Gillingham has experienced notable shifts in its property market over the past year. As of November 2024, the average property price stands at £260,832, reflecting a 2% decrease from the previous year. This decline is slightly less than the 2.7% drop observed across the South East region and the 3% decrease nationwide.
The distribution of property types in Gillingham is diverse. Terraced houses dominate the market, accounting for 67.1% of transactions, followed by semi-detached houses at 13.7%, flats/apartments at 10.7%, and detached houses at 8.5%. This composition indicates a strong preference for terraced properties, likely due to their affordability and suitability for first-time buyers and young families.
In terms of pricing, detached houses in Gillingham average £517,494, which is lower than the South East average of £639,923. Similarly, semi-detached houses average £347,971, compared to £404,824 in the broader region. Terraced houses and flats also follow this trend, suggesting that Gillingham offers more affordable options within the South East.
The rental market in Gillingham is also active, with 31% of households in the private rented sector. The average age of renters is 35 years. Flats rent for an average of £996 per month, while houses command approximately £1,124 per month. Rental prices have seen a 9.9% increase over the past year, indicating strong demand in the rental sector.
Overall, Gillingham’s property market presents a blend of affordability and diversity, appealing to a wide range of buyers and renters. Despite recent price declines, the long-term growth and relative affordability compared to the broader South East region make Gillingham an attractive option for property investment and homeownership.
