The latest figures show that the average price for a Detached property in Medway has now reached £507,732 as of Jul 2024. This value is based upon the average value of completed property transactions in the month of July.
Average prices for a Detached property have increased substantially over the longer term in Medway. Back in January 1995, prices for this type of property averaged £85,551 based on sales at the time. Fast forward to January 2024, and averages reached £504,721 - representing a growth of 490.00000000000006% over 29 years.
This substantial monumental percentage rise in Detached property values far outpaced broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep price inflation seen for Detached homes in Medway over the past 3 decades.
Our data is sourced directly from HM Land Registry and their UK House Price Index report. This dataset is updated several times a year and we always attempt to have the most up to data information available.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
The latest figures from July 2024 indicate the property market in Medway continues to show rising price trends. Compared to June, 2024, average prices increased by 1.1% to £288,589. On an annual basis, average property prices have decreased -1.3% since 12 months ago.
In terms of sales activity, there were 117 residential property transactions completed in Medway during July, 2024. Of these purchases, 81 were financed with a mortgage while 14 were all-cash sales. For cash buyers, average prices have changed by 1% since June, 2024, coming in at around £269,545. For properties purchased with a mortgage, the average price changed by 1.1% since June, 2024, to £294,459.
Compared to the overall picture in its national parent England, the average property price in Medway are lower than the current national average of £305,879. While Medway saw a change of 1.1% over the last month, England as a whole recorded a percentage change of 0.2% in average property values. And on an annual basis, prices across England have grown by 1.6%, more than the -1.3% yearly change seen in Medway.
Interested in purchasing a property in Medway? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Medway by housing type
Prices last recorded in July, 2024
average
£288,589
detached
£507,732
flat
£181,033
semi-detached
£338,993
terraced
£262,984
Prices by housing type in Medway
Recent data shows that price growth has varied across different property types in Medway over the last year. For terraced houses, property prices changed by 1% between July 2024 and June 2024 to reach £262,984, and changed by -1.4% over the last 12 months. The annual change was greater than the 1.8% change seen for terraced homes in England overall.
Meanwhile, semi-detached properties saw a rise in average prices locally, taking them to £338,993 in June 2024. This represents a 1.1% change from the same month last year.This is underperforming the 2.2% annual change in semi-detached values across the country.
Detached homes in Medway gained 1.2% month-over-month to reach an average of £507,732. Annually, detached property values have changed by -1.1%. This is weaker price growth compared to England's 1.6% change for detached houses over the year.
For apartments and flats, average prices increased by 1.2% between July and June 2024, hitting £181,033. Over the last 12 months, apartment values have changed by -1.8%, lagging England's flat and apartment growth rate of 0.4%.
Overall, semi-detached properties have seen the strongest price momentum locally over the past year, with a change of -1%, while flat properties lagged, with a change of -1.8%.
Recent purchases in Medway
According to data from HM Land Registry, there were 117 completed property purchases in the area of Medway in July 2024. Of these sales, 14 were recorded as cash purchases whilst 81 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by -1.1% and the percentage of properties purchased with cash has changed by -2.2%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in medway.
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