We need new policies to help young adults buy homes, says Nicol & Co
Leading Worcestershire estate agency Nicol & Co has called on all political parties to consider how to help young adults to take their first step on to the property ladder.
Matt Nicol, managing director of Nicol & Co, explained how new government policies were urgently needed because well under half of today’s young adults owned their own homes.
More than 60% of 25 to 24-year-olds owned their own homes 30 years ago, but today that figure has fallen to just 41%, according to Dataloft’s English Housing Survey.
Mr Nicol said: ““Well under half of today’s young adults own their own home, which is very different to their parents’ generation.
“With a general election on the horizon, all parties should be courting the young adult vote with policies to ease that first step on to the housing ladder.
“The decline in home ownership in this age group between 1991 and 2012 accounts for the steep increase in the size of the private rented sector.”
Mr Nicol went on to explain that, according to Rightmove, letting agents have an average of 25 email and phone enquiries for every property on their books – three times more than 2019 levels, and five times more than in May this year.
He added: “It would also be a good idea for the manifestos of all parties to be suggesting policy changes that would satisfy this demand by encouraging more investors into the private rented sector.”
Mr Nicol’s comments were made in Nicol & Co’s latest market update which highlighted there were 28% fewer sales across Worcestershire for the year ending 31 July 2023, compared to the previous 12 months.
The latest available Land Registry statistics detailed that while house prices vary across the county, all have shown growth in the last year, including:
- Malvern, where average transaction values were up 5% at £318,465
- Droitwich, up 4% to £290,145 and
- Worcester, where 44% of the sales were recorded, up 5% to £255,810.
Meanwhile, according to Dataloft Market Rental Analysis, the average rent for homes let over the last 12 months in the Worcestershire area increased by 6% to £848.
For more details about Nicol & Co’s market updates and other property news, visit www.nicolandco.co.uk/news/.
Anyone thinking of investing in properties to rent in Worcestershire can attend Nicol & Co’s Landlord’s Seminar at 6.30pm on Wednesday 6 December at the County Sports Ground in Claines Lane, Worcester.
Admission is free but places are limited and so should be booked here: https://www.eventbrite.co.uk/e/landlord-event-tickets-743474140167
Nicol & Co., which has offices in Worcester, Droitwich and Malvern, was recently named national Sales Agency of the Year, beating 13,080 estate agency firms nationwide. It was part of a hat-trick including the titles of “Best Sales” and “Best Sales & Lettings” in the 2-5 Office categories.
For further media information or interviews, please call:
Matt Nicol, Managing Director, Nicol & Co, 226 Worcester Road, Droitwich Spa, WR9 8AY
Tel: 01905 799072
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 ASAP PR – 07990 978257.