Press Release: The Dorset Property Market Continues to Thrive in Current Economic Conditions
DOMVS estate agents reports a significant increase in the number of buyers registering to buy a property
The Dorchester branch of DOMVS had its second highest month on record for new buyer registrations in January 2023
Activity at the higher end of the market is strong, with a recent £2m house selling within one week of launching
Despite the pressures of increasing interest rates, a cost-of-living crisis and an economy teetering on the edge of recession, DOMVS estate agency is seeing lots of positivity in the Dorset property market.
As of the beginning of February, DOMVS saw a 140% increase in the number of properties on the market, across its Dorset network, compared with the same period last year. Likewise, the company portfolio has recorded a 43% increase in the number of applicants hoping to buy a property. Notably, their flagship office in Dorchester, had its second highest month on record for new-buyer registrations in January 2023; second only to July 2022, when the market was considered to be significantly more positive. All of which points to a positive property market.
Polly Greenway, CEO of DOMVS estate agents says “The supply and demand ratio is currently at a much healthier rate compared with this time last year, when demand was so high that property prices increased at one of the quickest rates I had witnessed in my 30 years as an estate agent.
“We’re seeing more properties coming onto the market, due to a variety of reasons. Births, deaths and marriages (or more likely divorces) will always contribute to the selling population but we’re also seeing an increase in landlords selling their rental investments, second-home owners deciding it’s time to reconsider their options and many needing to sell for financial reasons.
“What’s really reassuring in the current market however, is that there is a great number of highly motivated buyers, who are looking for their next home. Indeed, across all of our offices, we have significantly more buyers actively looking for property now, compared to a year ago. Of course, negotiations are a little tougher and in some cases, sellers may need to adjust their expectations on price, but largely, if a property is pitched correctly, we are agreeing plenty of sales on behalf of our clients.”
Last week, the Preston office of DOMVS launched a property at just under £2m, and agreed the sale within a week. The property attracted a large number of enquiries, with 22 viewings booked almost immediately and an offer being accepted just a few days later. There were a number of disappointed buyers who missed out and continue to look for something similar.
Polly goes on to comment “We are registering buyers at all price points, including at the higher end of the market, and whilst we don’t want to appear tone-deaf given the current financial pressures that many are facing, we also feel it’s important to give confidence and reassurance that activity within the market is positive, so that those considering a sale aren’t put off by the increasing amount of negative news”.
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DOMVS is an award-winning estate agency with five offices providing sales, lettings and land advisory services across the entire Dorset county. With a reputation built on trust, integrity and knowledge, DOMVS has been exceeding its clients expectations since 2005.