Experts Surprised to see Kent Outperform Neighbouring Home Counties
Kent house prices rose by 4.4% compared with the periods of July to December 2017 with January to June 2018 according to the Ward & Partners major marketplace report.
With an average home value of £388,217, Kent’s properties are subtly cheaper than alternatives in Essex, Surrey and London.
“The key thing to note is that we are still seeing growth in house prices across the UK,” explains Lawrence Bowles, associate director of the research team at Savills.
“The strongest growth regionally is finally shifting away from London, and moving to the South West and the West Midlands.”
It’s becoming apparent that properties in and around London are gradually stagnating, however, they remain unaffordable for a large number of homeowners, including first-time buyers.
Given London comfortably remains the biggest economy in the UK, homebuyers are looking for strong connections to the capital whilst getting onto the property ladder. What property types are being sold?
Thanks to more Londoners moving to Kent, the county boasts an employment level of over 74%. Furthermore, the Kent economy continues to grow despite Brexit fears, according to the Kent Property Market Report 2018.
“I believe that Kent remains resilient with a business environment seen as favourable to investment with major initiatives and projects to support growth and economic development in our county in the coming year,” Mark Dance states, a KCC Cabinet Member for Economic Development.
The Kent Property Market Report highlights a key factor in attracting new businesses is the availability of high-quality skilled labour.
It credits the residential property market playing a key role in making Kent desirable for professionals in various industries to move to.
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