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Kent and Medway house prices dropped 0.2% in July, according to Office for National Statistics

By Jenna Dobbs

House prices in Kent and Medway have begun to stagnate, despite rising by more than 3% in the past year.

Data from the Office for National Statistics shows that the cost of a home dropped by 0.2% in July.

The fall has been attributed to a fluctuating investment market, alongside uncertainty surrounding Brexit.

House prices in Kent and Medway have begun to stagnate, according to official statistics
House prices in Kent and Medway have begun to stagnate, according to official statistics

Aldo Sotgiu, managing director of Arun Estates - which runs Ward & Partners in Kent - has attributed the change to "basic supply and demand".

He said: "The level of new customers looking to buy has dropped a little, and there are more properties on the market than this time last year.

"A big part of the reduction is to do with the investment market.

"Quite a high proportion of investors have come out of the market place, partly because buy-to-rent schemes are no longer as lucrative."

Aldo Sotgiu
Aldo Sotgiu

Mr Sotgiu also addressed the impact of Brexit, saying that "demand is affected by people's confidence".

However, he added that the market is still strong, as "people are always going to need somewhere to live".

According to the Office for National Statistics, the average homeowner in Kent and Medway will have seen the value of their property increase by £92,000 in the past five years.

But, between May 2017 and April this year 26,922 homes were sold in Kent, 1% fewer than in 2016.

The latest figures, obtained via the House Price Index, show that the average property in Kent sells for £292,137.

This is significantly higher than the UK and Medway averages, of £231,422 and £247,923, respectively.

First-time buyers in Kent also spent around £76,000 more in July than they would have five years ago, and £82,000 more in Medway.

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