How old are people when they buy their first home in our area?

 

 

age

Our friends in the U.S have been chasing the ‘American Dream’ for some time now, yet we Brits don’t really have a moniker for ‘making it’ in the UK. If we were to coin our version of the ‘British Dream’, we imagine it would be celebrated every time someone took their first steps on the property ladder.

First-time buyers play a pivotal role in the UK housing market and represent a key driver of demand. The average age of first-time buyers has been steadily rising over the last few decades as property has been less and less affordable in some parts of the country. However, schemes like shared ownership and Help to buy have helped younger people get on the ladder, putting downward pressure on average ages of firsttime buyers. We’ve used data from ResiAnalytics which uses affordability measures to calculate the average age of first-time buyers in the local market. The data shows that the average age of a first-time buyer here is 30.5. This is higher than the regional figure of 30, while the national average is 30.

The average price of a home in Worcester is £288,000 which means buyers need to stump up around £28,800 for a deposit. Add into the mix average gross earnings of residents in the area, which sit at £26,524, and you can start to see why the picture in our area looks like it does. If you’re thinking of purchasing your first property, visit our office for a friendly chat and we can discuss all the options available. 

 

“The average age of first time buyers is now 30 years and 6 months.”

 

 

Annual sales levels by broad property type

 

 

number of sales

 

A look at the annual sales charts for the last ten years offers a good indication of market activity within the local area. Patterns are in line with expectations given the nature of our area. While there is nothing too surprising about which type of properties have seen the most transactions, it's useful to see how the market has performed since just before the credit crunch.

 

A quarterly index of house prices

 

This chart shows how house prices in the local area have moved over the last seven quarters. We've indexed flats, terraces, semi-detached and detached homes so they start at the same point so you can easily see how they've moved in relation to one another.

 

 

price index

 

 

Distance to work 

 

How far people travel to work says a lot about the nature of an area. For example, if people live and work in market towns there is likely to be a lot more community spirit to experience in daily life. When people are travelling further afield to work, they effectively spend their days on two different communities. It will be interesting to see if community spirit increases as people work more from home.

 

population

 

 

 

matt

Mat Nicol

Managing Director 

 

How old are people when they buy their first home in our area?

 

 

age d

Our friends in the U.S have been chasing the ‘American Dream’ for some time now, yet we Brits don’t really have a moniker for ‘making it’ in the UK. If we were to coin our version of the ‘British Dream’, we imagine it would be celebrated every time someone took their first steps on the property ladder.

First-time buyers play a pivotal role in the UK housing market and represent a key driver of demand. Their average age has been steadily rising over the last few decades as property has become less affordable in some parts of the country. However, schemes like shared ownership and Help to buy have helped younger people get on the ladder, putting downward pressure on average ages of first-time buyers.

So what’s the scoop in WR9? We’ve used data from ResiAnalytics which uses affordability measures to calculate the average age of first-time buyers in the local market. The data shows that the average age of a first-time buyer here is 29.6. This is lower than the regional figure of 30, while the national average is 30.

The average price of a home in WR9 is £299,000, and if you take 10% as a reasonable figure for a deposit for a first home, that means buyers need to stump up around £29,900. Add into the mix average gross earnings of residents in the area, which sit at £28,005, and you can start to see why the picture in our area looks like it does. If you’re thinking of purchasing your first property, drop us a line today.

 

The average age of first time buyers is now 29 years and 7 months.”

 

Annual sales levels by broad property type

 

no of sales

 

A look at the annual sales charts for the last ten years offers a good indication of market activity within the local area. Patterns are in line with expectations given the nature of our area. While there is nothing too surprising about which type of properties have seen the most transactions, it's useful to see how the market has performed since just before the credit crunch.

 

A quarterly index of house prices

 

This chart shows how house prices in the local area have moved over the last seven quarters. We've indexed flats, terraces, semi-detached and detached homes so they start at the same point so you can easily see how they've moved in relation to one another.

 

price index d

Distance to work

 

How far people travel to work says a lot about the nature of an area. For example, if people live and work in market towns there is likely to be a lot more community spirit to experience in daily life. When people are travelling further afield to work, they effectively spend their days on two different communities. It will be interesting to see if community spirit increases as people work more from home.

 

pop d

 

 

 

matt

Matt Nicol

Managing Director 

 

 

When was the local market hottest?

