THE CANTERBURY PROPERTY MARKET 2011 - 2021
A look back at the Canterbury housing market over the last decade
We all completed the Census a couple of weeks ago probably pondering are we just a statistic and what purpose does it serve, however the information from the Census is actually 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 won’t be published until March 2023, let us have a look at what has been happening in the Canterbury 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.
· The average price paid for a Canterbury detached home in the last 12 months has been £504,900. The average value of a Canterbury detached home has risen by 28.3% in the last 10 years or £97,300
· The average price paid for a Canterbury semi-detached home in the last 12 months has been £303,000. The average value of a Canterbury semi-detached home has risen by 52.6% in the last 10 years or £102,000
· The average price paid for a Canterbury town house/terraced home in the last 12 months has been £280,800. The average value of a Canterbury town house/terraced home has risen by 33.3% in the last 10 years or £74,000
· The average price paid for a Canterbury apartment/flat in the last 12 months has been £198,200. The average value of a Canterbury apartment/flat has risen by 31.9% in the last 10 years or £56,000
Irrespective of any dip in Canterbury 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 only been 1,677 new properties built in Canterbury in the last 10 years, that’s less than 14 a month. That means the population in Canterbury has risen by 3.65 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 Canterbury, the average property is just over 850 sq. ft., which is 24% larger than a decade ago.
Whether you are a winner or loser in terms of rental values depends on whether you are a Canterbury landlord or a Canterbury tenant.
The average rent for a property in Canterbury currently stands at £1,396 per month, whilst a decade ago, it was £1,135 per month
This means private rents have increased by £2.18 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 ten years will be just as fascinating. To try and predict would be a fool’s game.
For example, who would have believed what the Canterbury property market has done in the last 12 months since the start of Lockdown 1.0. The number of transactions 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 our articles in the coming months and years and I will share with you what is happening to the value of your Canterbury property, be you a Canterbury homeowner or Canterbury landlord.
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