blog pic 2

 

 

 

While it is important to be aware of changes in the property market, it is important to be realistic with what the information can tell you. If you look at too short a period, one sale or an outlier could see you making an incorrect assumption, so it is always best to give yourself a reasonable time-frame and volume to deal with. When considering the property market, 6 months and 12 month reviews should be suitable, which means that this time of year is the perfect time to undertake a mid-year market review for Worcestershire, whilst still acknowledging a longer time period to ensure the full story is understood.

In spring of 2016, many property market specialists in the area were talking about the surge in prices of Worcestershire property thanks to the huge level of demand for homes in the area. It should be remembered that there were a number of factors which impacted on this and of course, the market has seen some changes since then too.

 

2016 was a challenging year and 2017 has offered some big issues too in Worcestershire property market

March of 2016 was the last month before there was a change in the stamp duty which has to be paid by people investing in additional property, so there was a surge of property purchases before that additional cost was factored in. There has also been an European Union Referendum and a General Election since that time, both of which have caused uncertainty in the property market.

With all of these factors in mind, you may think that the mid-year property market review for Worcestershire in 2017 would be pessimistic, or at least not as positive as the 2016 state of affairs, but that isn’t quite the case. There is still a lot to be buoyant about with respect to the mid-year property market review for Worcestershire.

Worcester property prices are on the up

First of all, there is a general agreement across a number of property specialists that the price of property in the area is on the up. One specialist has the average value of property in the area, as of June 2017, at £255,894 while the average price paid for property in Worcester as of June 2016 stands at £243,728. This is seen as an increase in property prices of 2.12%, and in a time when many of the major property markets in the United Kingdom have seen property prices fall, this modest level of increase should be taken as a positive change.

Another property market observer for the local area stated that the price of properties, as of March 2017 stood at £222,437 which was a 9% rise on the March 2016 figures of £203,226 albeit a slight drop on the January 2017 figures of £225,573. However, on the whole, the mid-year market for property in Worcestershire is indicative of an area where the demand for property continues to outstrip the supply. Even with many changes taking place in the political and economic landscape of the country, when there is a strong level of demand for property in an area like Worcestershire, the local property market is likely to reflect this demand as opposed to national trends.

Enquiry Form

If you would like to receive a free property valuation for your property,
or would like more details of the services we offer, simply complete the form below.