For Sale – Stapehill Abbey , Wimborne Road West – Guide Price £1,500,000
Optimistic Start to the 2024 Property Market in Dorset
By Grant Brooks – MD Edwards Estate Agents
The Dorset property market has largely avoided the widely anticipated and much reported crash in 2023, with property prices remaining above pre-pandemic levels. Following an unexpectedly strong boxing day bounce, the 2024 property market started with a bang, as optimistic media speculation has continued to intensify over property price increases and lower mortgage interest rates.
As we approach the end of January, the 2024 property market seems poised for another year of transformation and evolution. With economic, social, and environmental factors at play, predicting the future of the local Dorset property landscape is never easy. Although, based on the current media speculation, the consistently positive messaging talking the property market up, doesn’t just relate to the early January signs of stronger activity but of price increases and falling mortgage interest rates.
What the Papers Say
‘House Prices now forecast to rise this year’ – 5th January 2024, The Times
In a piece by Tom Howard the article, confirms that according to the recent Halifax survey, prices rose by 1.1 per cent in December to reach an average of £287,105. And that economists now forecast that house prices will rise this year, as falling mortgage rates and the expectation of government support increase what would-be buyers will be able to afford. The expectation among most analysts had been for prices to head lower in 2024, perhaps by as much as 4 per cent. However, there is a growing consensus that house prices will more likely rise.
‘Price war hits banks as rates fall below 4%’ – 6th January 2024, The Independent
Written by Andy Gregory – The article confirms that Mortgage brokers are gearing up for “price wars” among banks vying for competition, as major lenders introduced deals with interest rates of less than 4 per cent. First Direct is launching two products at 3.99 per cent from Friday, while several of HSBC’s rates are now below 4 per cent for the first time since April, in what brokers have said “could be a sign of things to come” after the number of first-time buyers with a mortgage hit a 10-year low in 2023.
‘Mortgage rates cut by UK’s biggest lenders as price war heats up’ – 11th January 2024, The Times
Written by George Nixon – Britain’s largest mortgage lenders have cut mortgage rates this year to below 4 per cent as competition between banks delivers further good news for homeowners. Barclays and Santander became the latest banks to make big rate reductions, cutting the cost of fixed-rate deals on Wednesday by up to 0.82 percentage points. Santander cut some of its cheapest five-year fixed-rate deals to below 4 per cent, joining the Co-operative Bank, HSBC and Virgin Money. Barclays now has the best two-year fix at 4.17 per cent for those buying a property after cutting rates by up to half a percentage point. Six of the seven largest mortgage lenders, and 31 banks and building societies in total, have made big rate cuts this year. Skipton and Darlington building societies will cut rates on Thursday, as will Halifax.
Optimistic Outlook for the Local Dorset Market
With strengthening competition within the mortgage market and positive media predictions for house prices, this offers a valuable insight into the likely future trends for the local Dorset property market.
The positive media reporting reflects our own experience of the local Dorset market, as local buyers and sellers seem to have a real spring in their step, certainly from the first few weeks of business in 2024. Long may it continue.
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 January 2024 –
Detached cottage for sale in Wimborne – Guide Price £1,000,000 – More >
House for Sale in Verwood – Guide Price £615,000 – More >
House for Sale in Ferndown – Guide Price £1,695,000 – More >
House for Sale in Poole – Guide Price £1,500,000 – More >
House for Sale in Verwood – Guide Price £500,000 – More >
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 our ‘Recently Sold Properties’.
Ready to move?
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Until next month, happy house hunting.
Grant Brooks – Edwards Estate Agents
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