Reports: Bournemouth’s Real Estate Market Outperforming the National Average
While the country’s property market is holding firm, Bournemouth seems to be outperforming the national average on many fronts. Not only are property prices increasing and demand is on the rise, but there are also quite a few encouraging growth indicators that should make.
Bournemouth even more attractive to speculators in the next coming years. Let’s take a look at the recent boom the town seems to be experiencing and some of the factors behind it.
Bournemouth property prices up 50 per cent
The average price of a home in Bournemouth has increased over 50% since the year 2009, which is way above the national average. As a matter of fact, the average price of a home in the area is £282,100, putting it in 7th place among towns, with the highest price hike in 2017, and 4th overall for property prices.
Bournemouth even outperformed London, which only saw a small 1.8% increase since last year.
Stimulating related industries
The recent interest in Bournemouth and the rising prices are also motivating more owners to put their houses on the market. This has been a boon for various local industries, especially when it comes to house clearance Bournemouth services. Services like House Clearance Bournemouth, for instance, which has been in business for over 50 years and has a long-standing reputation in the community for top-notch service, usually sees an increase in demand in hot markets, which seems to be the case with Bournemouth. This could have important repercussions on a few other local industries as well, and it should have a stimulating effect on Bournemouth’s economy as a whole.
Flats in particularly high demand
Flats are outperforming any other type of property in Bournemouth. In fact, Bournemouth flats outperformed the property market average by over 13 per cent last year.
According to the Land Registry’s house price index, the value of Bournemouth’s flats increased faster than semi-detached homes, terraced homes/townhouses and was even able to outperform detached homes as well.
Flats in Bournemouth have increased by 9.28 per cent, compared to 7.17 per cent for detached homes, 6.92 for semi-detached homes, and 6.86 per cent for townhouses/terraced homes.
Reasons behind the recent rise
Many are trying to understand what is motivating the market to invest so heavily in Bournemouth – and the south coast in general.
When asked about the recent boom in Bournemouth, Maximillian De Kment, CEO of Lovett International, mentioned a few factors. He noted that global recognition is one of the biggest reasons why the area has been gaining in popularity recently. One of the factors is AFC Bournemouth’s premiership appearance over the last three years, which in turn attracted many major brands and also did a lot for recognition worldwide.
The region has also been voted no.1 for tourists in Britain by many publications, which helped it gain recognition even more. In addition, Bournemouth recently became the second highest trending destination in the world on Airbnb, which was a first for the region.
Property investors everywhere are keeping a close eye on the UK real estate market, and Bournemouth seems to be one of the most sought-after destinations. We can expect demand to keep growing and speculators to keep driving the prices up as a result.
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