17 May Bucking the Trend
House prices in the UK have been heavily affected by the economic and political uncertainty surrounding Brexit. We recognise how important it is to be aware of the national housing market’s movements in order to best advise our customers. If you are looking to buy or sell a property in Tunbridge Wells make sure you contact us to speak with one of our property experts.
The ‘B’ Word
We have seen the Capital hit with house price dips and across the rest of the country house prices have seen fluctuations in their value, both positive and negative. Even in our county of Kent has seen a drop of 0.4% in the year leading up to February 2019 and while there has been some evidence of recovery the county remains at a bit of a stalemate.
Brexit has been a factor in the housing market since the vote in 2016, in the early days we saw people trying to rush transactions through before any big impact became apparent. Then there was a period of hesitation and sellers were sitting on their asset in the hope to ride out the storm followed by a new rush to complete before the March 26th deadline.
Of course this has now been extended we expect to see a slowing of the market with sellers pricing their properties more competitively.
House Prices in Kent
With the average house price in Kent down by 0.4% (£1,100) in the year to February we took a look at how the current economic situation has affected other towns in the county. We were delighted to see that Tunbridge Wells is one of very few areas in which house prices are up. The average property price in our area came out at £388,527 which is up by 1.5%.
We can only put this down to peoples’ desire to live in the area. These statistics are based on completed sales of comparative properties across the area and we can see from our own activity that there has been very little impact on the demand for homes for sale in Tunbridge Wells.
There were areas in Kent which haven’t been so fortunate, these include Dartford (-4.8%), Maidstone (-3.7%) and Thanet (0.5%). Other areas in which house prices have increased slightly include Gravesham (+1.4%), Swale (+2.5%) and Folkstone & Hythe (+4.2%). These figures are mimicked by London’s 3.8% fall and the wider South East’s drop of 1.8%.
Our town remains popular among its current inhabitants but also readily attracts new people who work in London and use our train line to commute to work every day. With a train journey of just 40 minutes to Charing Cross you can pretty much be anywhere in central London in a little over an hour (depending on tube journeys).
What’s more we are in an area of outstanding natural beauty, and with green spaces and fresh air there aren’t many reasons NOT to fall in love with Tunbridge Wells. We also have a large variety of properties; from Georgian houses and Victorian cottages to newly bult modern homes made from state of the art materials and decked out with all the latest smart gadgetry – there is something for everyone in our beautiful spa town.
Get in Touch
If you would like to speak to a member of our team about your options please make sure you call us on 01892 530109 or email us. Remember, for property in Tunbridge Wells and the surrounding areas, follow us on Facebook, Twitter and LinkedIn.