After early reports indicated an expected crash in the UK housing market, Bournemouth is bouncing back better than most could have expected, according to online and app-based property destination Zoopla.
Perhaps it’s the sunny seaside. Maybe it’s the proximity to so much beautiful countryside or the great universities. Whatever the reason, new research released by Zoopla indicates that Bournemouth is attracting an extraordinary amount of interest for those looking to rent or buy since the easing of lockdown restrictions and the introduction of the Stamp Duty holiday.
Since July 2019, demand for homes in the area has risen by 136%, but the figures suggest there simply isn’t enough of a market to meet the current demand, with a mere 13% rise in the number of homes for sale in the area since last summer.
The type of home searched for most often in Bournemouth on Zoopla is a two-bedroom flat, while the five most popular search terms on Zoopla for properties in Bournemouth are garden, parking, garage, sea view and balcony.
Rental properties are displaying similar trends, with supply of rental properties failing to keep pace with the number of people looking to rent homes in the area. In the last 12 months, the number of available properties has risen by just 3% in the last year, while demand for them has increased by 70% in the same period.
Both rental and purchase prices have risen in Bournemouth during the last year, by 1.6% (to an average of £950 per calendar month) and 1.6% (to an average of £289,500), respectively.
Julian Hewlett, Sales Director at Lovett International, an estate agency in Bournemouth, said: “The data from Zoopla reinforces what we’re seeing in Bournemouth. It’s really busy at the moment and since lockdown started to ease, there’s been a huge demand for properties locally. Houses and flats with gardens are our most popular properties, and we’re seeing more and more people leaving the bigger towns in search of a new place to live.
“Outdoor space and access to the coast are the two things that most buyers are looking for and we’ve seen a sharp rise in the number of first-time buyers who are purchasing flats. Before lockdown, a development of flats would perhaps have been bought by an even split of first-time buyers and investors, but recently we’d put that closer to 80% first-time buyers and 20% investors.”
Gráinne Gilmore, Head of Research at Zoopla, added: “A strong rise in demand for property in Bournemouth, which is not being matched by supply coming onto the market, means there is currently upward pressure on pricing, with average prices rising 1.6% year on year. The demand for property in coastal locations such as Bournemouth suggests that buyers are reassessing how and where they want to live, which is boosting the market locally.”
For more details on Zoopla and how they could help you find your new home, visit their website or download the app for free on Android or iOS.