No matter if you are buying or selling your home in the Kent area, it is always a good idea to keep up with the local property market. The reason that us at Distinctive Homes advise this is because the thought of moving home is not a quick decision and is one that can take months to put into action. Therefore, it is always good to keep an eye on the Kent property market to see what properties are in demand, what type of market it is i.e sellers or buyers and what seems to be happening in the market.
Currently we are seeing three- and four-bedroom properties in high demand and this is reflected across the country, not just in Kent alone. It appears that due to Covid-19, space in and out a property is important now more than ever. This high demand for these types of properties has not only pushed the seller’s market to the brim, but it is also completely outweighing it with properties selling fast, with offers coming in from a range of buyers. This has meant that properties are being sold for offers over asking price. Zoopla announced this month that the difference in the amount of buyers is not only 30% higher than the five year average but available properties has decreased by 38%, so currently the housing market is facing a large housing stock shortage, which is pushing the prices up and up.
According to Nationwide’s latest House Price Index report, it has been noted that property prices have increased by 0.7% compared to September, meaning an annual increase of around 9.9%. This suggests that since lockdown, the price of a property in the United Kingdom has increased by just over £30,000 on average.
Originally after the tapered end of the Stamp Duty Holiday, it was expected that the housing market would start to level out and prices would start to drop. However, this is far from what is happening. Nationwide has stated that even though the stamp duty holiday ended on the 1st of October, Mortgage applications were actually 10% higher than the year before in September. This amongst other statistics forecasts the property market shows no signs of slowing in the future months. A reason however that it may start to slow in the future is due the possible increase on interest rates. If you are currently purchasing a home with a mortgage, it is best to speak to your broker about this possibility, so you will know when applying for a mortgage if there is an increase on a variable interest rate, what you are looking at financially. For anyone who does not have a broker, or would just like some further information, speak to us and we can refer you across to our friends at Fingerprint Financial for a free financial chat.
Do you have any questions regarding the local Kent property market? Call us today on 03309 125285 or email email@example.com.
READ MORE: https://www.zoopla.co.uk/discover/property-news/whats-in-store-for-the-housing-market-in-2022/