Can you believe that we are now in September, how quick is 2021 going. Next thing we will be talking about is the Christmas. But we thought it would be an idea to have a quick review on how the property market is performing in Medway. As you know the housing market in general since the end of the 1st lockdown has been flying with house prices being 13.2% up mainly driven by the stamp duty holiday and people having time to evaulate what they need, maybe more office space or moving from a flat to a house for a garden.
All the information so far has all been on a national level and there hasn't been much on our local market in Medway, so we will have a quick look at how our market is performing for both sales and rentals.
Medway Sales Market
Over the last 12 months house prices in Medway have increased by 9% and over the past 5 years they have increased by a staggering 32%. With the average house price in Medway being £275,387, over the last 12 full months there have been 4,187 sales in Medway. Of which 9% of sales in the past 12 months were flats, achieving an average sales price of £164,872. Houses achieved an average price of £288,899. The total value of sales was £1,154,918,928.
The highest value recorded by the Land Registry over the past 12 months was £489,000 for a flat and £1,905,099 for a house. If you like to have a look at houses that are very expensive we have put together a list of the current ones on the market to view that click here
Average prices by property type over the past 12 months
New build properties - £370,662
Flats - £164,872
Terraced houses - £235,684
Semi-detached house - £305,468
Detached house - £450,075
Medway Rental Market
Over the last 12 months, the average rent achieved for properties let in Medway was £875 per month. This is an increase of 5% change on the previous 12 month period. 38% of properties let in the past 12 months were flats, achieving an average rental value of £802 per month. 36% of houses rented are terraced houses with 22% being semi detached and 4.6% being detached. Houses on average have achieved an average rent of £926 per month. The majority 43% of our tenant population are aged between 18 and 29.
If you would like to discuss the renting out your property please get in touch.
There are 11 residents per hectare which is a higher population density than across the region as a whole. In 2011 there were 280,011 people living within MedwayTowns. The overall populationincreased by 5.6% in the ten years between 2001 and 2011. 20.6% of the population are aged between 30 and 44 which is above the regional average.27.3% of households comprise just one person while 40.4% of households include families with children. The most predominant industry of employment is Public admin, education & health which comprises 28.2% of the working age population. During the working day, the population decreases by 11.3%. With 70% of Medway residents travel to work via car, with only 8.8%% using the train network and more people 9.5% walking to work.
If you have found this interesting we do keep up to date stats on our market to find out more click below.