The Worcestershire housing market continues to enjoy steady growth across all areas in a state of affairs that flouts other regional trends. There are a number of attributing factors to an overall slowdown of property movement across the country. For example, more stringent lending criteria from banks and building societies, a sense of caution around the outcome of Brexit, and the ever-present affordability issues in London and the South East.
Properties in Worcestershire have increased by an average of £58,000 in the last five years. Meanwhile first-time buyers are spending around £46,000 more to get their first step on the property ladder than they would have done five years previously *. In September, the average house price for a first-time buyer was £192,019.
No one can accurately predict the future, but we remain hugely positive about the continued positive prospects for the Worcestershire region. There is scope for continued growth in both average house prices as well as the amount of people able to purchase. Essentially, with mortgages being more affordable in the West Midlands and Worcestershire, it is likely that the region will continue to outperform the rest of the UK.
Mike Shipside, Rightmove director and housing market analyst comments “While many thought that the down-to-the-wire Brexit deal uncertainty would hold people back from buying, more buyers have actually jumped in. It proves that people need to get on with their lives and will continue to buy homes if the underlying economic fundamentals remain strong.” ***
*Source – National Office for Statistics
** Source - Home.co.uk
***Source - Rightmove House Price Index