New Forest house prices – What’s yours worth?
New Forest house prices have followed an upward curve for quite some time now, and according to a study published by Santander this looks set to continue. The study states that average house prices will more than double over the next 15 years, with the average house price rising from today’s £283,565 to £349,300 by the end of this decade, and £557,444 by the end of the next. This implies a yearly rise of approximately 4.5%.
During 2015 UK house prices recorded strong growth, data from the Office of National Statistics shows a surge of 6.7%. Obviously the rate of increase varies across the country, so how have New Forest house prices performed?
According to Rightmove and Land Registry house price data, 2015 New Forest house prices were up 3% on the previous year, but within the New Forest villages and towns can perform very differently.
Here’s how the market has performed in some key areas:
New Forest
During 2015 most of the sales in the New Forest were detached properties with an average value of £478,860, flats averaged a sold price of £211,953 and terraced properties £267,115.
Ringwood
In Ringwood the average detached property sold for £497,054, flats £201,202 and terraced properties averaged £234,734. During 2015 sold prices were up 7% on the previous year.
Burley
Burley, with an overall average price of £651,081 was more expensive than nearby Ringwood (£355,217), New Forest (£376,289) and Brockenhurst (£537,944), but in 2015 house prices were down 9% on 2014.
St. Ives
House prices in St Ives have remained at a consistent level over the past 2 years. St. Ives, with an overall average price of £383,904 was however, more expensive than nearby Ringwood (£355,217) and West Moors (£296,715).
St. Leonards
During the last year, sold prices in St. Leonards were up 14% on the previous year and 12% up on 2013 prices. St. Leonards, with an overall average price of £472,395 in 2015 was more expensive than nearby Ringwood (£355,217), Ferndown (£307,764) and West Moors (£296,715).
Ashley Heath
Sold prices in Ashley Heath fell by 3% in 2015 back to 2013 levels. However, Ashley Heath properties with an overall average price of £459,854 are more expensive than nearby Ringwood (£355,217) and Fordingbridge (£268,185).
Sway
In Sway the average detached property sold for £530,508, semi-detached properties averaged £376,636 and flats £298,643. During 2015 sold prices were up 13% on the previous year.
Fordingbridge
Overall sold prices in Fordingbridge were up 8% on 2014, with an overall average price of £268,185. Detached properties averaged at £389,753, semi-detached at £244,364 and flats £147,125.
Bransgore
With an overall average price of £388,410, Bransgore sold prices were up 10% on the previous year and 11% up on 2012.
In contradiction to the Santander report economists are indicating that the property market is ripe for a sizable correction. This is in the main, because prices are reaching the limit of affordability for most people. However, it is unlikely that house prices in the New Forest area are going to decrease rapidly any time soon. Even if price increases were to slow, the desirability to live in or near a National Park will continue to reflect positively on all properties in the area. For those thinking about selling, this could be the year to make hay whilst the sun still shines! Call us on 01425 489333 or Request a Valuation Here.
