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Margate's average house price drops but Ramsgate sees one of the highest percentage increases in Kent

House prices in Ramsgate have soared over the last year, making it one of the biggest movers in Kent.

But at the same time Margate has actually seen a drop in average values, along with just three other areas in the county.

The fresh figures from Zoopla reveal the average house price in Kent has gone up more than £11,000 in the last year.

Most Thanet towns have seen an increase in the average home price. Stock pic
Most Thanet towns have seen an increase in the average home price. Stock pic

So why have they dipped by 0.07% in Margate, which has seen values shoot up in recent years?

Estate agent owner Damien Cooke, of Cooke and Co, says this may be down to prices levelling out following the spike.

He said: “The reason places like Broadstairs and Ramsgate may have seen an increase and Margate a decrease may be because they got left behind a bit when Margate’s prices were increasing quite quickly.

“It usually comes down to supply and demand.

“If there is a big demand but a low supply, then house prices will go up.

“The problem with average price figures is that it doesn’t take into consideration, for example, whether there has been a new development or something built, which will of course affect average prices

House prices in Thanet have generally gone up
House prices in Thanet have generally gone up

“Broadstairs is usually more expensive than Margate anyway.

“For us, we haven’t seen a decrease in our average house price in the area. In some cases we have been selling for £15-20,000 more than the asking price."

In Margate, home-buyers are looking at an average spend of £227,834, whereas the average for Thanet is £266,258 - almost £80,000 lower than the county figure of £346,048.

Broadstairs, Ramsgate, Birchington and Westgate-on-Sea have followed the upwards trend, however, with each town’s house prices on the up.

Ramsgate’s average house price has had the biggest boost percentage wise in the past year in Thanet.

Within a year, the town has seen a rise of 6.14%, adding £13,784 to the average house cost.

Mr Cooke said: "I think with Ramsgate it is really interesting what the figures show.

"Thanet's prices are generally a lot lower than the rest of the south east.

"A lot of people came down looking at Margate, where the prices had gone up a bit, so they would have come through to Ramsgate and seen that there are a lot of bargains to be had.

"People can see it as an up-and-coming place, especially off the back of the new Wetherspoon.

"It is a shame the harbour doesn't have a link with the continent, because I think that would have been the icing on the cake."

In fact, Thanet as a whole has seen a larger increase in home prices in the last 12 months than Kent in general, with prices in the district up an average 3.69%, compared to the county's 3.47%

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