Insights into the 2023 Sales and Lettings Property Market

2023: Predictions for selling and buying houses

We predict that demand will remain strong for all types of property in 2023. Plus, house buyers relocating to East Kent will continue into next year because those from metropolitan areas give working from home and reassessing their work-life balance as the two top reasons for moving to our corner of Kent.

The East Kent housing market has experienced two years of constricted supply and rising prices and we forecast that it will return to pre-pandemic (2019) levels of activity in 2023, effectively a ‘normal’ property market. This will create further short to medium term stability and more opportunity for both local and ‘out of town’ buyers to find their next home – we believe 2023 will be a year to get moving.

Kent County Council’s Housing Led Forecast 2021 estimates that approximately 222,757 dwellings will be built between 2020 and 2040 across the County. A number of these new housing developments are taking place across East Kent and in particular, Thanet, with significant new home builds taking place near Westwood Cross, Ramsgate, and Herne Bay. These new build developments provide housing opportunities for those looking to purchase their first home, sell and buy a new home, and relocating buyers.

Exciting developments in Kent

East Kent is an area that is experiencing transportation and industry investment, and buyers are attracted to buy a range of properties from the coast to the countryside. Developments launching in 2023 and the coming years include:

Thanet Parkway railway station

Said to be on schedule to open to passengers in May 2023, Thanet Parkway will increase rail connectivity to London for leisure and commuter passengers. Located between Minister and Ramsgate stations, Thanet Parkway will offer rail passengers both mainline and high-speed trains. Getting to Thanet Parkway will be possible via a new road from the A299 Hengist Way, or a new pedestrian and cycleway providing access to and from Clive Road in Clifsend village.

New Film Studios in Ashford

It was revealed in 2022 that a multi-million-pound film studio, linked to Netflix, Amazon and HBO, is expected to open in 2025 in Ashford. The redevelopment of the Newtown railway works site will be transformed into a 7,440 sq m film and production venue. Planning permission granted included the construction of four film studios, an 18-storey hotel, 300 flats, commercial units, and a rooftop restaurant. With the project 65% owned by Ashford Borough Council, the scheme has been named one of the council’s ‘Super 6’ projects.

Our expert property agents are always available to give free advice about selling or buying a property in East Kent. Call or visit your local Miles & Barr office. Find out where we are on the high street here.

2023: How might East Kent’s rental market shape up?

In 2023, whilst there has been an increase in the supply of rental property, it is still predicted that more tenants will continue to rent, due to economic pressures. The requirement for good quality rental property is still very strong. Some landlords will carefully review their higher mortgage costs as such rents will probably remain high unless supply substantially increases.

2022 was the year when the UK Government introduced amendments to Smoke and Carbon Monoxide Alarm Regulations, requiring Carbon Monoxide detectors to be fitted where fixed combustible appliances exist. So, looking ahead to 2023, if the UK Government sticks with its current line of no major legislative changes, then at present for landlords and tenants the lettings market will continue to operate as is. Legislation that is being discussed by the government includes the Rent Reform Bill which will introduce a number of changes to the industry.

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Lettings Legislation explained:

Carbon Monoxide Legislation – From 1st October 2022, all rental properties with a gas supply must fit a carbon monoxide alarm in all rooms with a fixed combustion appliance, i.e. boiler, gas and open fires, log burners and excluding gas cookers and hobs. Private and social landlords are required to repair or replace alarms once informed they are faulty. Read our Carbon Monoxide Alarm article for more information.

Rent Reform Bill – If passed in the legislation the Rent Reform Bill proposes to

• Abolish section 21, requiring privately rented properties to meet the Decent Homes Standard
• Introduce a wide range of court reforms that target areas that frustrate and slow-down possession proceedings.
• Periodic tenancies will become standard, meaning all tenants on Assured Tenancy or Assured Shorthold tenancies will be moved to a periodic tenancy. This will mean tenants need to provide two months' notice.
• Rent increases may occur once per year and the minimum notice period a landlord could give for a rent increase will be two months.
• Expand the application of the Decent Homes Standard from the social housing sector to the private rented sector.
• Landlords cannot unreasonably withhold consent when a tenant requests to have a pet in their home, with the tenant being able to challenge a decision.
• A landlord will be protected if they accept a tenant with a pet(s) because the Tenant Fees Act 2019 will also be updated to include pet insurance as a permitted payment.
• Make it illegal for landlords or letting agents to have blanket bans on renting to families with children or those in receipt of benefits.
• Introduce a new single government-approved ombudsman covering all privately rented landlords with properties in England, including those who use a letting agent. Membership will be mandatory. The ombudsman will have powers to better accommodation for a tenant, including asking landlords to issue an apology, provide information, take remedial action, and/or pay compensation. Where a service or standard of the property falls short, the ombudsman will require landlords to reimburse rent to tenants.
• Launch a new digital property portal that allows landlords to demonstrate compliance to attract prospective tenants. Landlords will be legally required to register their property on the portal.