💥Dartford Property Update - June 2022💥🏠
House Prices in Dartford - June 2022
Properties in Dartford had an overall average price of £341,878 over the last year.
Sales of flats in Dartford had an overall average price of £228,778 over the last year.
The majority of sales in Dartford during the last year were terraced properties, selling for an average price of £347,250.
Sales of semi-detached properties in Dartford had an overall average price of £391,777 over the last year.
Sales of detached properties in Dartford had an overall average price of £653,448 over the last year.
Overall, sold prices in Dartford over the last year were 2% down on the previous year and 19% up on the 2016 peak of £287,628.
Halifax House Price Index for June 2022:
• House prices increased by 1.8% in June, the twelfth consecutive monthly rise
• Annual growth rate of 13% is the highest since late 2004
• Typical property now costs £294,845
• Northern Ireland continues to post the strongest growth in the UK
The UK housing market defied any expectations of a slowdown, with average property prices up 1.8% in June, the biggest monthly rise since early 2007. This means house prices have now risen every month over the last year, and are up by 6.8% or £18,849 in cash terms so far in 2022, pushing the typical UK house price to another record high of £294,845.
The supply-demand imbalance continues to be the reason house prices are rising so sharply. Demand is still strong – though activity levels have slowed to be in line with pre-Covid averages – while the stock of available properties for sale remains extremely low.
Property prices so far appear to have been largely insulated from the cost of living squeeze. This is partly because, right now, the rise in the cost of living is being felt most by people on lower incomes, who are typically less active in buying and selling houses. In contrast, higher earners are likely to be able to use extra funds saved during the pandemic, with latest industry data showing that mortgage lending has increased by the highest amount since last September.
Of course, the housing market will not remain immune from the challenging economic environment. But for now it continues to demonstrate – as it has done over the last couple of years – the unique combination of factors impacting prices. One of these remains the huge shift in demand towards bigger properties, with average prices for detached houses rising by almost twice the rate of flats over the past year (+13.9% vs +7.6%).
In time though increased pressure on household budgets from inflation and higher interest rates should weigh more heavily on the housing market, given the impact this has on affordability. Our latest research found that the strong rise in property prices over the last two years, coupled with much slower wage growth, has already pushed the house price to income ratio up to a record level.
So while it may come later than previously anticipated, a slowing of house price growth should still be expected in the months ahead.
And remember, if you are looking to sell or let your property in Dartford, Greenhithe, Hawley, Sutton at Hone, Wilmington, Darenth or Stone and you would like to work with an estate agent that truly understands the value of customer service, satisfaction and results, then contact me today to find out how I can help you.
If you're not ready for me to personally visit your property at this time, you can get a rough idea by clicking my instant valuation link below. But for a more accurate valuation, it is best for me to visit your property.
A Different Kind Of Property Experience!
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📧 gary.lintorn@exp.uk.com
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