You have
probably seen in my articles over the last few months how well the Bournemouth
property market is performing, and in particular how bright the next few years
look for property owners and investors in this area. We are just a couple of
months into the year, and already it looks like the market is going to far
exceed every ones expectations.
In fact,
Bournemouth has seen the sharpest increase in house prices in the whole of the
UK over January, an increase of 2.9% making the average price for a house jump from
£253,870 to £261,232. To put this growth in perspective, the rest of the UK has
seen a growth of just 0.2% in January.
This
growth spurs from a number of different factors such as the rise in
desirability in the area, the continuous growth of the Bournemouth University
bringing thousands of students to the area each year and the increasing property
development that is happening in the town.
This real
surge of house price growth comes just after Bournemouth being named the
fastest growing digital economy in the UK. This huge growth in the technology
sector has brought with it thousands more high paid jobs to the area, spurring
a growth in house prices as more people look to move into the town. It has been
published that Bournemouth, along with neighbouring Poole, has in fact seen an
increase of 212% in new technology companies in just a 3 year period, contributing to
7,000 new jobs.
All of
this comes in line with the increased development and regeneration happening in
the area, providing continuous opportunities for investors to take advantage of
the growth in the area. It’s great news for home-owners who are seeing the value
of their home rise each month, however it’s not good for people at the bottom
of the ladder looking to purchase their first property. The last 12 months have
seen house prices rise 5.5% compared to the average rise in earnings of just
2.1%
The
upwards trend of house prices, along with an increased demand in rentals from
those unable to become home-owners, makes a great opportunity for buy to let
property investors. There are a number of different opportunities in
Bournemouth to take advantage of these market conditions, but to really maximise
your return on investment, you should always speak to a local area expert.
As
you know, I specialise in the Bournemouth property market, and am always
willing to discuss potential investments free of charge. Please feel free to
get in touch either by phone; 07979123970, email luke.marchbanks@belvoir.co.uk
or pop into the office for a coffee. I do not sell properties therefore I can guarantee
that my advice is fully independent and non-biased.
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