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House prices start to fall in Kent

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by Rhona Jamieson

Kent's bricks and mortar could be on shaky foundations - latest figures reveal.

Times are proving tough for people trying to sell their house in Kent as prices start to fall.

According to the latest UK Housing Market questionnaire, more surveyors reported a fall than a rise in prices.

In June, 15 per cent more surveyors were optimistic about the market, but that has switched around in the last month and there are now 15 per cent more who feel the market is going in the wrong direction.

As supply continues to outstrip demand in the county there is a lack of buyers interested in what is up for sale.

Murray Wills from Page and Wells, Maidstone said: “Since the election and emergency budget announcement, confidence and interest in property seems to have declined.

“Mortgages are not easy to secure and the threat of redundancy may be an underlying factor.”

Julie-Ann Marriott, from Marriott Estates based in Ashford, said: "The buyers are drying up - so what we are finding is there is more supply than demand. So that doesn't help with obtaining good asking prices.

"If the property is presented well, clean and tidy and realistically priced it will still sell, even in the current market.

"It's all about knowing your buyers' requirements and matching them appropriately and a good and realistic asking price.

"I do feel the mortgage lenders should try to be a little more flexible. I understand they have to be careful - but holding back on lending is actually stifling the people moving really."

The scrapping of HIPs and changes to Capital Gains Tax have also meant more people are testing the water and speculatively putting their property up for sale.

Consequently, the average number of properties on estate agents’ books has risen from 43 in June to 52 in July.

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