I wanted to discuss the market and predicted forecasts for the New Year in the property world. Having been an estate agent for over 23 years in the Ashley Cross / Lower Parkstone area, I have worked through both tough markets and great markets, 2006/2007 & 2020/2021 in particular.

From speaking with both buyers and sellers there is still a hunger to move in Poole. However, with everything that has been going on in the economy & Christmas fast approaching most are waiting for the New Year to reset their search or plans to put their properties on the market. We are expecting a large influx in our local area of new sellers coming to market which will give buyers more choice and normalise our market back to pre-pandemic times.

There are a number of reasons why next year is time to make your next move! In September, the price level at which stamp duty is payable on a home purchase was raised from £125,000 to £250,000 in England and Northern Ireland (average buyer will save £2500) And first-time buyers now pay no stamp duty at all when buying a home priced up to £425,000, which was previously capped at £300,000. This means first-time buyers can save up to £6,250 but only until March 2025. Most would say that gives plenty of time, but the average sales transaction is taking approx. 6 months to complete with many sellers struggling to find once they have agreed a sale.

My own feeling on the market is that in Poole we live in our own little bubble particularly BH14 as people will always want to move to our lovely area and be by the sea. Since the pandemic we have had an influx of out-of-town city buyer (mainly from London) coming down to have a better quality of living whilst being able to commute to city a few days a week and work from the home the reminder this will prop us somewhat. Here are some local statistics from Rightmove; The majority of sales in BH14 during the last year were flats, selling for an average price of £303,930. Detached properties sold for an average of £953,217, with semi-detached properties fetching £490,659.

Overall, sold prices in BH14 over the last year were 2% up on the previous year and 17% up on the 2019 peak of £477,619.

If you are looking to buy or sell and want to discuss the market, I would be more than happy to have a chat.