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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
Picture: Luke Hawkes, lukehawkesphotography.com
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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 homeowner Carnival took place last weekend, Saturday September 9. Following a day of FIRESTARTER: Theaverage 75th Crowborough made more money from their house than celebrations, the Crowborough Bonfire and Carnival Society, joined by local societies, schools, clubs and businesses, market pauses while it sorts itself out.” Despite this massive year-on-year hike from their salary last year. took part in an evening procession through the town accompanied by a series of decorated floats. Meanwhile, Tom Snowdon from Kings in average house prices, the property Estates said: “Over the last two years, market has now stopped growing. Snapshot we have seen unprecedented house Property values recorded 0.0 per cent price growth in the town.” growth month-on-month in September The most recent snapshot of the But he added: “Everyone knew the compared to August, following a 0.7 per housing market by the Nationwide rapid house price growth had to stop at cent increase last month, the mortgage building society shows that across the Urban Life one- and industrial thatcatalyst previously had some point site and the for this wasa provider hascomprises said. UK, house prices rose by 9.5 per cent in By Sharon Bruce two-bedroom flats, and three- and negative on the area, the energyimpact price hike, which wasbut September compared to the same time reported overbeen the summer. last year. four-bedroom homes. Its planned which had earmarked for new NINETY-FOUR new homes could ‘The average homeowner “The government’s a week But the lender says that walk location is the estate of the former homes in the Localmini-budget Plan. soon be mortgage built a mere 20-minute ago and the subsequent interest rate house prices have now stopped growing made more money from WA Turner pie and sausage factory The planning application report from Tunbridge Wells High Street, increases by lenders, has made it more month on month and a stronger their house than from their in Broadwater Lane, which would in recommends that the application is providing a welcome near-£700,000 expensive for buyers to borrow money, so slowdown is expected in the coming turn be salary demolished. approved. As part planningeffect boost as into the local community. last year’ this has certainly hadofaits dampening weeks surging inflation and mortgage Once a large employer in Tunbridge on conditions, Thetake housing plan includes 10 buyers.” it is stipulated that rates their toll. Deborah Wells, factory closed in 2020. Robertthe Gardner, Nationwide’s chief Urban LifeRichards would from needMaddisons to pay According to Nationwide. average affordable homes, six of the which Residential on The Pantiles added: economist, said: “Prices were unchanged home in Tunbridge Wells now costs The Tunbridge Wells Borough £678,056 towards Section 106 would be for social rent, a work“Overall I do feelwhich price growth slowing, over the month from August, after taking £435,709, which up from £399,546 Council (TWBC) Planning Committee contributions, wouldisgo from-home hubisfor residents andina due mainly to the rising mortgage account of seasonal effects. This is the September 2021. report, published ahead of a towards enhancing the community network of accessible footpaths, first month not to record a sequential rise interest rate environment which is But other vendors say average house meeting to be held today (Sept 13) to by upgrading medicalHowever, public lighting, parks and affecting buyer’slocal affordability. since July 2021.” prices are higher, with Rightmove saying decide on the plans, saidProperty that the landscaping. it will be interesting to see whether this David Johnson, from KMJ the average home in Tunbridge Wells now Continued on page 3 which due to its development wouldprices makehaven’t use of an affects Tunbridge Wells, that house sells forproposed £499,208,new whiledevelopment Zoopla says it is The by confirmed excellent transport links and schooling grown in Tunbridge Wells in September £518,385, which means the average house options, plus beautiful architecture and but added: “Whenever there is political in the area could have increased by as green spaces, can often sit in a bubble.” or financial uncertainty, the housing much as £40,000 over the last 12 months.
94 homes planned for town
INSIDE: Tickets on sale for Christmas at Bewl Water: Page 4