Lewens Lane, Wimborne – Guide Price £325,000
By Grant Brooks – MD Edwards Estate Agents
Strong Spring Demand Pushes Asking Prices Close to Record High
The property market in Dorset has traditionally been seasonal, we’ve not seen much evidence of this in recent times, with the COVID years and resulting economic ups and downs. Although prior to this, the spring market has been one of our busiest times of year.
2024 has seen the return of the seasonal ebb and flow, with a significant increase in the numbers of new properties coming to the market along with strong buyer demand, the spring bounce has definitely returned.
The seasonal trend is not just limited to the local Ferndown market, as the recently published House Price Index from Rightmove confirms, with average asking prices of property coming to the market this month having risen by 1.1%, just short of the record in May 2023, while the annual rate of price growth is now +1.7%, the highest level for 12 months.
However, the report points to the increase in asking prices of properties at the top end of the market being the key factor behind this month’s growth. The top-of-the-ladder sector has seen its strongest start to the year for price growth since 2014.
Price Sensitive
The Rightmove report does strike a cautionary tone, confirming that the market remains price-sensitive and operating at different speeds, with prices and activity rising more slowly in the more mortgage dependent first-time buyer and second-stepper sectors.
Despite the small increase in asking prices and the general sense of greater optimism across the lower end of the market, high mortgage rates are continuing to stretch affordability for these buyers. This market sector is very price-sensitive, with prices and sales activity rising more slowly in the more mortgage-dependent, mass-market.
More encouraging are the number of new sellers coming to the market which is up by 12% compared to this time a year ago, and the number of sales being agreed is up by 13% as both sellers and buyers take advantage of the Spring bounce.
Top End of the Market
The Rightmove report also confirms that the biggest growth in activity is taking place at the top end of the market, with the number of new sellers in this sector are up by 18% compared with last year, and the number of sales being agreed up by 20%.
Home movers in this sector are typically less sensitive to higher mortgage rates, as well as being more equity-rich, contributing to their ability to move. While some buyers, across all sectors, will feel that their affordability has improved compared to last year due to economic stability, with inflation largely under control, wage growth and house prices holding steady.
Some of the fantastic properties listed for sale in Dorset this month
Here are just a few of the properties listed for sale from across Dorset in April 2024 –
House for Sale in Ferndown – Guide Price £1,300,000
House for Sale in Bournemouth – Guide Price £1,000,000
House for Sale in Bournemouth – Guide Price £775,000
House for Sale in Wimborne – Offers Over £550,000
To see the very latest homes to come to the market, click ‘New to market homes’, this lists all of our very latest properties for sale.
Or see more ‘Recently Sold Properties’.
Ready for a Spring move?
If you would like some help or advice, please feel free to give me a call at our Ferndown Office anytime.
You can use our Instant Online Valuation or book a Face to Face Valuation.
Until next month, happy house hunting.
Grant Brooks – Edwards Estate Agents
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