WORCESTERSHIRE property prices have risen by more than seven per cent in the last 12 months, according to the latest figures from the Land Registry.
The value of homes in prime markets like Worcestershire are performing more than two per cent better than average price increases.
Matt Nicol, managing director county estate agents Nicol and Co, explained there had been a 7.3 per cent growth in the average values in Worcestershire compared to 5.1 per cent in the West Midlands and just 4.5 per cent 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 past 12 months varied across Worcestershire, they all showed clear growth.
Malvern’s average transaction value remained highest and was up nine per cent at £298,400 with Droitwich up four per cent to £278,600 and Worcester – where 45.3 per cent of sales took place – up seven per cent to £244,700
The market update from Nicol and Co, which has offices in Worcester, Droitwich and Malvern, revealed an increase in average sales prices over the past five years, with figures showing Malvern up 26 per cent, Worcester up 24 per cent and Droitwich up 18 per cent.
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.”
Visit www.nicolandco.co.uk/worcester-droitwich-malvern-market-update-january-2023 for more.
