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House prices in some parts of Kent have rocketed by almost 25% over the last five years alone, the latest research has revealed.
And the price hikes are showing no sign of slowing either, with the average increase up 5.8% over the last 12 months - a sharp spike from the 3.4% average price climb since 2016.
Experts say the increases are due to a rise in home-working, as a result of the pandemic and a surge in the numbers of properties coming on to the market to satisfy demand since the lockdowns were lifted.
The areas with the sharpest rise between June 2020 and June 2021 were Canterbury which saw the average house price increase to £327,500 and Dover which rose to £266,800. Both saw a 6.7% increase.
Hot on their heels were Thanet, up 6.4%, to £260,200 and Tonbridge and Malling, up 6.2%, to £389,600.
The areas which have seen the biggest cumulative growth over the last five years, are Dover (up 23.1%), Thanet (22.2%) and Canterbury (22.7%).
The figures, produced by Zoopla, are revealed in the latest Kent Property Market Report which examines the trends in residential and commercial buildings.
Sevenoaks remains the most expensive place to live in the county with an average price of £490,000 while Medway sits at the other end of the table at £258,700.
The Kent Property Market Report is produced by Caxtons Chartered Surveyors, Kent County Council and inward investment agency Locate in Kent.
It also highlighted the enormous growth in housing developments taking place across Kent and Medway which will create thousands of new homes.
Roger Gough, leader of KCC, said: “The strength of the housing market over the last 18 months has been one of the more unexpected outcomes of this difficult pandemic period.
“The acceleration of home working has refocused families and businesses. It has the potential to strengthen local communities and economies and this is a positive consequence from a dreadful period. The prospect of a reinvigorated focus on community provides a solid springboard for the new villages being created across the county, which will be so important to Kent’s future economic development.”
Ron Roser, chairman of Caxtons, added: “On average, prices in Kent rose by nearly 6% by the end of the second quarter, well ahead of 2020 levels.
“As a result, the gap in values between Kent and the rest of the South East has narrowed, but the county remains, on average, a relatively more affordable location than the home counties as a whole.”
Commuter districts of Dartford and Gravesham saw a relatively slower pace of growth, although this follows strong price increases in the years prior to the pandemic.
However, it will be bad news for those looking to get onto the property ladder as the costs involved escalate further out of reach.
Meanwhile, commercial space saw a huge surge in the take-up of industrial and logistics space across the county - exceeding the record levels of 2020, with more than a four-fold increase.
The report was unveiled this morning during a virtual event.
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