across the county combined with a slow-moving rise in salaries has also made it increasingly difficult for first-time buyers to get on to the property ladder and existing homeowners to move on.
First-time buyer Mike Alexander, from Medway, said: “I was single at the time I was purchasing my first home, so finding a property I could afford was a challenge in itself.
“I was saving for several years and found that prices for properties continued to rise and my salary wasn’t rising at the same rate.
“At the time, using the help to buy scheme was the only way I could afford to purchase my own place”.
If trends continue, buyers could expect to see the average price of properties in the South East to reach £440,955.93 and £786,135.36 in London by 2027.
However, the North East of the country has seen a decline in property prices and buyers could expect to see average house prices of around £47,383.56 in 2027 if the value continues to decline by 0.60%.