Dorset Property Market Update – February 2024

Sold Board Feb 2024

Dorset Property Market Strengthens as house prices increase for fourth consecutive month

Grant BrooksBy Grant Brooks – MD Edwards Estate Agents  

Following a positive start to the year in January, the Dorset property market has continued to grow in both buyer and seller activity throughout February as market confidence returns. Fueled by an unusually optimistic media and supported by two strong market influencers releasing reports of increasing average house prices.

February has seen the release of House Price Index’s from the Halifax Bank and the property portal Rightmove, both confirming increases in average house prices.

Halifax House Price Index (January 2024)

In their recent House Price Index, The Halifax reported the fourth consecutive month of house price increases.

The report confirms that house prices have risen for the fourth month in a row, Halifax recorded a 1.3% increase in January as lower mortgage rates ease pressure on buyers.

With January’s rise, the average price of a house in the UK now stands at £291,029, up from £287,105 in December, according to Halifax. It means that despite repeated fears of a correction, prices are 2.5 per cent higher than they were a year ago and only £2,000 or so below their peaks in the autumn of 2022.

Key Points:

Kim Kinnaird, director, of Halifax Mortgages, said: ‘This is the fourth consecutive month that house prices have risen and, as a result, the pace of annual growth is now 2.5%, the highest rate since January last year. The recent reduction of mortgage rates from lenders as competition picks up, alongside fading inflationary pressures and a still-resilient labour market, has contributed to increased confidence among buyers and sellers. This has resulted in a positive start to 2024’s housing market.’

Rightmove House Price Index (February 2024)

Whilst the Halifax makes for interesting reading and does represent a significant data set, it is limited to Halifax clients.

Rightmoves House Price Index draws on a much larger data set, although the data is focused on asking prices and not the sale price on which the Halifax Index is based.

Key points:

The statistics from both the Halifax and Rightmove are interesting, although they are focused on the country as a whole, so for buyers and sellers trying to navigate the Dorset property market can be daunting without any local perspective.

Edwards Estate Agents have been selling property in Dorest for over 15 years, we have been entrusted to help many thousands of local people and families to buy and sell their homes, with our discrete, professional approach. If you are thinking of a move this Spring, please don’t hesitate to give us a call.

Some of the fantastic properties listed for sale in Dorset this month

Here are just a few of the properties listed for sale from across Dorset in February 2024 –

House for sale in Bournemouth – Guide Price £1,750,000

House Sold in Ferndown – Guide Price £1,350,000

House for Sale in Ferndown – Guide Price £1,295,000

House for Sale in Poole – Guide Price £1,195,000

House for Sale in Wimborne – Guide Price £795,000

House for Sale in Bournemouth – Guide Price £525,000

House for Sale in Wimborne – Guide Price £425,000

To see the very latest homes to come to the market, click ‘New to market homes, this lists all of our very latest properties for sale.

Or see more ‘Recently Sold Properties.

Ready to move?

If you would like some help or advice, please feel free to give me a call at our Ferndown Office anytime.

You can use our Instant Online Valuation or book a Face to Face Valuation.

Until next month, happy house hunting.

Grant Brooks – Edwards Estate Agents

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