 

The residential property market is very much the same as other industries, in that it’s susceptible to popular periods and quieter moments. The primary driving factor is almost always the economy, which affects buyers' and sellers’ movements. Sellers stand to gain more from a popular market with plenty of demand, while buyers prosper when it slows down and affords them more opportunity to negotiate on the price. All this talk of ‘boom periods’ and ‘hot markets’ got us thinking about when the last time the Droitwich property market was at its peak, and if it’s due another hot streak in the near future.

New stamp duty charges on second homes, the EU referendum and tax changes for landlords are reasons many 'experts' are claiming the property market is in crisis. Since these announcements were implemented, property prices across England and Wales have actually risen by 3.4 per cent, and sales rates haven't shown any worrying signs of cooling. The market may not be exhibiting the frothy transaction levels which preceded the 2008 credit crunch, but that's because the market is underpinned by a more 'normal' supply and demand dynamic.

If we look at the year-on-year price changes for the local property market over the last five years, we can see that prices saw a fall of 6.4 per cent in 2012 from the previous 12 months. Prices increased by 10.6 per cent in 2013, 1.3 per cent in 2014, 8.6 per cent in 2015, and 3.6 per cent in 2016. Over this period, the 'hottest' time for the property market locally was 2013.

 

droit av price

It’s not rocket science that sellers and buyers will seek the best deal they can get, with the agent acting as the middle person and giving the best possible advice. Buyers have more bargaining power in a slower market because they can use inactivity as a reason for bringing the price down. Sellers are in their strongest position when the market is buoyant and they can use demand to drive up the price. Over the last five years, buyers would have found the best value in the market in 2012, while sellers would have benefited in 2013.

The rental market goes through similar peaks and dips to the sales market. Buy-to-let landlords with investments will stand to benefit more when the sales market stagnates, which often indicates a greater number of people looking for rental properties.

Even though the property market enjoys some periods which are ‘hotter’ than others, it is still very much a year-round industry. This is certainly the case in Droitwich, where there is always a healthy demand for property, whether through vendors listing their home on the market or buyers looking for an investment. If you are thinking of buying or selling your property, we would love to have a chat and advise you about your next move.

 

Flat and house prices in Droitwich

 

With increasing clarity from the government, the housing market is returning to its usual stride. Looking at quarter-on-quarter price data in Droitwich, we can see that the average sold prices of flats is up 8.7 per cent since the first quarter of 2016.

 

droit flatandhouse

 

Promising sales levels in Droitwich

 

The weather may still be warming up outside, but it's already a hot time of year for the property market. The expected uptick in sales has materialised as you can see from the chart. Particularly notable are sales levels of terraces, which have increased 65.5 per cent since the third quarter of 2016.

 

count of sale droit

 

Occupancy levels in Droitwich

 

Want to know how in demand properties in a given area are? Occupancy is a useful indicator for demand, as well as illustrating how spacious or cosy properties are in the local area. In Droitwich, 61.3 per cent of properties have two or more extra rooms and 20.0 per cent have one extra room.

 

droit rooms

How many second home owners are there in Droitwich? 

 

The number of second homes registered in a local area can really give you a feel of if the area is right for you. In Droitwich, the mix is as follows:

 

Droit av

 

matt

Matt Nicol

Managing Director

 

 

 

When was the local market hottest?

 

The residential property market is very much the same as other industries, in that it’s susceptible to popular periods and quieter moments. The primary driving factor is almost always the economy, which affects buyers' and sellers’ movements. Sellers stand to gain more from a popular market with plenty of demand, while buyers prosper when it slows down and affords them more opportunity to negotiate on the price. All this talk of ‘boom periods’ and ‘hot markets’ got us thinking about when the last time the Worcester property market was at its peak, and if it’s due another hot streak in the near future.

New stamp duty charges on second homes, the EU referendum and tax changes for landlords are reasons many 'experts' are claiming the property market is in crisis. Since these announcements were implemented, property prices across England and Wales have actually risen by 3.4 per cent, and sales rates haven't shown any worrying signs of cooling. The market may not be exhibiting the frothy transaction levels which preceded the 2008 credit crunch, but that's because the market is underpinned by a more 'normal' supply and demand dynamic.

If we look at the year-on-year price changes for the local property market over the last few years, we can see that prices saw a fall of 4.8 per cent in 2012 from the previous 12 months. Prices increased by 1 per cent in 2013, 7.5 per cent in 2014, 5.7 per cent in 2015, and 1.9 per cent in 2016. Over this period, the 'hottest' time for the property market locally was 2014.

