There appears to be a shift towards more urban living, property within the towns is particularly sought after by families, young professionals, and those moving to the area to retire. The price of properties within Dorchester has been particularly strong, with the highest gains in prices being within DT1, additionally a lack of properties available to buy means we have seen many properties achieving their asking price or above, conversely, there appears to be slightly less demand for village properties, although there are exceptions, properties with land, paddocks and/or outbuildings, or particularly rural are very much in demand.
Many of the home hunters we have registering for family homes are stating they want to be close to town and schools, catchment areas are still talked about, however, due to the generally good Ofsted results of local schools there isn’t quite so much demand for one particular first or middle school over another as there has been in the past, having said that, demand for the Manor Park area remains high, as it has been for as long as we can remember.
The difference in property values between those in town and those in villages has grown over the last two years and many who would move into town are finding the difference in values means a move has to be deferred, this means buyers from outside the area are still finding supply limited, which keeps prices firm, just not quite as strong as those within DT1.
Within the villages demand for a location with a pub and shop within walking distance has stayed high, however, the reducing bus service has meant that those who either now, or looking to the future, will need public transport appear to have turned their attention to Poundbury, which offers shopping, café’s and pubs, along with health and leisure facilities within walking distance.
We started this by stating that we cannot predict the future, the recent interest rate rise brought the rate back in line with two years ago, however, it is predicted there will be another interest rate rise in the spring, there are a lot of changes happening in the rental sector, which has affected demand for property at the lower end of the market, although in the most part this has been covered by first time buyers who still find the cost of borrowing to be cheap, however, there have also been changes in mortgage lending and affordability that are affecting many potential borrowers, the outcome of this and how it affects Dorset as a whole is hard to predict, we have seen the proportion of 'Cash' buyers in our area increase, and holiday home buyers still remain strong.
There are so many variables affecting values, there is no ‘one size fits all’ answer, do you have a bungalow or chalet bungalow, if you are in a flat is there a garden or lift, if you are in a house are you contemporary or traditional, are you rural, semi-rural or urban?
We would suggest that if you would like a better idea of the value of your property in today's market, call an experienced, independent local agent, who can offer advice individual to you, your property and your situation.
We are available on 01305 575057.
