What is Happening with Ashford’s Property Market?
Welcome to our latest blog post on the Ashford property market. As you may know, the property market is constantly evolving, with new trends and changes emerging all the time. That’s why we’ve created this regularly updated blog post to keep you informed about the latest developments in the Ashford property market.
In this post, we’ll be discussing the challenges that buyers in Ashford are facing when it comes to affordability, mortgage rates, and availability of homes. We’ll also be sharing expert opinions and local insights to help you make informed decisions about buying or selling property in the area.
Whether you’re a first-time buyer or a seasoned property investor, this blog post is for you. So let’s dive in and explore the latest trends and developments in the Ashford property market!
The steady increase in house prices is making it increasingly challenging for people to get on the property ladder, particularly in Ashford, where the average house price is higher than the national average (according to data from the office for national statistics). This trend is expected to continue, given the current state of the market. As a result, first-time buyers may find it harder to secure a mortgage, and those looking to upgrade their homes may face increased competition and higher prices.
The Bank of England‘s Monetary Policy Committee‘s decision to increase the base rate may affect mortgage rates, making it harder for people to afford to buy a home. The increase in mortgage rates is likely to impact the number of people who are successful in purchasing a home in 2023. This change to mortgage rates could result in more people opting to continue renting rather than buy a home.
The trend of declining sales volumes in the Ashford property market shows people are finding it harder for to find the right property. The lower sales volumes mean there are fewer homes available for sale, which could impact the availability of homes in Ashford. This could lead to increased competition, pushing up prices further, and making it even harder for people to enter the market.
Expert opinions and predictions about the market can help buyers make informed decisions about whether to buy now or wait. According to the property experts at Mockford & Hunt (Local estate agent in Ashford), the Ashford property market is expected to remain strong, with continued demand for homes in the area due to its excellent transport links and proximity to London. However, experts also caution that buyers should be prepared to pay a premium for these benefits and open to compromise if they want to stay within their budget.
The Ashford property market offers a range of property types, including period homes, new builds, and converted flats. Popular areas to buy in Ashford include Kennington, Park Farm, Willesborough, Singleton, Great Chart & Chilmington to name a few. Ashford offers a range of local amenities, including excellent schools, shopping centres, and leisure facilities. However, it is essential to note that the local market in Ashford is not immune to the challenges facing the wider market, with affordability, sales volume, and mortgage rates impacting the area.
The Ashford property market is facing significant challenges, including affordability, declining sales volumes, and fluctuating mortgage rates. However, despite these challenges, the market remains strong, with continued demand for homes in the area. Buyers looking to enter the Ashford property market should be prepared to pay a premium for the benefits of living in the area and seek expert advice to make informed decisions.
Expert Mortgage Advice to Help You Overcome the Challenges of the Ashford Property Market Today
If you’re struggling to navigate the challenges of the Ashford property market, Prospect Tree Mortgages is here to help. Our team of experts understands the local market and can guide you through the home buying process, whether you’re a first-time buyer or looking to upgrade your home. We offer a range of mortgage options to suit your individual needs and can help you secure a competitive rate despite the current market conditions. Don’t let affordability, mortgage rates, or sales volume hold you back from finding your dream home in Ashford. Contact us today to learn more about how we can help you achieve your property goals.
How to get in touch
There are a few ways to get in touch with us. If you want quick assistance and personalized advice based on your specific circumstances, calling us is the best option. On the other hand, if you have a specific question, you can email us and we’ll get back to you as soon as possible.
If you’re ready to get started outside of office hours or want to begin your mortgage journey right away, you can click ‘start now’ and complete a brief questionnaire. This will help you get the answers you need and take the first step towards securing your dream home.
And don’t worry about the cost of our advice. It’s completely free, as we only collect a success fee once you’ve received your mortgage offer. This means you can talk to us, compare rates, and take advice without any financial commitment, giving you the confidence to make the best decision for your future.
The property market in the United Kingdom has seen it’s fair share of ups and downs in past years. With delays caused by Brexit, to the huge surge in activity during the Stamp Duty Holiday in the midst of the pandemic – it has been anything but stable and left many buyers on the side lines scratching their heads about what to expect next.
We’re updating this thread to take a look into the Property Market in Ashford, Kent and see whether Market Data hides any clues as to what we have in store this year.
UK Headline Statistics
Contains HM Land Registry data Crown copyright and database right 2023. This data is licensed under the Open Government License v3.0
UK house prices have seen a significant increase of 12.6% over the year to October 2022, up from 9.9% in September 2022. This was largely due to a decrease in the average house price in October 2021, due to changes to Stamp Duty Land Tax. The average house price in October 2022 was £296,000, which is £33,000 higher than this time last year and unchanged from the previous month. Prices rose 13.2% to £316,000 in England, 11.8% to £224,000 in Wales, 8.5% to £195,000 in Scotland and 10.7% to £176,000 in Northern Ireland.
