The Seven-Year Property Itch: An Emerging Trend For The Dorset Property Market
Recent research by DOMVS estate agency in Dorset reports a notable “Seven-Year Itch” trend within the local property market. Analysis of their most recent property valuations revealed that 12% of homeowners considering a sale had previously sold their property exactly seven years ago. This subsequently increased to 17% when years six and eight were included.
The sample of DOMVS’ most recent 60 market appraisals across its Dorset locations, were matched against land registry data and had a 66-year range.
Commenting on the findings, Polly Greenway, Director of DOMVS, stated, “Our research indicates a significant proportion of homeowners are contemplating a move after approximately seven years of ownership. Given such a broad spectrum of years, we see this percentage as a noteworthy trend in the current market.“
The data revealed that the mode average for the duration of homeownership among the sampled properties is seven years, pointing to a consistent pattern among homeowners reassessing their housing situations with a range that spanned from one to 67 years.
According to Polly “There will always be many different factors driving a homeowners’ decision to sell their property, but this is the first time we have seen the seven-year itch feature so strongly. Having noticed the trend anecdotally, the research confirmed our instincts, and we have since adapted our sales strategies to reflect these changing dynamics. Interestingly, in response to the data, we contacted homeowners who had purchased their property through us between six and eight years ago, and almost 50% said they were considering selling their property.”
A key driver behind the seven-year itch phenomenon is the substantial appreciation in property prices across Dorset. According to data from Dataloft, property prices in Dorset have surged by 20.8% over a five-year period and an impressive 53.2% over a decade, providing homeowners with a lucrative opportunity to capitalise on their investments in the current market conditions.
This trend is further accentuated by broader economic factors and lifestyle changes, including the impact of the COVID-19 pandemic, in which remote work has become increasingly prevalent, prompting homeowners to reassess their housing needs and priorities.
The concept of the Seven-Year Itch draws parallels to the psychological phenomenon of the same name, which refers to an unsettling period that may arise in long-term relationships. In the context of homeownership, this restlessness may manifest as a desire for change or renewal, prompting homeowners to seek out new opportunities in the housing market.
Media Contact
Polly Greenway, Director
T. 01305 757300
About DOMVS
DOMVS is an award-winning estate agency with a network of offices providing sales, lettings, holiday lets land advisory services across the entire Dorset county. With a reputation built on honesty, determination and empathy, DOMVS has been exceeding its clients’ expectations since 2005.