It’s not rocket science that sellers and buyers will seek the best deal they can get, with the agent acting as the middle person and giving the best possible advice. Buyers have more bargaining power in a slower market because they can use inactivity as a reason for bringing the price down.

 

long term house price change in worcester

 

 

av price

 

Sellers are in their strongest position when the market is buoyant and they can use demand to drive up the price. Over the last five years, buyers would have found the best value in the market in 2012, while sellers would have benefited in 2014.

The rental market goes through similar peaks and dips to the sales market. Buy-to-let landlords with investments will stand to benefit more when the sales market stagnates, which often indicates a greater number of people looking for rental properties.

Even though the property market enjoys some periods which are ‘hotter’ than others, it is still very much a year-round industry. This is certainly the case in Worcester, where there is always a healthy demand for property, whether through vendors listing their home on the market or buyers looking for an investment. If you are thinking of buying or selling your property, we would love to have a chat and advise you about your next move.

 

Flat and house prices in Worcester

 

With increasing clarity from the government, the housing market is returning to its usual stride. Looking at quarter-on-quarter price data in Worcester, we can see that the average sold prices of houses is up 5.5 per cent since the first quarter  of 2016.

 

flatandhouse

 

Promising sales levels in Worcester

 

count of sale

 

The weather may still be warming up outside, but it's already a hot time of year for the property market. The expected uptick in sales has materialised as you can see from the chart. Particularly notable are sales levels of terraces, which have increased 15.9 per cent since the second quarter of 2016.

 

Occupancy levels in Worcester

 

Want to know how in demand properties in a given area are? Occupancy is a useful indicator for demand, as well as illustrating how spacious or cosy properties are in the local area. In Worcester, 59.5 per cent of properties have two or more extra rooms and 19.7 per cent have one extra room.

 

 

room

 

 

How many second home owners are there in Worcester?

 

The number of second homes registered in a local area can really give you a feel of if the area is right for you. In Worcester, the mix is as follows:

 

address

 

 

matt

Matt Nicol

Managing Director

How best to increase the value of your home

 

When it comes to selling your home, the goal is to achieve more than the initial price you paid when you bought it. A significant amount of your home’s resale value will be affected by the appreciation of house prices in Worcester, where average sales values have risen by 15.9% over the last 10 years. However, if you want to achieve the maximum sale price for your property, there are several home improvements you can make that will add to the overall value.

Creating an extra bedroom, especially with a loft conversion, offers the best return for your money. Although initial costs are not inconsiderable, a double bedroom could add 11 per cent to the value of your home, a gain of £25,400 on average Worcester properties. Budget carefully according to your house size and current market value, and you could be onto a winner.

Space commands a premium, so you should create more of it in your property if the opportunity arises. Extra space can transform the whole look and feel of your home, adding value and making it more desirable to house hunters. By adding extra square footage, you can increase your property’s overall value by as much as nine per cent. That would be an extra £20,700 if we go by the average property price in Worcester which is £230,500.

Kerb appeal is often overlooked by sellers when they put their house on the market, yet it is one of the most important aspects to not only adding value to your home but making it look appealing to the first-time viewer. The outside of your property is the first thing any potential buyer will see, so you want to give it the ‘wow’ factor. A £300-£400 spend on the exterior and front garden/driveway could add up to four times the initial outlay to the overall value of your home and cut down the length of time it takes to sell the property.

 

Property price growth in 2016 versus 2006 in Worcester

 

average

Buy-to-let landlords will want to make sure their rental property is in the best condition to achieve maximum yields. Furnished properties can often rent faster than those that are unfurnished (but do check with us as it depends on the type and location). It is also a good idea to update the interior and exterior of your property every three years by painting the walls, cleaning the outside space and replacing furniture to stop it looking dated. A fresher looking property will increase its chances of renting more quickly and nullifying potential long void periods.

Weighing up the potential cost of any home refurbishment is important. But even an increase of around 10% to the overall value of your property can be the difference between buying your dream home or having to compromise on something you’re not so keen on. If you want to find out more about how much value you can add to your home, pop into our office and have a chat with us. We are always happy to help.

 

Total housing market value in Worcester

 

The total housing market value is a combination of the number of transactions and the average property price in a given quarter. It can give a real idea of the buoyancy of the market in Worcester. The final quarter of 2015 was the largest quarter (27.5%), closely followed by the first quarter of 2016 (27.0%).

 

value

Promising sales levels

 

Increasing clarity in the UK’s economic future has increased confidence in the property market. A look at sales levels in Worcester over the last 15 months seems to indicate this too. Since November 2016 sales levels for flats are up 136 points and houses are up 15 points since April 2016.

