House Prices In Sittingbourne
Are house prices in Sittingbourne set to fall?
There has been much in the national press about the dramatic drop in house prices across the UK during May, does this mean that now is the time to grab a bargain on a new home?
We cannot speak for the whole of the UK, but in Sittingbourne we are finding there are more people wanting to buy, compared to the amount of homes on the market. This, combined with the fact that due to social distancing rules, we are only allowing serious buyers to view property, has lead to a real boom in the market here. We are seeing more and more homes having offers accepted at full asking price, or at over asking price.
If you were hoping to put in a cheeky offer, now is definitely not the time to do this. However, if you have been thinking about putting your home on the market, now is an excellent time to do so. House prices will continue to increase locally all the while there are more buyers than available property.
Will House Prices Fall In The Future?
Possibly, there is no doubt the UK's economy will shrink, some people will loose their jobs and lenders may become stricter. However, here in Kent, we are less likely to be affected by falling house prices than other parts of the UK.
Why is this? Kent has lower unemployment than other parts of the UK. Sittingbourne is great location for people needing to commute into London. As businesses come out of this crisis, they will be looking at costs and the practice of working from home will, no doubt, become more usual.
Employees that have been working from home and juggling homeschooling may be thinking that their home is too small. They want to sell up and move out to Kent to get more square footage for their £. A commute, or the option to work from home may have been discounted in the past, but now, after being stuck indoors for weeks, may well have changed their minds.
Because of this, we think that house prices in Sittingbourne are unlikely to be impacted majorly, and any impact will be minimal and will recover quickly.