Worcestershire home values still bucking national trends, says Nicol & Co
The value of homes in prime markets like Worcestershire are performing more than two per cent better than average price increases, according to a leading local estate agency.
Matt Nicol, managing director of Nicol & Co, explained there had been a 7.3% growth in the average values in Worcestershire – compared to 5.1% in the West Midlands and just 4.5% nationally.
Mr Nicol was commenting in his latest market update blog on Land Registry figures for the 12 months to the end of October 2022.
He said: “Nationally, house price growth has slowed considerably overall, but there will remain opportunities for growth, including in prime markets where buyers have more equity and are less reliant on mortgage finance.”
Mr Nicol highlighted that although transaction values over the last 12 months varied across Worcestershire, they all showed clear growth.
Malvern’s average transaction value remained highest and was up 9% at £298.4k, with Droitwich up 4% to £278.6k and Worcester – where 45.3.% of sales took place – up 7% to £244.7k.
The market update from Nicol & Co, which has offices in Worcester, Droitwich and Malvern, revealed an even more impressive increase in average sales prices over the last five years, with figures showing:
- Malvern up 26%
- Worcester up 24%, and
- Droitwich up 18%.
Mr Nicol added: “The quality of life and the amenities available to the residents of Worcestershire underpin a healthy demand in the local market.
“Our county offers a wide range of opportunities with excellent communications, both physical and virtual.
“These factors have clearly become more significant in the minds of homebuyers generally which bodes well for the future of the local market.”
Nicol and Co’s full market update can be accessed here: https://www.nicolandco.co.uk/worcester-droitwich-malvern-market-update-january-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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