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House prices go through the roof with a £36k hike
But Tunbridge Wells growth flatlines as uncertainty hits market By Richard Williams HOMEOWNERS in Tunbridge Wells made an average of £36,000 on their properties last year, although increases in house prices have now stopped, industry figures show. According to one of the country’s biggest lenders, prices across Tunbridge Wells shot up by 8.3 per cent in September compared to 12 months earlier. This means the average house in the town and wider borough is now fetching £36,163 more than it was this time last year. By contrast, the average wage in Tunbridge Wells is just £35,500 per TEAM EFFORT: 7s from TWRFC competed in the annual Mini Festival which saw 97 clubs annum, meaningUnder the average homeowner from all over the South East compete in the popular event last Sunday, October 15 made more money from their house than market pauses while it sorts itself out.” Despite this massive year-on-year hike from their salary last year. Meanwhile, Tom Snowdon from Kings in average house prices, the property Estates said: “Over the last two years, market has now stopped growing. Snapshot we have seen unprecedented house Property values recorded 0.0 per cent price growth in the town.” growth month-on-month in September The most recent snapshot of the But he added: “Everyone knew the compared to August, following a 0.7 per housing market by the Nationwide rapid house price growth had to stop at cent increase last month, the mortgage building society shows that across the clean point audit and opinion on the 2022/23 Council on some the catalyst for this was provider hasOctober said. 4 at Town Hall. He UK, house Corcoran prices rose by 9.5 per cent in By Grace accounts, have which now been said: “It's not often I'm in a position the energywhich price hike, wassigned September compared to the same time off and published by the statutory where I have the opportunity to be the TUNBRIDGE WELLS Borough Council reported over the summer. last year. ‘Theofaverage homeowner deadline. an announcement that I hope (TWBC) one of five councils England bearer “The government’s mini-budget a week But theismortgage lender saysin that Cllr Hall, has beeninterest in officerate since will be universally all to publish itshave auditor’s opinion on its ago and thewho subsequent house prices now stopped growing made morewelcomed moneybyfrom 2021 added: members. 2022/23on accounts by the required increases by lenders, has made it more month month and a stronger their house than from their “Those offor you who are not as easily deadline. The BoroughinCouncil is also expensive buyers to borrow money, so slowdown is expected the coming salary that last year’ excited I am, might asking whyeffect we the only authority in Kent to have hasas certainly had abe dampening weeks aslocal surging inflation and mortgage ‘We believe Tunbridge this should be proud of this. Well, we believe achieved on buyers.” rates takethis. their toll. Wells is theNationwide’s first andchief only that Tunbridge Wellsfrom is the first and only According to to Nationwide. new analysisthe by average the Public Deborah Richards Maddisons Robert Gardner, According council in Kent to have achieved this and Sectorin Audit Appointments (PSAA), Residential on The Pantiles added: economist, said:in “Prices were home Tunbridge Wells now costs only council Kent tounchanged have should rightfully get the recognition it one per cent of all government “Overall I do feel price growth is slowing, over the month from August, after taking £435,709, which is local up from £399,546 in achieved this’ deserves. A to huge of work goes bodies in England due mainly theamount rising mortgage account of seasonal effects. This is the September 2021. made the publishing into thisrate andenvironment it covers six months deadline. which isof first month not to record a sequential rise interest But other vendors say average house producingbuyer’s hundreds of detailed working Cllr Christopher HallRightmove (Lib Dem),saying affecting affordability. However, since July 2021.” prices are higher, with “I am very pleased toKMJ report that on Portfolio Holder and it will be interesting to see whether this David Johnson, from Property the average homefor in Finance Tunbridge Wells now Continued on page 2 which due to its Septemberthat 29, the Council Performance announced the news affects Tunbridge Wells, confirmed house pricesreceived haven’ta sells for £499,208, while Zoopla saysatitFull is excellent transport links and schooling grown in Tunbridge Wells in September £518,385, which means the average house options, plus 2 beautiful architecture and butNHS added:WAITING “Whenever there is political in the area could have increased by as MTW INSIDE: TIME FIGURES – page green spaces, can often sit in a bubble.” or financial uncertainty, the housing much as £40,000 over the last 12 months.
TWBC one of only five councils in England to meet audit deadline
Jack Vettriano (1951-), ‘The Critical Hour of 3am’, oil on canvas
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