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House prices down in North Dorset and Weymouth & Portland

New figures just out from the Office for National Statistics (ONS) make interesting reading, with the average increase in prices for Dorset up by just 0.1 per cent.

The ONS data is the latest available and compares January 2018 with January 2019. It is considered by some to be the most reliable data set because it is based on official sold prices rather than asking prices, mortgages or other criteria.

It shows that the average price for a property in Dorset has risen from £293,973 to £294,403. In England the average price increased by 1.5 per cent to £245,000.

For our areas it is:

West Dorset: 3.1 per cent rise from £286,681 to £295,438

North Dorset:   0.6 per cent drop from £261,600 to £260,076

Weymouth & Portland: 0.8 per cent drop from £225,620 to £223,768

So, house prices have actually fallen in North Dorset and Weymouth & Portland, according to the ONS.

While this is good news for those seeking to climb on to the property ladder, for others it may not be as welcome.

For comparison, it was a similar picture for our nearest counties although East Devon recorded a large increase:

East Dorset: 0.6 per cent drop from £347,760 to £345,829

South Somerset: 4 per cent rise from £220,645 to £229,368

East Devon: 9.5 per cent rise from £276,785 to £303,162

Overall, average house prices in the UK increased by 1.7 per cent year on year. This is the lowest annual rate since June 2013 when it was 1.5 per cent.

The lowest average house price is in the North East at £125,000 while the highest is in London at £472,000.

There may be various reasons for the figures, whether it is uncertainty over Brexit or a general economic slowdown nationally. Locally, market conditions may be affected by circumstances for different areas.

This could include the growth of developments in various towns and their selling prices, or the regeneration of places which has helped to lift prices.

The next figures are due out in April for the start of the year, which will make even more interesting reading…

Don’t forget to sign our Home Ownership Register if you are seeking to buy or rent a new home in north, south and west Dorset.