 

sale index

 

Household size mix in Worcester

 

From individuals to large families, the spread of household size can indicate the likely availability of appropriately sized properties. The most common size of household in Worcester is two occupants, and makes up 36.8% of the total households in the area.

 

45

 

What is the property tenure composition in Worcester?

 

One of the real tests to see if an area is suited to your tastes is to look at the composition of the household tenure types. In Worcester, the mix of different household tenure types is as follows:

 

 

percent

 

 

matt

Matt Nicol

Managing Director

 

 

 

 

How best to increase the value of your home

 

When it comes to selling your home, the goal is to achieve more than the initial price you paid when you bought it. A significant amount of your home’s resale value will be affected by the appreciation of house prices in WR9, where average sales values have risen by 21.9% over the last 10 years. However, if you want to achieve the maximum sale price for your property, there are several home improvements you can make that will add to the overall value.

Creating an extra bedroom, especially with a loft conversion, offers the best return for your money. Although initial costs are not inconsiderable, a double bedroom could add 11 per cent to the value of your home, a gain of £27,900 on average WR9 properties. Budget carefully according to your house size and current market value, and you could be onto a winner.

Space commands a premium, so you should create more of it in your property if the opportunity arises. Extra space can transform the whole look and feel of your home, adding value and making it more desirable to house hunters. By adding extra square footage, you can increase your property’s overall value by as much as nine per cent. That would be an extra £22,800 if we go by the average property price in WR9 which is £253,500.

Kerb appeal is often overlooked by sellers when they put their house on the market, yet it is one of the most important aspects to not only adding value to your home but making it look appealing to the first-time viewer. The outside of your property is the first thing any potential buyer will see, so you want to give it the ‘wow’ factor. A £300-£400 spend on the exterior and front garden/driveway could add up to four times the initial outlay to the overall value of your home and cut down the length of time it takes to sell the property.

 

Property price growth in 2016 versus 2006 in WR9

 

graph march

 

Buy-to-let landlords will want to make sure their rental property is in the best condition to achieve maximum yields. Furnished properties can often rent faster than those that are unfurnished (but do check with us as it depends on the type and location). It is also a good idea to update the interior and exterior of your property every three years by painting the walls, cleaning the outside space and replacing furniture to stop it looking dated. A fresher looking property will increase its chances of renting more quickly and nullifying potential long void periods.

 

Weighing up the potential cost of any home refurbishment is important. But even an increase of around 10% to the overall value of your property can be the difference between buying your dream home or having to compromise on something you’re not so keen on. If you want to find out more about how much value you can add to your home, pop into our office and have a chat with us. We are always happy to help.

 

Total housing market value in WR9

 

The total housing market value is a combination of the number of transactions and the average property price in a given quarter. It can give a real idea of the buoyancy of the market in Droitwich. The final quarter of 2015 was the largest quarter (29.3%), closely followed by the third quarter of 2016 (25.8%).

 

transaction quarters

 

Promising sales levels

 

Increasing clarity in the UK’s economic future has increased confidence in the property market. A look at sales levels in Droitwich over the last 15 months seems to indicate this too. Since July 2016 sales levels for flats are up 57 points.

 

sales index

 

Household size mix in WR9

 

From individuals to large families, the spread of household size can indicate the likely availability of appropriately sized properties. The most common size of household in Droitwich is two occupants, and makes up 38.5% of the total households in the area.

 

123

 

What is the property tenure composition in WR9?

 

One of the real tests to see if an area is suited to your tastes is to look at the composition of the household tenure

types. In Droitwich, the mix of different household tenure types is as follows:

 

66

 

 

 

matt

Matt Nicol
Managing Director

When is the best time to sell or let your property in Worcester?

 

One of the main questions we are always asked is: When is the best time of year to sell or let a home? While there is no absolute optimum time to put your property on the market, seasonal patterns can affect buying and selling habits. It is no different in Worcester, with certain times of the year proving to be more fruitful than others.

Spring is often considered the season when the market picks up and hits its stride. The warmer weather and lighter evenings give people extra motivation to go on viewings, while the bright daylight can help your home look that extra bit lovelier. Your garden (if you have one) will also seem much more appealing in the spring months. It turns out that Worcester saw 28.0% of properties sell during the months of spring.

