Regular readers may remember that recently I wrote about house prices in Ramsgate and the increase in the last year. So I thought I would do the same for Margate.
Over the last 12 months the average property value in Margate has risen by over £15,500 from £167,063 to £182,606. A very nice 9.3% increase. I took a closer look at terraced properties as they make up nearly 34% of the housing stock in Margate. The average cost of a terraced house at the moment is £162,497 which is £13,827 more than this time last year. A nice increase of £266 per week.
One of my Landlords who invests all over East Kent has recently bought in Canterbury so I thought I would compare our Seaside town with the Student City. Interesting results.
Canterbury has a higher weekly increase in value of £298 but prices in Canterbury are higher than Margate so we need to note the percentages on this one. The percentage increase in Canterbury in the last year is 6.9%, which is still not a bad return. However this is trumped by Margate with its 9.3% increase. It is also worth noting that property in Westgate on Sea increased by over 11% and Broadstairs is nearly 13% which is a testament to how Thanet’s property market is performing.
If you need any advice on what to buy and where to buy it then drop in for a cup of tea and a chat. Alternatively give me a ring or drop me an email on gavin.horton@belvoirlettings.com
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