A Regional Report – September 2023 Market Update

A Regional Report – September 2023 Market Update

The first half of this year has been quite a ride. With every interest rate rise – and there have been four so far – we saw a short period of uncertainty. However, once buyers and sellers dusted themselves off and readjusted their expectations, the market picked back up, with an even greater bounce, and our diaries were quickly filled again.

Notwithstanding these transitory conditions, the market remains positive overall. As of the beginning of July, DOMVS had 21 per cent more buyers registered across its Dorset network, compared with a year earlier, and 63 per cent more properties on the market. The increased activity has shifted the supply-and-demand ratio from 41 buyers registered for every available property in July 2022, down to 25 buyers currently. This reduction now represents a much healthier property market, in which movers are less frenetic and more measured in their moving decisions.

MIGRATION SLOWED

Whereas this time last year the market was awash with buyers relocating to the Dorset area, we are now dealing with more buyers living locally. The mass-migration from city to coast-and-country has slowed, as has the number of buyers registering for a second home in the area. This has freed up the local market somewhat and enabled local buyers (and therefore sellers) to move on with more ease.

While some properties are taking longer to find the right buyer and negotiate the best price, we have been blown away by recent demand for some instructions. Just this week, we agreed a sale for a bungalow in need of modernisation, for £50,500 over the asking price. This was within the first week of launching and involved a bidding war between three interested parties.

In some cases, sellers may need to adjust their expectations on price, but largely, if a property is pitched correctly, we are securing plenty of sales on behalf of our clients.

STATS: Average selling price: £640k No of properties currently on the market: 147 No of transactions in the past 4 weeks: 32

Greg Carter

Greg Carter

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