Canterbury property market

Where is the best area?

CT5 (15%)
Whitstable, Seasalter, Tankerton, Chestfield, Swalecliffe, Yorkletts

How much have prices changed in a year?

This area has seen a hike of 15%, taking the average property price from £357,216 to £411,491

What’s caused the change?

Oh, we do like to be beside the seaside, but affording a property with a sea view has become significantly more expensive – 53% more expensive over the past decade, according to according to new research from Halifax.

CT5 (15%)
Whitstable, Seasalter, Tankerton, Chestfield, Swalecliffe, Yorkletts

With an annual increase from June 2015 to June 2016 of a whopping 15%, the biggest increase in the CT postcode region, it’s not hard to see how this has happened. But what exactly has caused this huge hike, surely it’s not just the nation’s love of shellfish that’s caused the prices to soar skyways?

One of the most likely candidates is the huge amount of ‘second homers’ that have flocked to the Kent coast looking for their escape from the London-rat race to an area within easy reach by road of rail of the capital. An additional stamp duty of 3% was introduced by George Osborne in April, which came into force for all buyers of second homes and landlords. Many people clamoured to buy their second homes before this additional tax was levied onto their new purchase, which may have contributed to the hefty hike in this area.

Peter Silvester DipFA, Director at the Professional Solutions Financial Services Ltd helps homebuyers across the county secure mortgages, and believes the property prices in the Canterbury are likely to only go one way:

‘The Canterbury area is showing a real uplift in property prices, along with the majority of the South East. As more and more people are driven further away from the London, all of the areas within a reasonable travel time of the capital are seeing a significant increase, and Canterbury is no exception.’

However, as well as Whitstable areas increasing to one of the priciest areas in the country, the CT postcode isn’t all out of the price range for first time buyers.

Urban.co.uk research recently found the Faversham area to be in the top five areas nationally for graduate to settle after completing university, with an average salary of £32,232 compared to average house prices of £288,026. It was the only areas in the South of England to make the top five, with the other areas Warrington, Huddersfield, Bradford and Wigan.

Peter Silvester said: ‘Government initiatives designed to assist first time buyers take the first step onto the property ladder are also contributing to the rising market, as more and more people are now able to work towards making the initial leap to home ownership. With more buyers chasing fewer properties, especially in hotspots like Canterbury and the surrounding area, the resulting is that prices are being pushed up. Until more properties are introduced onto the market we anticipate that the busy Canterbury market will keep climbing.’

Where is the worst area?

CT1 (1%)
Canterbury (south and city centre)

How much have prices changed in a year?

This area has seen an increase of 1%, taking the average property price from £318,143 to£322,180.

What’s caused the change?

Despite the rapidly rising market around the city, Canterbury centre is making much slower process.

It is undeniable that the upcoming EU referendum has had an impact on the property market in the UK, and as one of the closest cities to our European neighbours, it is likely that Canterbury may have felt the pinch harder than most.

Adam Male, Co-Founder of Urban.co.uk said: ‘Over the past few weeks there has been a slight slow-down in the property market in general, which has been attributed the upcoming EU referendum. In the Central-Canterbury area many people are reliant on European tourism, so it is possible that the slower-than-average increase has had something to do with the potential impending shake-up. However, whatever the outcome on the 23rd June we would expect the market in the Canterbury area to remain buoyant, and as we move closer to the new university term we would expect to see an uplift in the market once again.’