Post-lockdown recovery continues with house sales 28% up across Worcestershire

02nd Mar

There has been a 28% rise in house sales across Worcestershire in the past 12 months, which a top regional estate agent says reflects an increasingly strong post-lockdown recovery.

The total of 4,293 sales in the county include 1,881 sales in Worcester, a 36% increase, 632 in Malvern, up 27%, and 444 in Droitwich, which the Dataloft Land Registry has recorded as being almost identical to the previous year.

Average house prices have also increased significantly across Worcestershire in the last twelve months according to Dataloft, rising to £276,000 in Droitwich, £276,100 in Malvern and £242,700 in Worcester, where 43.8% of the sales took place.

Matt Nicol, the managing director of Nicol & Co, which has three branches in Droitwich, Malvern and Worcester, said: “The growth in sales and prices across Worcestershire reflect the resilience and increasing recovery of the local market.”

Mr Nicol explained that the picture for lettings had been more fluctuating over the past 12 months, with the Dataloft Market Rental Analysis recording an increase of 8% to £761 a month in the Worcester average.

He said: “The average in Droitwich is slightly higher at £772 despite cooling by 8% recently, while Malvern remains 10.4% ahead at £852.”

The comments come as Dataloft revealed an average UK house price growth of 10.8% in 2021, the strongest annual growth at the year-end since 2002, with the average UK home price now standing at £274,712, another record high.

Mr Nicol added: “A lack of stock has been putting a cap on sales activity, and house price growth is likely to continue due to the imbalance in supply and demand, meaning it is still a sellers’ market.

“More stock will unlock the system and by building chains, we are beginning to see the levels of instructions increase.

“This is a time when as a full-service agent with dedicated sales progressors in each of our three offices we can give clients peace of mind knowing they have an experienced agent keeping tabs on their sale or purchase every step of the way.”

BusinessWorks Wocestershire & Black Country spring 2022 | BusinessWorks Magazine

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