Often a complex discussion, the property market is a consistently fluctuating entity which is affected by many factors both in Government and the local area. We’ve previously created a blog on our predictions for the 2018 property market nationally but in this latest blog, we’ll explore a little bit closer to home, looking at the changes to the Dorset property market. Got a question about the property market or property insurance? Call Coversure Poole today on 01202 801 782 or head here for our full contact details.
A Rise In Property Costs
Despite a wildly fluctuating market in 2017 across the nation, Dorset more than held its own and saw rises in prominent areas. Poole’s market saw house prices rise by 5% over the previous year, bucking trends of certain parts of the UK, where prices actually decreased. This is despite a poor start to 2017, especially for Bridport which had the biggest decline in property value from January – April 2017.
With Brexit’s effects still uncertain, there is trepidation around the market and you can expect rises and falls in property across the year, but we believe Dorset will have higher property prices by the end of the year. Assisted by development works across the county providing new homes to an area which has grown in popularity of late, the demand is there and the supply is coming.
Improvements To Dorset
With new plans for business parks, there’s likely to be an influx of commuters in to the area and the Council are evidently looking to improve the area. Plans are afoot to create Stour Valley Park, a scenic park that will be full of cycling and walking routes and offer angling, horse-riding and plenty for nature lovers. Though at early stages, support is coming from Bournemouth, Poole, Christchurch and East Dorset councils to push it over the line.
The Dorset Innovation Park is currently going through planning and discussions to establish a future use, which could mean expansion and further large businesses choosing Dorset for a location. This is set to be fast-tracked to offer opportunities earlier than normal. This could be huge for the local area, increasing spend in local communities and allowing for further improvements throughout 2018 and 2019.
Creation of More Houses In Dorset
Local Councils in Dorset have bold ambitions for property builds, with the Opening Doors campaign planning to build 20,000 new homes by 2033. These homes are planned to be a mixture of affordable homes and rented accommodation, to ensure that all needs are catered for locally. This is being worked on by several District Councils in Dorset , including Weymouth and Portland, West and North Dorset.
Local house hunters are signing registers to provide further information to this scheme on the types of accommodation which will be of must use, as well as factors such as bedrooms needed, price, purchasing options and more. This information will be pooled together to understand what needs to be built and establish elements like funding. Either way, this should see options for those seeking property in the local area.
Combined with the Autumn Budget’s changes to stamp duty, first-time buyers in Dorset should have a range of affordable accommodation available to counteract the difficulties they have faced in recent years with higher deposits and lacks of availability. Though, this may be counteracted with the next point.
Possibly Less Residents Moving House
With house prices rising and wages playing catch-up, you may see less people upsizing their homes. With Dorset placing further emphasis on improving life for the local residents, providing them more of a reason to stay, you may also see less residents moving away from the area.
This could cause problems for availability of houses, though with the improved houses being built in the area we hope this will reach equilibrium and ensure Dorset isn’t left with a large property shortage problem.
Contact Coversure Poole
We hope the above has explained what our wonderful county can expect from the property market this year. Though if you have any further questions on the local area or what property insurance your house may need, whether you’re a landlord or a homeowner, then get in touch with our experienced team.
You can call us on 01202 801 782 or head here for our full contact details. Alternatively, you can read our blog for a wealth of content on property insurance topics.