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What is happening with Ashford’s property market?

Ashford, Kent
What is happening in Ashford’s property market?

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

Contains HM Land Registry data Crown copyright and database right 2020. This data is licensed under the Open Government Licence v3.0

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.

Currently looking?

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.

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