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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 meansFOURSOME: the average house in thegymnasts (L-R) Harry Hole, William Clark, Hector Kinghorn and Harley Curtis-Lawrence from AWESOME Four local town and wider borough is now Wells fetching Tigers Gymnastics, Tunbridge were crowned European Balance Champions last week at the 31st Acrobatic Gymnastics £36,163 more than it was thisintime lastBulgaria. year. European Championships Varna, They are pictured with their coach Chris Rogers. By contrast, the average wage in Tunbridge Wells is just £35,500 per annum, meaning the average homeowner 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 the town.”from growth in September The most recent and finally in in The Pantiles town as month-on-month a must-visit destination. By Lauren Brook snapshot of the But he added: compared August, following 0.7the per housing market by the Nationwide November 16-18.“Everyone knew the Events forto2023 include the ‘Joya to house its price growth had stop at in cent increase last month, the mortgage building society shows acrossfrom the a Following investment thistosummer Wells’ festive countdown, publication rapid TUNBRIDGE Wells is setthat to benefit some point andand thepromotional catalyst for this was provider has said. UK, house prices rose by 9.5 this per cent in big marketing activities of a new What’s On guide to local surge in footfall and tourism the energy price hike,and which was in Septemberwith compared to the in London, Brighton Maidstone hospitality and gifting, plus ‘The Big Christmas the launch ofsame RTW time reported over the Tunbridge summer. Wells as a last year. Christmas Campaign which order to promote Together’s ‘The average homeowner “The government’s mini-budget week But the mortgage lender tourism destination, RTW Togethera BID begins today, October 25. says that ‘Christmas is amoney vital time for ago and the interest that rate house pricesto have stopped growing Director Alexsubsequent Green is confident made more from In addition this,now residents and hasWells madewill it more month on andaahost stronger businessesbyinlenders, Tunbridge visitors willmonth also have of other local their our local businesses and we increases house than from their expensive buyersfrom to borrow money, so slowdown is expected inthe theborough. coming continue tofor benefit increased festive events to enjoy in hope lots of people come out this salary last year’ hasand certainly a dampening weeksinclude as surging and mortgage footfall spendhad going into the effect These the inflation hugely popular SKATE for The Big Reveal events’ on buyers.”period. rates take their toll. Grounds and also the Christmas ice rink in Calverley Deborah from Maddisons Robert Gardner, Nationwide’s chief According to at Nationwide. average “Many ofRichards our levy members reported an new Christmas Bewl Waterthe experience on The Pantiles added: economist, said: “Prices were unchanged Residential home has in Tunbridge Wells now costs increase in footfall this summer just after which already started selling tickets “Overall do feel price is slowing, over thewhich monthhas from August, after £435,709, which is up from from all £399,546 in the mainIcampaign hit,growth and anecdotally Reveal’ tripled in size fortaking this and attracting visitors over the due mainly toreported the risingmore mortgage account of with seasonal effects.festive This isthemed the September our members local tourists Christmas, a different South East. 2021. rateLondon, environment which is first happening month not to a sequential rise interest But organisers other vendors say year’s average house from South Sussex and East trail in record three different The of this RTW affecting buyer’s affordability. However, since Julyin 2021.” prices are higher, withtold Rightmove saying Kent. locations Tunbridge Wells. These will Together’s Christmas the Times that David Johnson, from KMJ average home in Tunbridge place in the upper townProperty and Camden it will be interesting to see whether this itthe will be ‘bigger and better thanWells ever’now and take Continued on page 2 which due to its affects Tunbridge Wells, confirmed that Street houseand prices haven’t sellsitfor £499,208, while Zoopla says Road, the High Chapel Place that hopes to further galvanise the it is excellent transport links and schooling grown in Tunbridge Wells in September £518,385, which means the average house options, but added: is political – page in the area could have increased by as INSIDE: Kent Test“Whenever resultsthere announced 3 plus beautiful architecture and green spaces, can often sit in a bubble.” or financial uncertainty, the housing much as £40,000 over the last 12 months.
Town’s hospitality and retailers set to benefit from festive bonanza