In an uncertain market it can be difficult to judge how the value of your property is affected by factors beyond your control. As agents preparing to undertake a marketing consultation we can be surprised by what our research is indicating.
Mark, from our Humberts Dorset team, recently collated the sale prices of properties in Poundbury achieved during 2018, finding that the average increase in value equated to £1,458 per month, equivalent to £17,500 per annum.
The largest increase in price was £376,000, for a property which was originally purchased in December 2001 and subsequently sold in March 2018 equating to an increase of £1,871 per month. The smallest increase was £40,000 for a property purchased in July 2015, sold again in August 2018 which represents £1,081 increase per month.
The highest increases in monthly values were seen on properties that were sold in 2015 and resold in 2018, with an average increase of £1,764 per month. The lowest were those which were originally purchased between 2006 and 2008 showing an average monthly increase of just £819, an unsurprising result as the market crashed at around this time taking a while to recover.
Considering that a £200,000 repayment mortgage over 25 years at 1.5% equates to £800 per month, Poundbury properties appear to offer an excellent return.
The Humberts team believe it is wise to regularly review the market value of your home, whether to ensure you have adequate buildings insurance cover, for estate and financial planning, reviewing mortgage rates or preparing for your next move. Poundbury and Dorchester values have, in general, increased more than the surrounding villages, which could be beneficial if you are considering selling your property and relocating.
Perhaps you own an investment property, or are considering investing in property; if so we can offer you advice and expert knowledge to help you make the right choices.
If you would like to find out how much the value of your home has changed please call us for a free no obligation discussion.