Thinking of buying or selling a house in Kent? New figures show that in most parts of the county, house prices have been dropping over the past year.

According to the latest data from online estate agent Purplebricks, the average house price in Kent has fallen by 2% to £338,474. In Medway, it’s a similar story with a 1.2% drop to £285,540.

Biggest Drops:

• Thanet: Prices tumbled by 6.2% to an average of £279,601.
• Dover: A 5.2% decrease to an average of £281,497.
• Canterbury: A significant drop of 4.5% to £326,213.

Small Increases:

It’s not all doom and gloom! A few areas saw small increases:

• Ashford: Enjoyed a 2.7% rise, with detached, semi-detached, and terraced houses all seeing increases.
• Swale: Prices crept up by 0.8% to an average of £291,906.
• Tunbridge Wells: A tiny increase of 0.3% brought the average to £446,265.

Flats Feeling the Pinch:

Across both Kent and Medway, flats have seen the biggest hit, with prices dropping by 3.9% and 2.7% respectively.

What’s Behind the Cooling Market?

Experts believe a few factors are contributing to the current trend:

• High Interest Rates: Borrowing money is expensive right now, making mortgages less appealing.
• Political Uncertainty: The recent change in government and potential new housing policies are making landlords hesitant.
• Cost of Living: The rising cost of goods and services might be making people think twice about big financial commitments.

Is This a Good Time to Buy?

Despite the dip, there’s still strong demand for properties in Kent. Some experts believe this could be a good opportunity for buyers, as prices may be more negotiable.

What Does the Future Hold?

While no one has a crystal ball, many experts are optimistic. Spencer Fortag of Dockside Property Services says, “There remains strong demand for properties within the Medway and wider Kent region, and property remains a priority for most people and a fairly safe bet.”

The hope is that as inflation stabilises and the Bank of England potentially cuts interest rates, mortgage lenders will follow suit, making borrowing more affordable and boosting the housing market.

Remember: These figures reflect overall trends. It’s always best to speak to a local property expert to understand the specific market conditions in the area you’re interested in.