August and early September can be a quiet time for the property market. The schools have broken up for the summer and lots of people go on holiday around this time of year. That means there are fewer people around for viewings — especially families. It is a different story in June and July though, which can be the busiest months for selling homes, with the market peaking before the schools break up. The summer months saw 26.8% of properties sold in Worcester.

Thanks to mild weather and light evenings, the early part of autumn can still prove buoyant for property sales. Children are back at school which gives parents more time to concentrate on buying a new home, and most of the people looking at the market in the autumn will hope to find their perfect property in time for Christmas. Towards the end of autumn, the colder weather and the shorter days can lead to a slight dip in the market. Worcester sold 20.8% of properties in the autumn months.

 

Properties sold by season

 

 sale

Winter can be a trickier time of the year to sell a property as the market slows down and everyone’s thoughts turn to Christmas. However, there can still be positive movement in the colder months; buyers who are searching for property at this time of year will be more determined about purchasing a new home. The winter months in Worcester saw 24.4% of properties sold.

For landlords thinking about letting be slightly different compared to the sales market. There is still no set season, but the start of the year and summer time can prove to be busier periods. Many people change jobs and relocate at the beginning of the year, while the summer is popular with students looking for accommodation near universities.

As you can see, spring is the most popular time to sell property in Worcester, with 28.0% of homes selling for an average of £209,100. Of course, the housing market is all-year round, which means the other seasons should not be ignored. Whether it is spring, summer, autumn or winter, we would love you to pop in and have a chat with us about your property.

 

Price growth for properties

 

Due to the government's budget moving to the autumn, we are unlikely to see market activity affected by new policy changes in the short term. With market confidence strong and a positive outlook for the construction industry, we expect steady price growth. In fact, average sold prices of detached properties is up 23.3% in 18 months.

 

Price index

 

Property transactions levels holding steady

 

The Brexit vote and the falling value of the pound have led some to think sales levels might have dipped in the market. However, as the chart shows, sales levels have remained steady throughout the year, contrary to the perceived negativity in the market. We expect steady sales levels in the coming 12 months

 

pp

 

Local wealth distribution

 

Whether an area is 'up-and-coming' or has arrived, the wealth distribution can indicate if the area has the character you are after. In Worcester, the majority of households are 'more comfortable' (30.2%). The corresponding figure in the region is 28.2%, whereas the national average is 30.3%.

 

hhh

 

How old are residents in Worcester?

 

The spread of ages of local residents can give insights into the personality of an area. In Worcester, the ages of local residents can be split into the following six categories:

 

worcs age

 

matt

Matt Nicol

Managing Director

No don’t worry you are quite safe, this is not news of an escapee from the West Midlands Safari Park turning up in a beautiful Worcestershire village. It is news of more improvements coming soon to the South of the County, on the doorstep of the prestigious Saxon Meadows development, by award winning local developer Lioncourt Homes, adding to the appeal of this very popular location.

This week the Department of Transport gave the green light for Worcestershire’s new railway station at Worcestershire Parkway. A spokesman for the County Council was keen to point out "The new station will improve journey times for Worcestershire's rail commuters, cut travel times to and from London and improve links to other major cities. Worcestershire Parkway is going to provide extra rail capacity for the county and importantly more car parking spaces for our train travellers. Given Worcestershire already has one of the fastest growing economies in the country, the new Parkway station will help us to maintain that growth and open the county up to new markets."

The new station, located under five miles from Kempsey, at Norton just east of M5 Junction 7, will include 500 car park spaces and construction is due to commence later this year and is scheduled to be completed and opened winter 2018/2019.

Now with a great range remaining Lioncourt Homes are offering the opportunity to purchase before house prices undoubtedly increase for these properties located within a short distance of the new transport facility. Saxon Meadows is ready for occupation so allows you chance to walk around the properties that may be of interest – a site visit will show you why this development was already so popular.

Gemma Darbyshire, Lynne Gardner, Pat Kimber & Matt Nicol celebrating the news that the Worcestershire Parkway has been given the go ahead.

Lynne Gardner of Lioncourt Homes said “We always knew what Lioncourt Homes had to offer in Kempsey would be a great place to live and call home. This news will undoubtedly add to the appeal and we expect the remaining homes will soon be snapped up”. 

Matt Nicol, Managing Director of Nicol & Co Estate Agents, said “We've had great success marketing this prestigious Lioncourt scheme, their quality and design is first class. We expect this latest news to increase demand even more, so suggest any potential buyers get in touch with us quickly. We can handle all your enquiries on the Government’s Help to Buy Scheme, Part Exchange options and even help Mortgage arrangements if required”. 

