First time sellers – is now a good time to move?
Property prices in Bournemouth have increased by 11.7% in 2017. Is now the right time to move?
2017 saw an increased demand for good quality homes in regions outside London – Bournemouth was amongst the top performers for price increases. The UK national average property price rose by 2.7% in 2017, and so Bournemouth’s comparative 11.7% average price rise leaves Bournemouth homeowners in a great position to start 2018. The price of the average Bournemouth home in 2017 was £273,687, up by £28,587 on 2016.
Good schools and plentiful employment opportunities as well as being a beautiful place to live with award winning beaches, Bournemouth has come to the attention of many wanting a better quality of life.
A good time to sell for first time sellers?
Number of first time buyers entering the market is predicted to increase.
The much-covered recent stamp duty changes now enable first time buyers to be stamp duty exempt up to a maximum purchase price of £300,000.
Many first time buyers are coming to the end of their tenancies, looking at their options and what properties the market has to offer. This will therefore increase the demand for starter homes – particularly centrally located flats – and in turn those sellers will be looking to upsize to family homes.
With the stamp duty incentive for first time buyers now in effect, now could be the perfect time to sell and make your next move.
2017 ended with very little stock on the market limiting choice for first time buyers and resulting in higher prices – a simple challenge of low supply versus the demand.
With landlords potentially selling up, more properties are likely to enter the market throughout the year which could balance the supply-demand seesaw.
If you are looking to maximise the value of your home, now could be the perfect time. Many local first time buyers and those migrating to the area are seeking town centre properties close to the shops, nightlife and of course, the beach.
Speak to one of our Property Gurus who can give you useful insight into the expected demand for your property.