Ashford Property Market Update January 2023

This month Halifax noted that in January 2023, the average house price was £281,684. This meant no monthly change but overall a decrease of the quarterly change of 3.6%. Kim Kinnaird (The director of Halifax Mortgages) has stated “The average house price is now around £12,500 (-4.2%) below its peak in August last year, though it still remains some £5,000 higher than in January 2022 (£276,483)” (Source: Halifax, 2023). While we have seen a small decrease in house prices over the past six months, it must be reminded that these prices were in excess of 20% pre-covid. These figures coincide with rising mortgage rates and the increase in the cost of living. For example, some mortgage rates have increased by 5%, which has seen some monthly repayments increase by hundreds and therefore what someone could afford a year ago, is not what they could afford in February 2023.

However, we are seeing mortgage rates starting to come down, with HSBC releasing a five-year fixed mortgage deal which is lower than 4%. This is the first since the mini-budget.

For those who are looking to buy, we are starting to see the market move from a seller’s market to a buyer’s market, which is reflected in house prices ever so slightly decreasing and the potential for lower interest rates.

Would you like to know how much your home is worth on the current Kent market? Call Andrew or Oli today on 01233 501601 or head over to our website to book a valuation.

READ MORE: https://www.halifax.co.uk/assets/pdf/january-2023-house-price-index.pdf

READ MORE: https://www.rightmove.co.uk/house-prices/tonbridge.html?page=1

READ MORE: https://www.rightmove.co.uk/house-prices/tonbridge.html?page=1