Canterbury Median House Price – House prices have soared in sought-after Kent as more Londoners move after the Covid-19 outbreak.
The average price of a house in Canterbury has increased by 4.01%, to around £13,000, in the last three months alone.
Canterbury Median House Price
This is more than double the average increase across the county since strict lockdown restrictions were lifted at the start of the summer.
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Estate agents in the city say the housing boom has been boosted by buyers from London as more people are able to work from home.
Large savings due to the temple work holidays also helped fuel the low demand.
Since the start of June, the average house value in Canterbury has risen from £339,090 to £352,701, according to website Zoopla.
Buyers are particularly interested in town and country properties with large gardens or fields, according to Charlie Bainbridge, director of Charles Bainbridge estate agents.
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Some families are even pooling their resources “across the generations” to buy attached homes so that older relatives can avoid being foreclosed upon again.
“We are seeing a large number of buyers from London and surrounding areas moving into the area and increasing demand,” Mr Bainbridge said.
“Many are families looking for lifestyle changes. They don’t want to be in London when there’s another wave of the pandemic and now they’re free to work from home.
“This increase in demand has led to an increase in prices in your area, especially among town and country buildings with large gardens or fields.
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“Cheap properties can attract more buyers and we have seen some homes achieve more than asking prices.
“These large, self-contained facilities have also seen an increase in demand as families pool their resources across generations to avoid elderly relatives being left out in the event of a transfer of status. close up.”
The second biggest increase in Kent over the past three months was Sandwich, where prices rose by 3.76%.
David Mansfield, who heads the Canterbury branch of Bairstow Eves, says he is not surprised the city is at the top of the table because it has so much to offer.
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“It’s a great place to live and work because of its character and culture and job opportunities,” he says.
“We have universities and colleges and a hospital and a fast rail link to London and compared to the capital we are still very good value.
“Canterbury is also surrounded by beautiful countryside along the coast. No disrespect to the other place, but it has a lot to do with it.”
Mansfield says profits are still there for any new property coming to market, with first-time buyers and buy-to-let investors coming back.
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“It seems that people have a bit between their teeth and the release of more stamp helps.”
“It has the best location in the world to be a good location with its tourist links and schools.
Estate agents in Thanet have also been very busy since the government gave them the green light to return to work in mid-May.
Gavin Horton, office manager at property brokers Belvoir Thanet, said: “The lockdown has really shown people that they can work from home or at least not be in the office every day.
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“The market has been incredibly busy since the lockdown was lifted and we have seen a huge increase in the number of people coming down to the coast from London.”
Chancellor Rishi Sunak’s decision in July to suspend stamp duty until April 2021 will have saved consumers thousands of pounds.
For example, before the announcement they would have paid an extra £5,000 on top of the £300,000 price tag.
This has helped fuel the recovery in property values in recent months. But average prices in Kent have fallen by 2.55% over the past 12 months – and are down 1.39% since March.
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House prices in some parts of Kent have risen by almost 25% in the past five years alone, recent research has revealed.
And the price increase shows no sign of slowing down, with an average increase of 5.8% in the last 12 months – a sharp increase from the average price of 3.4% since 2016.
Experts say that the increase is due to the increase in domestic work due to this epidemic and the increase in the number of goods coming to the market to meet the demand since the Lockdowns were lifted.
The areas with the strongest increases between June 2020 and June 2021 were Canterbury which saw a house price increase of up to £327,500 and Dover which rose to £266,800. Both had an increase of 6.7%.
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Hot on its heels was Thanet, up 6.4% to £260,200 and Tonbridge and Malling, up 6.2%, to £389,600.
The areas that have seen the biggest increases over the past five years are Dover (up 23.1%), Thanet (22.2%) and Canterbury (22.7%).
The figures, produced by Zoopla, are revealed in the latest Kent Property Market Report, which examines residential and commercial property trends.
Sevenoaks remains the most expensive place to live in the county with an average price of £490,000, while Medway sits at the other end of the table at £258,700.
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The Kent Property Market Report is produced by Caxtons Chartered Surveyors, Kent County Council and an inward investment agency based in Kent.
It also highlighted the huge growth in housebuilding taking place across Kent and Medway, which will create thousands of new homes.
Roger Gough, head of KCC, said: “The strength of the housing market over the past 18 months has been one of the most unexpected outcomes of this difficult pandemic.
“The acceleration of domestic work has brought families and businesses back together. It has the potential to strengthen communities and local economies, and is a positive outcome from a critical period. The hope of focusing on the community provides a foundation for It will be crucial for Kent’s economic development in the future.”
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Ron Roser, chairman of Caxtons, added: “On average, prices in Kent rose by around 6% at the end of the second quarter, ahead of 2020 levels.
“As a result, the value gap between Kent and the rest of the South East has narrowed, but the county is still relatively cheaper than the Home Counties as a whole.”
The commuter counties of Dartford and Gravesham have seen the slowest rate of growth, although this follows strong price increases in the years leading up to the outbreak.
However, it will be bad news for those looking to climb the property ladder as the costs involved are rising out of reach.
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Meanwhile, the business district has seen a significant increase in industrial and property take-up across the county – more than four times the level recorded in 2020.
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House Sales Rise 12% In December
Real Estate Institute New Zealand (REINZ) figures for January showed the median price rose by 2 per cent last month.
REINZ’s house price index hit a record high with an annual increase of more than 19 percent, the biggest annual increase since mid-2004.
The national median price was $730,300. The median home price in Canterbury was $510,000, up 9.7 per cent on last January.
REINZ chief executive Bindi Norwell said prices tend to fall in January as the housing market slows over the holidays.
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“The first month of 2021 was unusual as house prices across the country continued to rise, with four areas in January hitting new home prices and one area matching and its December record.”
Four areas broke records – Bay of Plenty, Hawke’s Bay, Taranaki and Nelson, while Manawatū/Wanganui matched its December record.
Meanwhile, prices in Auckland rose nearly 15 per cent for the year but fell in December, which was unexpected.