Source: HM Land Registry, Registers of Scotland, Land and Property Services Northern Ireland, Office for National Statistics – UK House Price Index
Consistent house price increases throughout 2022 have resulted in the average house price in the UK reaching a record high of £296,000 in October 2022, this is £33,000 higher than it was the previous year.
The area which saw the lowest growth this year was London, increasing by 6.7%, followed by the East of England at 11.5% and the third lowest growth was seen in the South East which was 12% year on year. These increases can be compared to the North East which saw the highest yearly growth at 17.3%.
Houses in Ashford rose from an average of £333,822 to £371,698 from October 2021 to October 2022, this is a growth of 11.3% year on year. You can compare this to the average price in England was £395,672 for the same period.
Whilst prices have seen steady increases, sales volumes have trended in the opposite direction. In August 2018, 84,466 transactions were recorded which decreased to 78,838 in 2019, falling off a cliff to 56,476 transactions in 2020 and making a big recovery in 2021 to 64,198. Sales numbers retreated to 54,779 in 2022 and experts are calling for a further 20% reduction to sales volumes this year.
The question everyone is asking is what effect this will have on house prices. Some doom-mongers are citing a collapse similar to the crash in 2007/08, whereas more conservative estimations expect a slow reduction or ‘correction’ in the market.
There are lots of factors in the mixing pot at the moment, and ultimately it’s difficult to call exactly what will happen this year. The Bank of England’s Monetary Policy Committee will meet again in the early days of February to decide whether they need to increase the Base Rate any further. We eagerly await the results as it will likely have an impact on mortgage rates and affect the numbers of people who can successfully purchase a home in 2023.
Updated December 2021
If you’ve been looking to buy a property in Ashford this year, it is most likely that you have been finding it harder than you initially thought you would. With the numbers of properties available declining and the demand for property continuing to grow, buyers are having a tough time getting a foot hold in todays market.
To shed some light on the current market landscape we’ve looked over the ONS (Office of National Statistics) most recent house price index data and extrapolated the main information for you.
UK Headline Statistics
Contains HM Land Registry data Crown copyright and database right 2020. This data is licensed under the Open Government Licence v3.0
The average price of a property in the UK was £270,708 representing an annual change of 10% and a monthly change of 1.2%. This means that the average UK home is £25,000 more expensive than it was this time last year.
The areas of the UK which saw the highest annual change in value were Wales and the East of England which have seen annual prices changes of over 12%. London continues to show the slowest growth in price at 5.1%.
Are house prices increasing across the board?
House prices are increasing across most areas in the UK. It seems that price increases are also affected by the type of property which is being sold. At the top of the range, we can see that detached homes have increased by a whopping 13.9% whereas flats and maisonettes have increased by a more modest 5.6%.
Are less houses being sold in Ashford?
Less houses were sold throughout England in 2021 than in 2020. In-fact, according the ONS sales volumes have been steadily decreasing since 2017. Whilst numbers have fluctuated somewhat, the trend is distinctly correlating downwards
This is also reflected when you look at data for Ashford, Kent. With 173 sales recorded in Ashford for September 2020 compared to 109 in September 2021. This represents 36% less houses being sold in Ashford, Kent.
What does this mean for buyers in 2022?
As the data shown above suggests, Ashford has not been immune to the general trends seen across the rest of the UK. As such we arrive at market where appetite for property is not being met by supply. As the data suggests, the lack of property is increasing competition for the property which are on the market and squeezing prices upwards.
First time buyers are paying 8.7% more than they would have done last year, and home movers are seeing an increase of 10.4% as well.
Higher deposits needed
The minimum deposit needed for a mortgage is 5% or 95% LTV (loan to value). According to Rightmove, most sales in Ashford during last year were semi-detached properties fetching an average price of £294,817. According to the data from ONS, this would have been around 10% less last year at £265,335. So, a deposit today would set you back £14,740 whereas last year you would only be paying £13,266.
If you are currently searching for a property in Ashford, it would be a good idea to review your criteria with your mortgage advisor. As prices have increased, you may find that you need to get a new AIP (agreement in principle) or update them with examples of properties you are currently looking to view.
Early bird gets the worm
As it’s clear that more buyers are looking at less properties, it is crucial that you have prepared yourself for offering on properties. Buying a property in a market like this will only be achieved by those who are on top of their finances. More competition means that the houses you are viewing will be seen by more buyers than usual. In-turn, the estate agent will be handling more offers for the sellers and the sellers will be carefully choosing their buyer through assessing each of them on their own merit.
By speaking to Prospect Tree Mortgages Ashford, you will be in the best position to make offers on properties when you see them. As property is added to the market sporadically, it is best to be prepared when your dream home is listed.
We make our own luck by being prepared when the opportunity presents itself.
If you are seriously looking for a property in Ashford this year, contact Prospect Tree Mortgages today and get yourself offer ready.