A look back at the Maidstone housing market
over the last decade
With all of us completing the Census, a couple of weeks ago, it made me realise profoundly that mine and my family’s life, which from our own point of view seems unique and delightful, makes us all into a series of statistics for the Census gatherers to pore over. To digest and regurgitate facts, figures, and trends for those who are interested in the ever-changing social circumstances of these islands.
However, the information from the Census is vital to improving our lives - Governments can plan the future with the information it provides and we in turn can wonder about the lives of our past generations with the information provided therein historically if we so wish.
Whilst the information from this Census will not be published until March 2023, let us have a look at what has been happening in the Maidstone property market since the last time we completed the Census in 2011.
Just to remind you, 2011 saw the wedding of Prince William and Kate Middleton, Mr Cameron was the PM, there was the last flight of the Space Shuttle and Game of Thrones premiered.
Whilst in the Maidstone property market…
- The average price paid for a Maidstone detached home in the last 12 months has been £522,700. The average value of a Maidstone detached home has risen by 37.9% in the last 10 years or £135,900.
- The average price paid for a Maidstone semi-detached home in the last 12 months has been £332,300. The average value of a Maidstone semi-detached home has risen by 48.3% in the last 10 years or £109,100.
- The average price paid for a Maidstone town house/terraced home in the last 12 months has been £269,500. The average value of a Maidstone town house/terraced home has risen by 34.0% in the last 10 years or £76,300.
- The average price paid for an apartment/flat in the last 12 months has been £168,200. The average value of a Maidstone apartment/flat has risen by 28.5% in the last 10 years or £46,300.
New properties built in Maidstone…
Irrespective of any dip in Maidstone house prices or transactions when the Stamp Duty Holiday ends in the autumn, this is a trend that looks set to continue, with no sign that supply of new homes is anywhere near to keeping pace with demand for households.
There have been 2,943 new properties built in Maidstone in the last 10 years, that is around 25 a month. That means the population in Maidstone has risen by 2.4 people for every new home built over that decade.
Nationally, the Country has only built just over 180k homes a year over the last decade, 120k less than the national target of 300k. In the meantime, the population has grown by more than 4 million.
When looking locally at the size of new build property in Maidstone, the average property is just over 850 sq. ft., which is 21% larger than a decade ago.
Rents in Maidstone…
Whether you are a winner or loser in terms of rental values depends on whether you are a Maidstone landlord or a Maidstone tenant.
The average rent for a property in Maidstone currently stands at £808 per month, whilst a decade ago, it was £657 per month.
This means private rents have increased by £1.26 a month for the past ten years. Interesting, when compared to the national average of 98p a month whilst in London, rents have grown by £4.64 a month.
The next 10 years of the Maidstone Property Market…
The next ten years will also be just as fascinating. To try and predict would be a fool’s game.
For example, who would have believed what the Maidstone property market has done in the last 12 months since the start of Lockdown 1.0. The number of transactions (i.e., people moving) in turn with UK house prices having risen so much in the last year ... all during a worldwide pandemic and at a time of such mayhem and havoc in the UK and world economy, is nothing short of remarkable … the question is – is it sustainable?
Read these articles in the coming months and years and I will share with you what is happening to the value of your Maidstone property, be you a Maidstone homeowner or Maidstone landlord.