London influx keeps house market buoyant

House prices in the area have fallen 2.6 per cent since October 2018, according to property website Zoopla, and are down 0.60 per cent across the year.

While average house prices vary wildly depending on individual vendors, the figures are part of a national trend, but the good news is that the market in Tunbridge Wells remains buoyant.

According to Rightmove, the end of last year saw the biggest drop in house prices in six years, with 3.2 per cent wiped off the cost of an average property in the UK, which fell by nearly £10,000.

The picture is mirrored across the South East, with the cost of a house dipping 2.1 per cent during the same period.

Despite the drop in values, the market in Tunbridge Wells remains busy, with many local estate agents reporting plenty of activity.

One explanation for the rise in house sales in Tunbridge Wells and Tonbridge is the trend of people migrating away from London

The number of houses sold in TN1 increased 60.54 per cent from 261 to 419 between October 2017 and October 2018. Similar growth was shown in TN3 and TN4.

“For us, the last quarter of 2018 was particularly good. We had a much better December than the year before,” claimed Steve Bovis, Director at Tunbridge Wells’ estate agents Wood & Pilcher.

Rightmove’s Miles Shipside explained the rise.

“One explanation for the rise in house sales in Tunbridge Wells and Tonbridge is the trend of people migrating away from London,” he said.

“The average asking price in Kent is significantly lower than that of the capital, so you can see why buyers are making the move into the county, especially with good transport links into central London.

“Whether it is first time buyers looking to get on the property ladder, or growing families hunting a home with more room to expand, moving to the commuter belt in Kent seems like a very sensible option.”

But he warns that those thinking of selling in 2019 should act quickly as buyer interest returns very quickly after Christmas.

“The window of maximum buyer negotiating opportunity starts to close from Boxing Day onwards, as more buyers become active in the market,” Mr Shipside said.

“Homeowners who are thinking of coming to the market early in 2019 should seriously consider doing so as soon as possible to get maximum exposure to the surge in interest from buyers who make it their resolution to move in the New Year.”

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