Home   Gravesend   News   Article

House prices increase by 7.2% over the last 12 months in Gravesend

By Messenger Reporter

House prices in Gravesham leapt by 3.6% in April, contributing to a 7.2% rise over the last 12 months.

The latest data from the Office of National Statistics shows that the average property in the area sold for £288,377 - significantly higher than the UK average of £226,906.

Across the South East, property prices have risen by 3.5% in the last year, to £324,530.

House prices have risen over the last 12 months
House prices have risen over the last 12 months

The region underperformed compared to the UK as whole, which saw the average property value increase by 3.9%.

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

The average homeowner in Gravesham, will have seen their property jump in value by around £103,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in Gravesham in April spent an average of £251,238 - around £90,000 more than it would have cost them five years ago.

A 3.6% rise in April contributed to the increase
A 3.6% rise in April contributed to the increase

Addressing the national picture, Lawrence Bowles, the associate director of the research team at the estate agents Savills said: “The key thing to note is that we are still seeing growth in house prices across the UK.

“In particular, house prices have gone up 3.9% in the year to April - though it is slowing down.

People are starting to get a bit more wary about Brexit; people are starting to sit on their hands as they wait to see how things turn out.

“The strongest growth regionally is finally shifting away from London, and moving to the South West and the West Midlands.

“We expect to the north to start catching up slowly.”

Between January and December last year, the most recent 12 months for which sales volume data is available, 1,359 homes were sold in Gravesham, 2% fewer than in the previous year.

The highest house prices in the country in April were found in Kensington and Chelsea.

Properties there sold for an average of £1,350,179 - 17 times the cost of a home in Burnley, where the average property cost just £78,204.

Join the debate...
Comments |

Don't have an account? Please Register first!

The KM Group does not moderate comments. Please click here for our house rules.

People who post abusive comments about other users or those featured in articles will be banned.

Thank you. Your comment has been received and will appear on the site shortly.

 

Terms of Comments
We do not actively moderate, monitor or edit contributions to the reader comments but we may intervene and take such action as we think necessary, please click here for our house rules. If you have any concerns over the contents on our site, please either register those concerns using the report abuse button, contact us here, email multimediadesk@thekmgroup.co.uk or call 01634 227989.

Follow us

Like Us on Facebook

Most popular

Kent Travel News

Close This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.Learn More