Summer 2024 Property Market Update
The Dorset Property Market So Far This Year
The announcement of an election did not have a noticeable impact on the Dorset property market. In June this year, DOMVS conducted 20% more market appraisals compared with June 2023, indicating sustained interest from potential sellers despite any political uncertainty. Likewise, in Q2 2024, our website experienced a 22% annual increase in new users, reflecting heightened interest in property listings. Interestingly, 17% of the buyers registered in June were seeking a second home, which is the highest it has been for several years. This upward trend has continued into July, with a 31% annual rise in market appraisals, a 12% rise in buyer registrations and 8% more property on the market compared with a year ago.
The Dorset Property Market Going Forward
The increased activity in market appraisals and website traffic indicates growing confidence among both sellers and buyers in the market’s stability. The Bank of England’s recent interest rate cut is a welcome change, though unlikely to significantly impact the residential market, as most lenders had already anticipated this adjustment in their products. However, we do expect this to lead to an uptick in investor registrations. Assuming no unforeseen obstacles arise, we believe that those who have been cautiously dipping their toes back into investments will soon re-enter with renewed vigour in the coming months.
Our teams across Dorset report that sentiment among buyers and sellers remains positive. With this outlook, we have no concerns about a decline in house prices in the near future. On the contrary, we may witness moderate, healthy price increases in line with inflation. As always, the market is expected to become more active in the autumn, particularly with the new government settled in.
Should I Start Marketing My Property Before I Find My Next Home?
Deciding whether to market your property before finding your next home is a personal choice. While being ‘under offer’ can strengthen a buyer’s position when they do find their next home, there are other viable options.
For many, moving can feel like a “chicken-and-egg” situation, with one of the biggest concerns for potential sellers being the fear of not finding their next property. To address this, we introduced our exclusive Whisper List, which has become an effective solution for those hesitant about their next move.
The Whisper List features properties not yet on the open market, including those from sellers who are waiting to find their next home and those who prefer a discreet sale. Currently, over 30 properties are listed here. Accessible only to pre-qualified buyers through a password-protected area of our website, the list allows us to gauge market interest and even secure buyers without a public launch.
Should I Market My Property During The Summer Holidays?
We’re often asked if the summer holidays are a good time to put a property on the market. Our advice always depends on individual circumstances and objectives, but generally, summer is not a bad time to sell. With less competition compared to the autumn, your property has a better chance of standing out and maximising its selling potential. Additionally, preparing a property for the market can take time, so many of our clients are starting the process now to be in pole position for September.
If you’d like to discuss the property market in more detail or hear more about our Whisper List, our team are always available for a chat. Alternatively, to start the process get an instant valuation here.
