2024 saw record levels of new Property Instructions for sale in Bournemouth. Asking prices rose modestly throughout the year however with persistent affordability issues for buyers we also saw record levels of price reductions.
A difficult year for Bournemouth sellers with only 51% achieving an acceptable offer although at Clarkes our experienced team achieved significantly higher at 63%.
The year had a couple of false starts for a full recovery as anticipated reductions in mortgage rates failed to materialise but the year ended with fresh signs of recovery.
First-time buyers
In November 2024, the average price paid by first-time buyers in Bournemouth was £260,000, which was a 2.6% increase from the previous year
Second and third time buyers
In November 2024, the average price of a home bought with a mortgage in Bournemouth was £338,000, which was a 2.2% increase from the previous year.
The speed of recovery will be dependent on the how many and how quickly First Time Buyers and Investors with nothing to sell return to the market. There is plenty of interested potential buyers out there but the economic conditions must be right for them including a reduction in mortgage rates.
Clarkes provide in depth analysis of the micro Property Markets across the BCP District for our customers. For a FREE Market Valuation and expert advice from one of our property professionals please call 01202 533377 or e-mail enquiries@clarkesproperties.co.uk
