New figures from Zoopla show local property prices have risen faster than the UK national average over the last five years and that sales in Bournemouth are agreed in 38 days on average.
New research released today from Zoopla, the UK’s most comprehensive property destination, shows the property market in Bournemouth is experiencing extraordinary demand since the easing of lockdown restrictions and the introduction of a Stamp Duty holiday.
Zoopla’s Bournemouth House Price Index studies multiple local housing trends and prices on an annual basis. The data shows that the average house price in Bournemouth is now £289,500, with prices rising by 1.6% in the last 12 months.
The demand for homes in the Bournemouth area has experienced astonishing growth, rising by 136% since July 2019. However, keen buyers in Bournemouth may face a supply issue as the number of homes available to purchase locally hasn’t kept pace with demand, rising by just 13% in the same period.
When it comes to what home buyers are looking for, gardens and car parking are the two most popular Zoopla search terms in Bournemouth.
Big jump in five-year prices, while two-bed flats are most wanted
The data about property sales in Bournemouth revealed by Zoopla shows:
- House prices in Bournemouth have risen by 1.6% in the last 12 months, below the national average of 2.5%
- Over the last five years, prices in Bournemouth have risen cumulatively by 19.1%, beating the UK national average of 18%
- Bournemouth’s average house price is now £289,500
- Demand from buyers in Bournemouth has jumped by 136% in the last year
- The number of homes for sale in Bournemouth has increased by 13% since last summer
- The average time to sell a home in Bournemouth (listing to sold subject to contract) is 38 days. This is a fraction longer than the UK national average of 27 days
- Two-bedroom flats are the most-searched-for properties locally
- The top five most popular search terms on Zoopla for Bournemouth property buyers are garden, parking, garage, sea view and balcony
Rising rental demand
The Bournemouth Zoopla House Price Index also looks at trends and behaviour in lettings. The data shows the lettings market mirrors the trends in sales, with tenant demand and rents going up, but supply is failing to keep pace. The data shows:
- Annual rents have risen by 1.6% in Bournemouth since July 2019
- The average time to let a property locally is 16 days
- The number of properties available to let has increased by just 3% in the last year, while tenant demand has gone up by a whopping 70%
- The average rent for a property in Bournemouth is currently £950 per calendar month
Heading for the coast
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.Julian Hewlett, Sales Director at Lovett International
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.Gráinne Gilmore, Head of Research at Zoopla
Submit a story