38% Increase in Houses For Sale in Folkestone
Posted: 2/11/16 3:22 PM
The Folkestone Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Folkestone property buyer has faced over the last few years is a lack of choice – there simply hasn’t been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Folkestone, the market is likely to see upward pressure on property values continue.
For example, last month CT19 saw 97 new properties coming on to the market, not bad when you consider for some months earlier in the year, the figures have been as low as the early 70’s. With the average Folkestone property value hitting a record high, reaching almost £239,560 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure.
As I write this article, 2.98% of Folkestone properties are up for sale. In terms of actual chimney pots, that equates to 584 properties on the market in Folkestone (within 3 miles of the centre of Folkestone) – which, when compared to only a year ago when that figure stood at 608, is a slight decrease in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading…
- Houses in Folkestone – 227 on the market a year ago compared to 312 now – an increase of 38%
- Detached Properties in Folkestone – 87 on the market a year ago compared to 116 on the market now – an increase of 33%
- Semi Detached Properties in Folkestone – 66 on the market a year ago compared to 111 on the market now – an increase of 68%
- Terraced Properties in Folkestone – 74 on the market a year ago compared to 85 on the market now – an increase of 15%
- Flats / Apartments Properties in Folkestone – 335 on the market a year ago compared to 239 on the market now – a decrease of 29% caused by the rush of landlords purchasing ahead of stamp duty changes in April.
This is evidence of strength in the Folkestone housing market that many didn’t expect. Many believed that the Folkestone property market wasn’t going to be strong enough post Brexit – as what was a sellers’ market before the Brexit vote and Buyers’ market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won’t continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), growth might stall slightly. This won’t be down to Brexit but a re-balancing of the Folkestone Property Market – which is good news for everyone.
Tracey Horton is Area Manager for Martin & Co in Folkestone & Dover