That means the average homeowner made £50,000 on the value of their house last year – around £136 every day.
And there are no signs that house prices will stabilise any time soon, local estate agents have said.
According to the government’s house price index, published by the Office of National Statistics (ONS) last week and based on Land Registry data, house prices across the country surged by 10.0 per cent annually by November.
The average UK house now stands at £271,000, up by £25,000 from the previous year’s £246,000, the ONS said.
The ONS House Price Index matches other property value estimates released over the last quarter including those of Halifax and Rightmove, which have suggested a similar surge in house prices over the last 12 months.
In the South East, where property prices fetch a higher premium than other areas of the country, the ONS say there was a slightly lower increase in house values at 9.6 per cent, but even this will have seen the average home in Tunbridge Wells exceed the £500,000 mark last year.
According to Rightmove, the average property in Tunbridge Wells now sells for £528,459, while Zoopla, the other main online vendor, says the average sold price for a property in the borough in the last 12 months was £533,043.
The online estate agents both say semi-detached properties remain the most popular purchases in the area, with the average three-bedroom going for around £485,302, while detached houses fetch on average of £836,000.
According to the ONS figures, homeowners of these types of houses will have seen the values increase from between £48,000 to more than £80,000 over the last 12 months – that’s earning some homeowners more than £200 a day in property equity.
These rocketing house prices are in no danger of falling soon either, despite the end of initiatives such as the Stamp Duty Holiday.
Deborah Richards, founder and owner of Maddisons Residential in The Pantiles, told the Times that the growth is being driven by demand currently outstripping supply in the local market.
She said: “For a traditional family home with a great school nearby, driveway and garden, we have seen more growth than the ten per cent.
“Flats with no outdoor space and no access to outdoor space, we would expect a little less.
“The effects will definitely continue,” she added. “We are predicting a rise of five per cent this year overall. Even if different sectors such as family homes or flats perform differently, it will equal out.”
Ms Richards said that houses around the £1million mark have also been ‘very, very hot over the last 12 months’ as more people upsize or come from London looking for larger properties with gardens.
Even with several large-scale housing developments in the pipeline in Tunbridge Wells, included a planned garden village in Tudeley and an expansion of Paddock Wood, Ms Richards doesn’t believe house prices in the area will falter.
She said: “It will be interesting to see what happens to prices. While newbuilds do command a premium, overall expectation is that demand will hold up to increased supply, meaning house price growth will remain positive.”
She said one example of housing project almost creating its own supply was the Berkeley Homes development in Hollyfields.
“They delivered what they intended with a new school [St Peter’s] and family housing around it. It’s been really popular for the family market.”
