Buyers shell out tens of thousands more for homes at BCP

BUYERS had to shell out tens of thousands of extra pounds for homes in Bournemouth, Christchurch and Poole last year, according to new figures which also reveal the most expensive areas in the area.

The impact of the coronavirus pandemic, which halted house sales during the first lockdown, coupled with stamp duty holidays, has boosted the housing market across the UK since the world reopened in 2020.

Data from the Office for National Statistics shows the median house price reached £325,000 in Bournemouth, Christchurch and Poole in the year to June, an increase of £45,000 on previous 12 months.

House prices were also above pre-pandemic levels, averaging £280,000 for the year to June 2019.

The median – the middle number in a series – is used to ensure that the numbers are not skewed by extreme highs or lows.

READ MORE: Inside this rural farmhouse on the market for £1.2million

READ MORE: Time Machine Home on the market for £3.2million

These areas of Bournemouth, Christchurch and Poole recorded the highest median house prices of the year to June:

– Branksome Park, Canford Cliffs and Sandbanks: £588,000 – from £505,000 in 2019-20

– Talbot and Branksome Woods: £548,000 – previously £488,000

– Parkstone: £485,000 – an increase from £395,000

– East Southbourne and Hengistbury Head: £480,000 – down from £384,000

– Mudeford: £475,000 – down from £425,000 previously

By contrast, the area with the lowest average house price was Boscombe West, where homes sold for around £175,000 in 2020-21.

Figures also show the number of homes sold in Bournemouth, Christchurch and Poole rose year-on-year from 6,047 to 7,324.

The largest proportion was in Branksome Park, Canford Cliffs and Sandbanks, where 388 houses changed hands during the period.

Martin Beck, chief economic adviser at the economic forecasting group EY Item Club, said while government measures such as the suspension of stamp duties boosted home purchases last year, the market could be set to change. .

He said: “The prospect of a series of interest rate hikes by the Bank of England in 2022 will result in higher mortgage rates.

“And the cost of living pressures facing households from rising inflation and higher taxes mean that fewer people will be able to afford to borrow the amount needed to buy at higher mortgage rates.”

Nicky Stevenson, chief executive of estate agent group Fine & Country, said with most agents still struggling to find enough homes to meet demand, financial pressures were unlikely to have a “significant” impact on the market. Marlet.

About Coy Lewallen

Check Also

Former duo Cherries named in England’s World Cup squad