Comparethemarket.com has realised a new report using previous data to predict what will happen to the market in the future. They have advised that investors could be seeing an increase in capital gains of around 30.3% if they were to buy now and sell in 2031. This therefore means that currently the Office for National Statistics has shown the average house price in the UK is sitting at £248,496 which means for investors in ten years’ time could be looking at £323,718 which would be an increase of £75,222 in just a short amount of time.
The current rental market is pushing rental prices up as there is a high demand due to change of circumstances over lockdown. Tenants are still looking for properties not necessarily near their workplace as people are still working from home and will continue to. Within Kent we are seeing rental properties let out very quickly and the demand for these is still growing. Comparethemarket.com also noted that they believe over the next decade the age in which someone becomes a first-time buyer will also increase from currently 33.1 outside London but expects this to increase to 34.7.
So, if you are an investor/landlord then now might be the time to buy and let out a new property in the Kent area to create hopefully a large capital gain in the next decade onwards as the pool of tenants grows larger in local area and house prices continue to increase.
If you are contemplating this but would like to talk to a local property expert first, then speak to either our Roy, Andrew or Michelle on 01233 501601.