The housing market has shown signs of growing positivity in 2024, with mortgage approvals climbing consistently and house price growth following suit.
However, for a number of over-inflated coastal locations across the South, the tide is yet to turn where a downward trend in house price depreciation is concerned.
Across the Isle of Wight, the average house price has fallen by -2.1% over the last year, with Kent (-0.9%), East Sussex (-0.4%) and Cornwall (-0.2%) also seeing property values falter.
In contrast, the property market in Dorset is putting on a far stronger display, and whilst house prices may have only increased by 1.6% on an annual basis, this is the highest rate of annual growth seen across all southern coastal counties with the exception of Somerset at 2.6%.
As a result, the average Dorset house price now stands at £354,590, with just Hampshire (£370,361) and West Sussex (£379,464) home to a higher average price.
This, of course, presents a challenge for Dorset’s first-time buyers, however, 25 to 44 year olds form just 19.4% of the county's population.
In contrast, those at the highest rungs of the ladder, aged 55 and over, account for 46.2% of the county’s population and it is this segment of the market that is now cashing in as a result of a resilient Dorset property market.
Regency Living has seen a sharp increase in the number of mature homeowners who are opting to downsize to a residential park home within Dorset, releasing a sizable sum of equity in the process to help enjoy their golden years.
In fact, the average price of a residential park home comes in at £137,188 across the county, meaning the average downsizer is releasing equity to the tune of £217,402 on the average Dorset home.
Of course, with most silver downsizers often downsizing from a detached home, the average move to a park home could see them release £381,813 in equity versus the average price of a Dorset detached home at £519,001.
A Regency Living spokesperson commented:
“Dorset has always been an incredibly popular destination for the over-50s, in particular, and the market for residential park homes has always been strong.
However, we’re seeing more and more buyers opt to downsize to a park home due to the advancements in the properties on offer, which now offer all the modern amenities and comforts of a bricks and mortar home, in outstanding locations to boot.
For those who may have lost a loved one, or are now empty nesters, they simply don’t need the large empty homes they own and by downsizing to a park home, they can also maximise the equity accumulated in their home in what remains a very strong Dorset property market.
But perhaps the biggest draw is the community aspect, an aspect that is already very prominent in coastal towns. Moving to a park home allows them to enter straight into a close, tight-knit community of like-minded homeowners who socialise together and look out for each other.”
Want to know more about the benefits of the residential park home lifestyle?
Join the Regency Living team at New Forest Glades for their open weekend on Saturday 5th and Sunday 6th October - Matchams Lane, Christchurch, Dorset BH23 6AW
Meet the team, explore the development and ask any questions you may have.
Find out more: New Forest Glades, Christchurch | Regency Living | Regency Living
Data tables and sources
