Landlords loving Droitwich rental levels
Droitwich has become a hotspot for landlords in the last 12 months, with rents as much as 30% higher than nearby Worcester, according to the latest market update from property agents Nicol & Co.
Matt Nicol, managing director of Nicol & Co, said that while landlords could expect average monthly rentals of £605 in Worcester and £685 in Malvern, in Droitwich the figure is nearly 30% higher at £813.
“Rental growth of 5% has been seen in Worcester over the last 12 months, while in Droitwich and Malvern the figure is 9%.”
Nicol & Co’s monthly market update has now been extended to include the whole WR postcode, and it reveals that in the last 12 months, there were 4,918 properties sold in across the area.
The local markets in Droitwich (604 sales) and Malvern (662 sales) had similar average prices close to £250,000, however, in Worcester, where over 43% of the sales took place, the average sales price was 12% lower at £221,267.
Nationally, the average price of a home rose by 0.7% in July compared to a year ago, according the official UK house price index. Strongest growth is currently in Wales with prices rising by 4.2%
According to HMRC, sales in August were 0.9% higher than a year earlier – a significant turnaround from a -14.8% fall in July.
Matt Nicol said: “There is no doubt that political and economic uncertainty over Brexit is playing a role in the housing market, and a swift resolution, however unlikely that may seem at present, is urgently needed to provide support and confidence across the wider UK economy.
Nicol and Co is currently celebrating its ten anniversary.
Mr Nicol said: “Considering the company’s humble beginnings, in a modest office Droitwich Spa, I am hugely proud of what we have achieved since I opened in October 2009.
“Nicol & Co has become one of the most highly regarded and recognisable estate agency brands in Worcestershire and, as an award-winning business, we now operate from our own premises in Droitwich Spa and occupy prestigious offices in Worcester.
“We have no plans to sit on our laurels and with ten successful years now under our belt I feel Nicol & Co is well placed, with an excellent reputation, to push forward into the next decade with exciting expansion plans including a third office in Malvern.
“This business was born at the end of the financial crisis so we understand what it takes to achieve goals and ambitions in challenging times. Despite uncertainty elsewhere, I am looking forward to the next ten years, as we continue to grow, maintaining our focus on providing a remarkable service to our valuable clients through a dedicated team that consistently delivers,” he said.
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For further information, please call:
Matt Nicol, Managing Director, Nicol & Co, 226 Worcester Road, Droitwich Spa, WR9 8AY
Tel: 01905 779072
Notes to Editors
Established in 2009, Nicol & Co is an award-winning estate agency offering advice on sales, lettings, new homes and land purchase. The company combines the latest in digital media with traditional high street courtesy and service to provide the perfect blend of old and new technology.
Prepared and issued by Andy Skinner at ASAP, 01789 490786, mobile, 07990 978257