Average house price breaks through the £500,000 barrier

THROUGH THE ROOF: Family homes in Tunbridge Wells now cost £500,000

House prices in Tunbridge Wells shot up by an average of £50,000, and prices in Crowborough saw a similar increase, according to data by the Office for National Statistics [ONS].

The House Price Index is based on Land Registry figures and shows between April 2020 and April 2021 house prices rose by an average 8.9 per cent.

The average property price across the UK now stands at £268,000, according to the ONS, with homeowners seeing an increase in value of nearly £24,000 over the last 12 months.

The ONS House Price Index follows similar figures from mortgage providers such as Nationwide and Halifax, which have shown rises over the last 12 months between 7-10 per cent.

The data shows that in Kent, property prices have increased by even more than the UK average at 9.4 per cent, with the average home now at £318,983 up from £291,705 last year.

The average house price in Tunbridge Wells has gone up £50,974 over the last 12 months.

According to online vendors such as Rightmove, the average home in the town now costs £542,284.

The average semi-detached house costs £508,641, the average detached home £849,654, and the average terraced property £436,093.

In Crowborough, similar price rises have seen the average house rise by £42,500 to £462,542. 

Detached properties in the East Sussex town fetch £606,913 according to Rightmove, and semi-detached homes £350,110.

Despite the rocketing house prices in the area, the ONS say the market is showing the first signs of cooling as prices dropped in April.

House prices fell by 1.9 per cent compared to March, but the ONS said this was likely caused by the government’s stamp duty relief, which was due to expire on March 31 but was extended for an additional three months. 

The Times reported earlier this month on the Tunbridge Wells housing boom, which estate agents say has been one of the busiest on record.

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