Kent house prices soar by more than £140,000 in Thanet, Medway and Dover in decade
14:19, 06 October 2022
updated: 14:30, 06 October 2022
House prices have soared by more than £140,000 in three parts of Kent in a decade, new research has found.
The Thanet district has seen the second-biggest hike in the UK, more than doubling from £142,273 to £301,510 since 2012.
Meanwhile, Medway comes in at sixth, jumping from £147,594 to £288,804 - which is a 95.7% increase.
And just behind is the Dover district, ranked seventh on the list after the district saw prices rise 95% from £157,717 to £307,570.
The rocketing cost of purchasing a home in the county comes amid "continued massive demand", according to estate agents.
Spencer Fortag, who runs Dockside Property Services in Medway, recently told KentOnline: "There is an absolute shortage of properties to buy at the moment within Kent.
"Despite the fact we are seeing some new-build developments come online, the fact remains there is a strong and continued massive demand for property
"We're nowhere close to satisfying that appetite.
"All local councils have targets to meet - Kent and Medway is not alone in that respect - neither are they alone in not meeting those targets that have been set by central government.
"We're just not building enough new and affordable homes."
The attraction of buying in east Kent districts like Thanet and Dover comes from being able to live by the coast while having "great transport links back to London".
"This continues to be a major pull factor for many homebuyers," according to sales director at estate agents Miles and Barr, Robin Sabin.
"The region's diverse lifestyle offering, variety of housing options and broad property price range, means it can outperform national trends."
Bexley also made the list, coming in at eighth place after prices jumped from £199,584 to £389,033 - which is a 94.9% rise.
Waltham Forest in London saw the biggest increase in the UK, up 113.6% from £226,741 to £484,229.
The study was conducted by online trading platform, CMC Markets, which analysed data from the Office for National Statistics (ONS) for each local authority in the country.
However, after a decade of property prices booming, some believe the market will slow, amid increased interest rates following the Chancellor's mini-budget.
Some analysts suggest they could plunge by at least 10% over the next 12 months as increased rates and the cost-of-living squeeze slow down demand and price properties - due to mortgage costs - out of the reach of many.
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