House prices in parts of Kent have increased by almost 50% over the last five years, according to a new report.
Drawing on analysis of figures from the Land Registry, prices across the county have increased, on average, by 23.5%. That’s higher than the 19.5% rise across the South East.
But it is east Kent which has seen the most significant growth – some of which have increased a staggering 46%. Last month it was revealed Thanet had seen the biggest surge in prices over the last 10 years.
That means if your property was valued at £250,000 in 2017, it would today sell for closer to £365,000.
The findings come in the release of the annual Kent Property Market Report.
It provides an overview of residential and commercial property and its performance over the last 12 months.
The report’s authors – Kent County Council, inward investment agency Locate in Kent and Caxtons Property Consultants – says there continues to be strong demand from London buyers from properties in the west and north of the county.
New-build property prices have also increase – but more modestly in many areas.
Elsewhere, the county’s high streets continue to suffer following the acceleration in retailers changes brought about by the pandemic. High streets remain in a state of transition and traditional bricks and mortar operations stumble out of our town centres with many snapped up by online-only outlets.
However, while our traditional retail centres may be suffering, the county is benefitting in other ways from the change in the way we shop.
Distribution, warehousing and logistics continues to see dramatic growth – outstripping the rest of the South East.
The report says: “Occupier demand for industrial space has continued to come from online retail, parcel delivery and third-party logistics businesses. With demand high, Kent currently has less than a year’s supply of industrial space. As a result, rental levels and land values for industrial property continue to escalate from last year’s highs with rents across Kent increasing by 8%, compared to the South East’s average of 6%.”
It has led industrial land values in some Kent towns to have increased by up to 40% since last year. Major new developments include the Aviator site in Ramsgate; Panattoni Park Aylesford, and LOC8 near Maidstone.
Cllr Roger Gough, leader of Kent County Council, said: “It has been a challenging 12 months for the industry. However, once again our location, close to London and the rest of South East, means we have performed well. It is great to see Kent playing its part in supporting the two key sectors of logistics and distribution, and science and innovation, both vital to the economic wellbeing of the country’s economy.
“We must acknowledge that it’s not all good news and the retail market, and our town centres, continue to wrestle with the changing shopping habits accelerated during Covid, and being hit by the cost-of-living crisis, but we remain confident for the future.”
The report also focused on the impact hybrid working has had on the traditional office market, and the continuation of flexible working from home by many businesses. This has resulted in growing demand for co-working space following the pandemic, with new facilities being set up across the county and proving popular.
The supply of office space across the county has also reduced due to its continuing conversion to residential, although the rate has slowed.