Rents Up / House prices down

The property market in the Bournemouth area has seen significant changes in the last year, with both private rents and house prices experiencing fluctuations. In February 2024, private rents in the area rose to an average of £1,235, marking an annual increase of 8.8% from the previous year. This rise was higher than the increase seen in the South West region as a whole, which saw a 6.9% rise in private rents over the same period.

On the other hand, the average price paid by first-time buyers in Bournemouth was £247,000 in January 2024, which was 7.4% lower than the average price of £267,000 in January 2023. This decrease in prices may be seen as a positive development for those looking to enter the property market for the first time, as it may make homeownership more affordable for them.

For homes bought with a mortgage, the average house price in Bournemouth was £324,000 in January 2024, which was 7.3% lower than the average price of £349,000 in January 2023. This decrease in house prices for those purchasing with a mortgage may also be seen as a positive development, as it may make it easier for individuals and families to afford a home in the area.

Overall, the changes in private rents and house prices in the Bournemouth area reflect the broader trends seen in the property market in recent years. While private rents have been on the rise, house prices have seen a decrease, particularly for first-time buyers and those purchasing with a mortgage. These changes may have a significant impact on individuals and families looking to buy or rent a home in the area, as they may influence affordability and accessibility in the property market.