In October, we analysed 205 transaction data points, revealing some interesting trends in the local market. One notable statistic is the average price per square foot over the last six months, which stands at £377. This figure serves as a robust indicator of the prevailing market conditions, highlighting both buyer demand and property values within Faversham and the local areas.

A key takeaway from October is the average property sale price, which is currently £336,842. This is a reflection of the strong interest in local properties, driven by a variety of factors including our appealing town amenities, good transport links, and a vibrant community atmosphere. Even as the market experiences variations, this price point indicates that there remains a healthy appetite for homes in our area, catering to both first-time buyers and those looking to move up the property ladder.

The turnover of sales at 10% suggests a steady flow of transactions within the local market. This number indicates that while some homeowners may be hesitant in the current landscape, many are still taking the plunge to buy and sell properties. It's important to note that this figure can fluctuate, influenced by broader economic factors and individual buyer circumstances.

When considering financing options, the average two-year fixed mortgage rate has stabilised at 4.13%. For potential buyers, this means that obtaining a mortgage is manageable without overly stretching budgets. Coupled with the local average household income of £45,900, these figures suggest that purchasing a home is still within reach for many, especially given the ongoing focus on affordable living in our community.

One of the driving factors behind the local market's resilience is the attractiveness of Faversham. The vibrant culture, historic charm, and an array of local shops, restaurants, and parks make it an appealing destination for both new residents and those wishing to settle in the area. We've noticed that properties with unique features or good access to schools and transport links tend to fare well in terms of buyer interest and can command competitive prices.

In a competitive market such as this, it's vital for homeowners considering selling to keep a keen eye on how their property aligns with current trends. Whether that means refreshing the decor, considering energy-efficient upgrades, or ensuring your home appeals to the demands of potential buyers can make all the difference.

Additionally, with buyers increasingly looking for homes that can accommodate remote working or multi-generational living, creating spaces that serve multiple purposes is becoming more critical. Homes with gardens, dedicated office spaces, or ample storage are high on buyer wish lists, so if you are thinking about selling, bear this in mind as you prepare your property for the market.

As we move towards the festive period, we expect to see some seasonal variation in market activity. Traditionally, the period leading to Christmas can bring a slowdown as families focus on the festivities. However, motivated buyers often emerge during this time, seeking to secure their new home in time for the New Year.

To sum up, October has been a month of stability in the local property market with strong average sale prices, consistent turnover, and a moderate mortgage rate. As we move towards the end of the year, it remains an opportune time for both buyers and sellers to engage with the market, leveraging the local advantages of living in Faversham.

Harrisons is proud to be the only local member of The FIA, a network of high-quality UK independent estate agents. If you would like to know more about the current market or are considering a market appraisal for your property, please don't hesitate to get in touch with us. We're here to help you navigate your property journey with expertise and care.