The pretty seaside town where house prices are plummeting - with Londoners being blamed

House prices are plummeting successful the seaside municipality of Broadstairs, Kent (Image: Getty)

The lodging marketplace successful a Kent seaside municipality could reasonably beryllium assumed to beryllium successful a authorities of perpetual roar - but rapidly falling prices archer different story.

Property worth successful Broadstairs, a coastal municipality conscionable an hr extracurricular of London, fell much rapidly than astir anyplace other successful the state past year, with the digit of blasted pointed astatine 2nd location owners fleeing rising assembly tax.

More than 3 quarters of properties successful the Kent and East Sussex country declined successful worth successful 2024 according to spot cause Zoopla, with prices successful Broadstairs chopped by an mean of £15,300.

Councils volition beryllium capable to complaint treble the assembly taxation premiums connected 2nd homes astir the UK from April 2025 - forcing buy-to-let Band D owners successful the wider Thanet portion to ammunition retired astir £4,604 for their properties, according to KentOnline.

It volition use to implicit 2,000 properties connected the southeast coast, which proves lucrative for section government, but spot experts are disquieted the alteration volition origin location prices to plummet adjacent further than past year's archetypal anticipatory dip.

Second location owners look to beryllium abandoning towns similar Broadstairs successful droves (Image: Getty)

"Following an summation successful DFLs [Londoners moving to the Kent coast] aft Covid, we are present seeing a cooling of that trend," Tom Ross-Basin of Wards property agents said.

Despite claiming that wide request remains "consistent" crossed the region, helium added that "sensible and close pricing" was cardinal to its longevity.

Zoopla has besides linked the downward inclination successful confederate England to "the fading pandemic boom" alongside "the summation successful 2nd homeowners selling successful the look of a doubling of assembly taxation from April, which is impacting pricing crossed galore coastal towns".

Figures overgarment a wide disagreement betwixt bluish and confederate spot markets, with 1 successful 5 homeowners successful the northbound eastbound seeing their spot worth summation by implicit £10,000 past twelvemonth and 63% of homes successful the northbound westbound emergence successful terms by 1% oregon more.

"The lodging marketplace returned to maturation successful 2024 but the signifier of location worth changes crossed Britain is acold from uniform," Richard Donnell, enforcement manager astatine Zoopla explained.

“There is headroom for prices to summation successful markets wherever lodging is affordable compared to incomes which covers galore parts of bluish England and Scotland. In contrast, affordability is much of a constraint connected terms rises successful confederate England wherever the marketplace continues to set to higher borrowing costs,” helium added.

“We expect much radical to determination location successful 2025 than 2024 contempt uncertainty implicit the economical outlook and broadly static mortgage rates.”