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The average value of a home in Sevenoaks is almost 69% higher than the Kent average, while the cost of an average home in Tunbridge Wells or Bromley exceeds the county average by about 40%.

In fact, though values in Kent as a whole lag behind the national average, West Kent prices are more comparable to the high value markets of neighbouring Surrey.

That said, there is still a significant difference between values in West Kent and London, as the capital continues to outperform the rest of the country. While the cost of prime property in London is now almost 23% above its 2007 peak, values for prime homes in the inner commuting ring around the capital, which includes West Kent, are still 2.7% below peak, Savills figures show.

This differential is largely due to the absence of wealth rippling out of the capital. Analysis of our data reveals that the flow of home movers from London to popular parts of Kent, a key feature during the boom years, has slowed. As a result, the gap between the cost of a home in affluent London boroughs and popular parts of West Kent has widened. In 2006, the average cost of a home in Hammersmith & Fulham, for example, was £150,000 higher than the average price of a property in Tunbridge Wells. That difference is now double.

Buyer profile

The market has been dominated by local buyers over the past year. Savills data shows that 85% of purchases of new build homes in the Sevenoaks area were made by owner occupiers in 2012.

Their preference for larger family houses remains but the proportion of homebuyers opting for flats is growing. Last year, 38% of homebuyers bought flats compared with the 26% recorded in our spring 2011 report.

In common with other affluent areas around the country, downsizers play a big part in the market for new homes. Sevenoaks in particular has seen an increase in lifestyle downsizers who are less price sensitive than other homebuyers. They are prepared to pay a premium for the right product, which includes low maintenance properties with small gardens, modern kitchens but a more traditional exterior.

As part of this trend, some downsizers, who have built up significant equity in their current property, are not only trading down to smaller property but also investing in a buy-to-let flat in the process.

Savills data shows that investors accounted for nearly 16% of sales of new build, most of which were flats.

Taken from
Spotlight: West Kent Residential Development Sales