22 Jan 2021
2020 Market Updates
2020 was a year like no other. For the East Kent property market, we were in a unique bubble as the appeal of our open spaces, from the countryside to coastal, accessible commute to London (when this returns), attractive property prices, good schools and a wide variety of historic and new build homes drove relocation enquiries through the roof (pun intended 😊).
As East Kent’s leading estate agent, our expert knowledge of the local property market helped over 25,000 people look for a new home in 2020, with around two thirds of all homes showed accepting an offer.
We anticipate that demand for homes across East Kent will continue to outstrip supply in 2021, so if you are thinking of moving, now could be the ideal time to find out the value of your home and make the move you have been contemplating.
Make a move
Despite a pause in trading during the initial lockdown period, the East Kent property sector bounced back strongly, generating record sales from July to December with house prices increasing by 10%, year on year, reaching an average sale price of £304,334. Mortgage lending has largely remained accessible with historically low interest rates keeping monthly repayments affordable and “low deposit deals” helping those with smaller budgets which has contributed to the high demand from buyers.
Whether you own a detached, terraced, bungalow, or apartment, those looking to purchase in East Kent are interested in all types and sizes of properties. If your home falls into our ‘exclusive’ arm, homes worth more than £500,000, then we have seen this side of the market performing more strongly than previous years with the most expensive sale we agreed in 2020 at £1.4m.
If you’d like to move but keep your property
If you’re considering a move but would like to retain your current home as an investment, you’ll be pleased to know that East Kent’s rental market is just as buoyant, with high demand increasing rental prices by 10%, year on year, to an average monthly rental of £900.
We can help you through the process of becoming a landlord, as well as managing your property to provide a stress-free experience, whilst also still being able to offer rent guarantee insurance to help protect your investment.
The UK Government Supports the Property Market
The UK Government continues to be supportive of the property market, by consistently announcing that market is to remain open through the previous tier restrictions or full national lockdowns. You can continue to sell, buy, rent, or let your property with visits to branches, valuations, viewings and moving still allowed to occur in a Covid-secure way. To minimise in-person contact we have invested and rolled out additional cyber capabilities, from online valuations to 3D walkthrough tours using cutting edge technology - putting your property on the market and searching for your new home can now take place from the comfort of your sofa.
Find out the value of your home by completing our free instant valuation assessment here.