What are the House Prices in Bournemouth?
The town of Bournemouth is known for its fabulous beaches, excellent architecture and exquisite parks. And perhaps you’re moving to Bournemouth because of a job promotion or you have chosen to retire here. Regardless of the reason, you should know that the price of houses in Bournemouth is determined by the kind of neighbourhood where it is located.
How Much Does It Cost to Own a House in Bournemouth?
Most houses in Bournemouth are owned through mortgage. The average price of properties in Bournemouth is £343,000. Most properties are sold between a price of £300,000 and £400,000.The average price for terraced properties is £311,035, while the average cost for flats is £364,225. Fully detached properties are sold for around £841,409, while semi-detached properties are sold for £334,283.
You will also find one-bedroom properties in Bournemouth. The average price for this kind of property is £162,247. The average cost for two-bedroom properties is £288,181, while three-bedroom properties have an average price of £494,362. The average cost for four-bedroom properties is £1,002,737. Expect to spend around £1,313, 194 for five-bedroom properties.
Bournemouth has rental properties as well. Rental rates in the town can be classified by the number of bedrooms and property type. The regular monthly rent for houses is £1898 and £939 for flats. You can also rent a room for £789 every month. The average rent for a two-bedroom property is £952 and £1,297 for a three-bedroom property. Expect to pay around £683 every month for one-bedroom properties, £1,717 for four-bedroom and £2,106 for five-bedroom properties.
Should You Invest in a House in Bournemouth?
Bournemouth is one of the best places to invest in the UK due to its digital economy. Many professionals in the IT industry are expected to move to Bournemouth in the future. This change will have a positive impact on the town’s real estate market. Another reason why you should buy a property in Bournemouth is that it has a substantial student population due to the two universities located there. Although students will prefer smaller and cheaper properties, their large number should guarantee investors of a ready market and profitability.
Short-term rentals can be extremely lucrative in Bournemouth as well. Those who can’t afford to stay in expensive hotels will choose short-term rentals to save money while they are in Bournemouth. This should prove profitable for investors. And if you want to invest in a rental property in Bournemouth, you can get home insurance for your peace of mind. If something happens, you will be compensated for any damage to your property.
Bournemouth is also one of the best places to retire. But if you wish to retire here, you should start saving up as early as now. Talbot Woods, Westbourne, Malmesbury Park, Winton, Bear Cross and Strouden are some of the best places to live in Bournemouth. Westbourne is popular among newcomers because of its beautiful arcade, independent shops and coffee houses. If you want to make the most of Bournemouth’s night life, shopping and music, you should consider living in Winton. Aside from Winton’s diverse population, the neighbourhood also offers a lot of great places where you can fill your stomach with delicious food.
See our previous blog post here: Things to do when moving house