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House prices go through the roof with a £36k hike
But Tunbridge Wells growth flatlines as uncertainty hits market By Richard Williams HOMEOWNERS in Tunbridge Wells made an average of £36,000 on their properties last year, although increases in house prices have now stopped, industry figures show. According to one of the country’s biggest lenders, prices across Tunbridge Wells shot up by 8.3 per cent in September compared to 12 months earlier. This means the average house in the town and wider borough is now fetching £36,163 more than it was this time last year. By contrast, the average wage in Tunbridge Wells is just £35,500 per annum, meaning the average homeowner made more money from their house than from their salary last year.
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The most recent snapshot of the housing market by the Nationwide building society shows that across the UK, house prices rose by 9.5 per cent in September compared to the same time last year. But the mortgage lender says that house prices have now stopped growing month on month and a stronger slowdown is expected in the coming weeks as surging inflation and mortgage rates take their toll. According to Nationwide. the average home in Tunbridge Wells now costs £435,709, which is up from £399,546 in September 2021. But other vendors say average house prices are higher, with Rightmove saying the average home in Tunbridge Wells now sells for £499,208, while Zoopla says it is £518,385, which means the average house in the area could have increased by as much as £40,000 over the last 12 months.
Despite this massive year-on-year hike in average house prices, the property market has now stopped growing. Property values recorded 0.0 per cent growth month-on-month in September compared to August, following a 0.7 per cent increase last month, the mortgage provider has said.
‘The average homeowner made more money from their house than from their salary last year’ Robert Gardner, Nationwide’s chief economist, said: “Prices were unchanged over the month from August, after taking account of seasonal effects. This is the first month not to record a sequential rise since July 2021.” David Johnson, from KMJ Property confirmed that house prices haven’t grown in Tunbridge Wells in September but added: “Whenever there is political or financial uncertainty, the housing
market pauses while it sorts itself out.” Meanwhile, Tom Snowdon from Kings Estates said: “Over the last two years, we have seen unprecedented house price growth in the town.” But he added: “Everyone knew the rapid house price growth had to stop at some point and the catalyst for this was the energy price hike, which was reported over the summer. “The government’s mini-budget a week ago and the subsequent interest rate increases by lenders, has made it more expensive for buyers to borrow money, so this has certainly had a dampening effect on buyers.” Deborah Richards from Maddisons Residential on The Pantiles added: “Overall I do feel price growth is slowing, due mainly to the rising mortgage interest rate environment which is affecting buyer’s affordability. However, it will be interesting to see whether this affects Tunbridge Wells, which due to its excellent transport links and schooling options, plus beautiful architecture and green spaces, can often sit in a bubble.”
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Wednesday October 5 | 2022