Faversham Property Market Overview: 2024 Sales and Rental Market Opportunities

---

Faversham, a historic market town in Kent, is witnessing significant developments in its property market. With steady growth in both sales and rental markets, this thriving location offers excellent opportunities for property investors and renters alike.

Let’s dive into the key trends and factors shaping Faversham's property market.

Summary

• Sales Market Shift: Average house prices in Faversham have steadily decreased in 2024, dropping to £326,403 in July from £344,105 in January (Dataloft, July 2024), creating more affordable opportunities for buyers.
• Rental Market Stability: The rental market has seen gradual growth, with the average rent increasing to £1,126 per month in July 2024, up from £1,108 in January (Dataloft, July 2024), making Faversham an attractive option for landlords seeking stable returns.
• Diverse Housing Stock: Faversham offers a wide range of properties, from affordable flats (averaging £193,762) to high-end detached homes (£465,647) (Dataloft, July 2024), catering to varied buyer needs.
• Strong Connectivity: Nearly 69% of homes are within a 200-metre walk of public transport, enhancing the town's appeal for commuters (Local Area Data).
• Family-Friendly and Growing: Faversham’s population grew by 7.6% between 2011 and 2021, with many families attracted to its strong education options and public green spaces (Local Census Data, 2021).

Sales Market Overview

The property sales market in Faversham has experienced a gradual decline in prices throughout the first half of 2024. By July, the average property price dropped to £326,403, compared to £344,105 in January (Dataloft, July 2024).

This decline indicates a cooling market, providing better opportunities for buyers, especially first-time homeowners and investors.

Property Types and Price Breakdown:

• Detached houses are the priciest, with an average of £465,647.
• Semi-detached homes follow at £358,614.
• Terraced houses come in at £295,482, offering a more affordable option.
• Flats are the most economical, with an average price of £193,762.

This diverse range of property types makes Faversham appealing to different buyer segments, from those seeking affordable flats to those interested in larger, family-oriented detached homes.

Additionally, properties for sale priced between £250k and £500k represent the bulk of the available market, accounting for 55.65% of homes, while 21.73% are priced between £500k and £750k. This mid-market strength highlights Faversham’s broad appeal to a range of buyers.

Rental Market Insights

Faversham’s rental market has remained robust and stable, showing consistent growth throughout 2024. By July, the average rent had increased to £1,126 per month, up from £1,108 in January (Dataloft, July 2024).

Rental Price Breakdown by Property Type:

• Flats rent for an average of £961 per month.
• Terraced houses are priced at £1,171.
• Semi-detached houses average £1,333, while detached homes fetch £1,528 per month.

Specific rental properties are available at varying price points:

• Studio flats average £772 per month.
• Two-bedroom houses rent for £1,121, making them ideal for small families.
• Larger three-bedroom houses average £1,383.

This variety of rental options makes Faversham an attractive location for tenants, from single professionals to larger families. For landlords, the steady rental price increase signifies a lucrative market with strong tenant demand.

Local Amenities and Connectivity

Faversham offers an appealing combination of local amenities and connectivity, contributing to its growing popularity among renters and buyers alike. Check out our Faversham area guide to know more:

• Public Transport Access: Around 69% of homes are within 200 metres of public transport, ensuring easy access for commuters, particularly to London and surrounding areas
• High-Speed Internet: 59% of homes have access to ultrafast broadband (over 300 Mbps), with average broadband speeds around 87 Mbps—a significant advantage for remote workers and digital professionals.
• Green Spaces and Leisure: Public green spaces comprise 1.7% of the area, contributing to the town’s relaxed atmosphere and appeal to families. Faversham also boasts 1672 residents per restaurant, offering a vibrant local dining scene.
• Educational Facilities: Over 51% of homes are located near a primary school rated "Outstanding" by Ofsted, a key attraction for families.

Population Growth and Housing Demand

Faversham’s population continues to grow, with 28,416 residents recorded in 2021, a 7.6% increase from the previous decade (Local Census Data, 2021). This growth reflects the town’s increasing appeal, particularly to families and professionals seeking a balance between modern amenities and a slower pace of life.

Faversham’s lower population density of 2.3 residents per hectare offers a more spacious and tranquil environment compared to denser urban areas. This, combined with a strong local economy—where 30.7% of the workforce is employed in public administration, education, and health sectors—makes Faversham an attractive place for a broad demographic.

Conclusion

Faversham’s property market presents a wealth of opportunities for both buyers and investors. The declining average sales prices in 2024 offer a more accessible entry point for those looking to purchase, while the consistent rise in rental prices signals a thriving rental market that continues to generate strong returns for landlords.

The town’s diverse housing stock, combined with excellent local amenities and strong transport links, ensures that Faversham remains an attractive destination for both homeowners and renters alike. With continued population growth and housing development, Faversham is well-positioned for long-term growth, making it a market to watch closely in the coming years.

Whether you are a property investor looking for long-term capital growth or a renter seeking a well-connected, family-friendly community, Faversham offers an ideal blend of opportunity and lifestyle.

If you’re considering investing in Faversham's property market or need expert advice on letting and property management, Quealy & Co. is here to assist. Our experienced team understands the local market and is ready to help you maximise your investment.

Why not contact estate agents in Faversham today to schedule a consultation or request a free property valuation?