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Wimborne Property Briefing WIMBORNE PROPERTY BRIEFING HOME TRUTHS ABOUT THE LOCAL MARKET FEBRUARY 2021 Property profile Factors shaping YOUR LOCAL the local market MARKET The level of interest in the Dorset property market remains high “People have long been attracted to the beauty and diversity of Dorset. But our distance from London has meant we’ve historically lost out to the Cotswolds, Winchester and South Wiltshire markets, which are better connected for buyers looking to move from the capital. However, due to a shift in mindset accelerated by the pandemic, we’re seeing an increasing number of non-local buyers, lured by 1,755 changing work practices, improved technology and the better The number of homes in general value Dorset represents compared to traditional commuter Dorset that we believe are hubs. Between July and October 2020, 62% more buyers were non- worth in excess of £1 million, local compared to the same period in 2019, with 16% from Surrey accounting for more than the and Hampshire and 20% from Greater London. whole of the North East of Excellent schools are part of Dorset’s appeal, and our buyers are England (1,618). often people who went to school here and want to move back once they have school-age children of their own. So, we’re seeing most demand in the prime rural market – spacious houses with gardens 5,000 and views. Dorchester, Bridport and Sherborne have performed well, The approximate number thanks to their proximity to schools and mainline train stations. of thatched properties What does this mean in terms of activity? We saw a 108% increase in Dorset; accounting for Source: Savills Research, Dorset Life, Land Registry, Savills dealbook data in viewings from October 2019 to October 2020, and twice as many around 1 in 12 of all thatched deals were agreed in November and December 2020 compared with properties in Britain. the same period in 2019. While there have been some delays in conveyancing due in part to the rush to take advantage of the stamp duty holiday, 43% 20 of purchases have been made by cash buyers – helping to speed up The number of parishes the process. We’ve also seen several competitive bids. In July 2020, across Dorset where the I had a full asking price bid from someone on the way to the viewing average value of sales before they had even seen the house. exceeded £500,000 The level of interest in the Dorset market remains high, so, between June 2015-2020. whether you are thinking of selling your home or buying, renting In Hinton, Studland, Tarran or letting, we’d be delighted to talk to you.” Gunville and Witchhampton, the average exceeded £700,000. 148% The increase in new buyer registrations in June- Ashley Rawlings December 2020 compared Head of Residential Sales to the same period in 2019. +44 (0) 1202 856 873 [email protected] 2 — SAVILLS.CO.UK PROPERTY VALUES ACROSS WIMBORNE Despite the economic backdrop, the areas in and around Wimborne had a strong end to the year in 2020. Source: Savills Research using Land Registry and Savills Prime Property Index "In 2020 we saw a surge in demand for prime property across Dorset as Key people reassessed their work-life balance and housing requirements given Average transaction their experience of lockdown. The county was particularly well placed to values in the 12 months benefit from the rise in the demand for country and coastal living that we to September 2020 Below £200,000 saw across the wider prime market as lifestyle drivers came to the fore. £200,000 to £300,000 As shown in the map above, beyond the micro markets of Sandbanks, £300,000 to £400,000 Lucian Cook Canford Cliffs and Branksome Park in the Bournemouth-Poole £400,000 to £500,000 Head of conurbation, the greatest concentrations of existing housing wealth lie Over £500,000 Residential Research in the more rural parts of East Dorset running up to the Cranborne Chase, +44 (0) 20 7016 3837 and some of the second home hotspots along the Jurassic Coast. [email protected] However, the nature of Dorset’s housing stock means that properties worth over £1 million are spread far more widely across the county. In 2020, the number of agreed sales for such properties surged once the housing market reopened; increasing by 136% from the end of May 2020 to the end of the year, compared to the same period in 2019." That said, given the economic backdrop, this was not accompanied by runaway price growth. Even in the best performing parts of the prime market – £2million+ country houses and prime coastal properties – prices rose by 5.5% and 5.6% respectively. 3 — SAVILLS.CO.UK "This historic 17th-century manor house was probably Mixed media our most notable sale of the past year. It’s a very pretty We keep an eye property with an illustrious history, purportedly having on market sentiment hosted King George III. Working with our Country to achieve the very Department in London, we launched when the first best results lockdown was easing in 2020 – a combined approach Ashley Rawlings that attracted a significant amount of interest and Head of Residential Sales coverage. With a lake, stream and beautifully manicured +44 (0) 1202 856 873 gardens, the house really captured the imagination and [email protected] was just what people were looking for at that point." UPWEY A historic 17th-century manor house sold post-lockdown. 4 — SAVILLS.CO.UK §§§§ OSMINGTON A Grade II listed property sold to an overseas buyer via a virtual viewing. "Over the summer in 2020, I got a call from a potential buyer Virtual reality in Palm Beach who was planning to relocate back to the UK Through virtual and was interested in this home. Given their location, this viewings and good clearly presented some challenges, but once the first lockdown communication, we can started to ease, I took a video of the property for them. They help instill confidence, then sent a relative in the UK to go and view it, and they even from afar George Nares reported back positively. I then conducted a virtual viewing via Country House Department video call, walking them through each room. They made an +44 (0) 20 7016 3822 offer and we exchanged contracts before they’d physically seen [email protected] the house." 5 — SAVILLS.CO.UK STALBRIDGE A beloved family home sold for more than the guide price. "This charming Grade II listed villa had been owned Joining forces by the same family for more than 70 years. It had been on Our wide-ranging the market once before, but faced a number of issues services and specialist as part of the garden had been sold off in the 1960s for knowledge helps secure a development which had never been implemented. the best result Naturally, prospective buyers wanted clarity so our Jamie Morten valuation, planning and residential teams worked Residential Sales together to resolve issues of ownership by negotiating +44 (0) 1202 856 861 with the council, instigating a land swap and sorting [email protected] planning permissions. This combined approach provided buyers with confidence and we achieved a sale in excess of the guide price." 6 — SAVILLS.CO.UK National coverage Activity influencing the wider UK market OUR SERVICE TO YOU +3.6% The right buyer for your property may The price growth across already live in Dorset or the surrounding the prime housing markets outside of London in 2020. Our area. Often, we see buyers move from country offices have seen an London in search of great schools, value extraordinary level of activity, and green spaces. Wherever they may be driven by a renewed appreciation for country living. coming from, we’ll help them find your property. Thanks to Savills global network of offices, your property is visible across +73% The increase in the number of the UK and internationally. Each of our sales of £1 million+ property offices is dedicated to its local market agreed in the last seven months and understands its attraction and unique of 2020 compared to the same period in 2019. features. And once you’ve sold your property, we’re here to help you move on to the next stage of your journey. +5.5% The price growth in the Even if you are not looking to move soon, we £2million+ country house market are happy to provide a free appraisal of your across 2020. The upper-end of property. Due to the current circumstances, the market continues to demonstrate its resilience to the we will be offering virtual appraisals and wider economic factors at play. viewings in the first instance. +2.0% Our forecast for prime property prices in the markets outside of Source: Savills Research, TwentyCi London over the course of 2021. 7 — SAVILLS.CO.UK Savills Wimborne Wessex House, Priors Walk Wimborne BH21 1PB +44 (0) 1202 856 800 Ashley Rawlings Jamie Morten Lizzie Ball George Nares Head of Residential Sales Residential Sales Residential Sales Country House Department +44 (0) 1202 856 873 +44 (0) 1202 856 861 +44 (0) 1202 856 872 +44 (0) 20 7016 3822 [email protected] [email protected] [email protected] [email protected].
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