Dorset retains its popularity for movers, despite London seeing increased migration back into the City
As COVID restrictions ease, DOMVS estate agents in Dorset has seen a rise in the number of buyers looking for property in the county, as well as an increase in the number of buyers hoping to relocate to Dorset from other parts of the UK, including London.
Now that many employees are expected to return to their places of work, some commentators are reporting a reverse migration back to the City however, DOMVS has seen a consistent increase in the number of buyers relocating to Dorset and does not see this trend changing.
In January 2022, there was a 180% increase in the number of new applicants registering to buy a property in Dorset, compared to the same period a year earlier. Similarly, in January 2021, 52% of buyers registering with DOMVS were from outside of the county and this figure increased to 59% in January 2022. In real terms, there is currently more than three times the number of buyers hoping to move to Dorset compared to last year.
This means that Dorset remains a hotspot for buyers who are looking to relocate to the area and despite data suggesting there is a shift back to UK cities, there is no doubt that Dorset’s appeal remains intact.
According to Alison Owens, from the DOMVS Wareham office, buyer-demand is at an all-time high, but the requirements from those registering from further afield has shifted. She explains “since the pandemic started, we have seen enquiries increasingly cite the need for a home office, but more recently, they are also looking for homes that can provide a passive income, or have the scope to add additional AirBnb accommodation. Even as international travel restrictions lift, there are plenty of savvy buyers who know how popular this part of the UK is for domestic holidays and the rewarding gains that can be made from a holiday let, especially in areas such as the Isle of Purbeck.
“Interestingly, in the past year, we have seen a circa 20% drop in ‘second home’ purchases here, compared to the previous year – yet, despite the decline, this category still represented 12% of the overall buyers who purchased a home through our office in 2021. Whilst tax changes may be partly responsible for the drop, we believe that competition from relocatees has made the area less affordable for wannabe-second homeowners.”
All in all, Dorset property remains popular amongst buyers already residing in the county as well as those coming from outside. As such, a supply and demand imbalance, in which there are currently 36 buyers registered for every available property, means that property is selling very quickly, and often for record prices.
|Dorset||Jan 2021||Jan 2022||% change|
|% living in Dorset||48% (26)||41% (62)||+50%|
|% outside Dorset||52% (28)||59% (89)||+31%|
The data used in this report relates to buyers registered from the 1st of Jan to the 25th January 2022