Mortgage-free households rise to 40% in Malvern and 35% across Worcestershire, says Nicol & Co
The proportion of mortgage-free households has risen to more than 40% in Malvern and 35% across Worcestershire in the last decade, according to a leading local estate agency.
Nicol & Co’s latest market update drew on data from the Census, which began recording mortgage status in 1991, with the 2021 Census marking the first time that mortgage-free homeowners were in the majority.
Matt Nicol, managing director of Nicol & Co, explained that the local figures were higher than the national average of mortgage-free households, which had risen from 31% to 33%.
He said: “Recent historically low interest rates have enabled many homeowners to pay off their mortgages faster.
“The Census also shows that households that still had a mortgage have now dropped from 33% to 29%.”
Other figures researched by Nicol & Co show that while there has been a 4% increase in households who rent privately across England and Wales, taking the national figure to 20%, the private rented sector is much smaller in Worcestershire at just 13.9%.
Mr Nicol said: “This potentially points to opportunities for developers and investors considering build-to-rent schemes in Worcestershire.
“Such projects are likely to benefit from this national trend and enjoy strong local demand.
“With specialist teams in our Land and New Homes, Lettings and Property Management departments, we’re well placed to provide advice and guidance in this area.”
The market update from Nicol & Co, which has offices in Droitwich, Worcester and Malvern, also revealed 40% fewer sales in Worcestershire in the year ending 30 October 2022, largely because the previous year was boosted by stamp duty incentives.
The actual number of transactions, based on the Land Registry figures, was 3,795 sales in Worcestershire, including 1,668 in Worcester, 40% down on the previous year, with 611 in Malvern and 437 in Droitwich, both down 35%.
Conversely, while transaction values varied across the county during the last 12 months, all have shown growth as follows:
- Malvern’s average transaction value up 9% to £303,000
- Droitwich up 4% at £284,500 and
- Worcester – where 44% of sales were recorded – up 7% to £247,500.
Meanwhile, the local average lettings figures, researched from Dataloft, also show growth, with monthly rent in Malvern up 12% to £886, Worcester up 8% to £785 and Droitwich up 17% to £729.
Nicol and Co’s full market update can be accessed here: www.nicolandco.co.uk/worcester-droitwich-malvern-market-update-february-2023/
Anyone selling, buying or renting in Worcestershire can find out about what Nicol & Co has to offer via www.nicolandco.co.uk.
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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
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