It’s been another busy week for me. One of the highlights was meeting and chatting with some young people about employment opportunities. Unemployment is always a hot topic and it was interesting to hear from those just starting out in their careers. Some are still in full time education and want to find part time work. Others are just starting to look for full time employment, post education. The chat got me thinking about unemployment and the property market in Medway. Is there any correlation?
Starting with unemployment in Medway, it is with great pleasure that I found unemployment in Medway has continued to reduced this year. In fact, data for August 2017 from the Office for National Statistics, shows a 3.6% reduction from the year before, with Medway benefit claimants down to 3,355. That’s a trend I really hope continues.
What’s going on in the housing market?
Having a look at the average house price in the Medway towns for the same period, in July of last year the average house price in Medway was listed by the land registry as £224,547.
In July of this year, they reported the average price as £240,186. Approximately a 7% increase.
It doesn’t take a mathematician to work out that as employment grows so does spending power. But the fact that property prices have continued to rise in the face of adverse contributing factors (such as the uncertainty of the lasting effect Brexit will have on our market), also indicates how strong the housing market is in this region. So what is it about Medway that continues to attract buyers?
What the Medway housing market has to offer
Kent has long had great public transport connections with London which make it a great option for commuters. But the relatively low house prices of Medway (when compared with London) combined with the improved rail links connecting Kent and central London, have quietly been attracting first-time buyers priced out of the capital. Affordability continues to be a major factor in why the Medway property market is prospering. As the more desirable spots of Rochester become more pricey, many will head to Gillingham and Chatham for alternatives. As former military hubs Gillingham and Chatham have not always been the most enchanting, but with investments and regenerations like the dockyard and Chatham waterfront continuing to bring a new lease of life to the area, they will become increasingly desirable.
Medway continues to draws new clientele and encourages those looking for ways to get on the property ladder, to consider the area.
The telegraph recently reported that the population of Medway is forecast to grow by nearly 300,000 over the coming decade. Even for the most non-investment savvy person, I think this surely signals an opportunity for those looking to invest for the first time or expand their portfolio. Rising employment, rising house prices. Nothing is certain but with those trends all indications are that the Medway property market will boom. What’s your thoughts? Do you think the region can expect considerable growth? As always, I’d love to hear from you.