Details are available on the Nicol & Co (Estate Agents) website www.nicolandco.co.uk or you can call our Land & New Homes Department on 01905 676000.

When is the best time to sell or let your property in Droitwich?

 

One of the main questions we are always asked is: When is the best time of year to sell or let a home? While there is no absolute optimum time to put your property on the market, seasonal patterns can affect buying and selling habits. It is no different in Droitwich, with certain times of the year proving to be more fruitful than others.

Spring is often considered the season when the market picks up and hits its stride. The warmer weather and lighter evenings give people extra motivation to go on viewings, while the bright daylight can help your home look that extra bit lovelier. Your garden (if you have one) will also seem much more appealing in the spring months. It turns out that Droitwich saw 25.2% of properties sell during the months of spring.

August and early September can be a quiet time for the property market. The schools have broken up for the summer and lots of people go on holiday around this time of year. That means there are fewer people around for viewings — especially families. It is a different story in June and July though, which can be the busiest months for selling homes, with the market peaking before the schools break up. The summer months saw 25.9% of properties sold in Droitwich.

Thanks to mild weather and light evenings, the early part of autumn can still prove buoyant for property sales. Children are back at school which gives parents more time to concentrate on buying a new home, and most of the people looking at the market in the autumn will hope to find their perfect property in time for Christmas. Towards the end of autumn, the colder weather and the shorter days can lead to a slight dip in the market. Droitwich sold 24.1% of properties in the autumn months.

 

Properties sold by season

percentage sold by season

Winter can be a trickier time of the year to sell a property as the market slows down and everyone’s thoughts turn to Christmas. However, there can still be positive movement in the colder months; buyers who are searching for property at this time of year will be more determined about purchasing a new home. The winter months in Droitwich saw 24.8% of properties sold.

For landlords thinking about letting their buy-to-let, the patterns can be slightly different compared to the sales market. There is still no set season, but the start of the year and summer time can prove to be busier periods. Many people change jobs and relocate at the beginning of the year, while the summer is popular with students looking for accommodation near universities.

As you can see, summer is the most popular time to sell property in Droitwich, with 25.9% of homes selling for an average of £265,400. Of course, the housing market is all-year round, which means the other seasons should not be ignored. Whether it is spring, summer, autumn or winter, we would love you to pop in and have a chat with us about your property.

 

Price growth for properties

 

Due to the government's budget moving to the autumn, we are unlikely to see market activity affected by new policy changes in the short term. With market confidence strong and a positive outlook for the construction industry, we expect steady price growth.

 

graph

 

Property transactions levels holding steady

 

The Brexit vote and the falling value of the pound have led some to think sales levels might have dipped in the market. However, as the chart shows, sales levels have remained steady throughout the year, contrary to the perceived negativity in the market. We expect steady sales levels in the coming 12 months.

graph 2

 

Local wealth distribution

 

Whether an area is 'up-and-coming' or has arrived, the wealth distribution can indicate if the area has the character you are after. In Droitwich, the majority of households are 'more comfortable' (30.3%). The corresponding figure in the region is 28.2%, whereas the national average is 30.3%.

graph 3

How old are residents in Droitwich?

 

The spread of ages of local residents can give insights into the personality of an area. In Droitwich, the ages of local residents can be split into the following six categories:

 

people

 

 

matt

Matt Nicol

Managing Director

 

Growth of the Private Rental Sector in Droitwich

 

The PRS (Private Rental Sector) in the UK has grown considerably in both size and importance over the last five years and is now worth a staggering £1.29 trillion. To contextualise, that is 1.29 million stacks of pound coins, with each stack being a million coins high. The PRS now makes up 18% of the housing stock in England alone and is expected to rise to more than a third by 2032.

Because of this rampant growth, it is no surprise to see that 11.3% of homes in Droitwich are privately rented, which is encouraging for private landlords and would-be investors. Even homeowners have something to think about, as they may be tempted to turn the family home into a source of income, or indeed use their pension pot to become a landlord.

A decade ago, buying a home was a very different experience. Post-credit crunch the landscape in Droitwich has changed, with many younger people unable to buy their own homes due to house price growth outpacing wages. This has made it both logical and practical for many people to rent, choosing between renting privately or using the options available from the local housing association.

10 years ago, of the 9,920 households in Droitwich, around 9,010 were owner-occupied. Today the number of households in Droitwich has risen to 10,820, with the number of owner-occupied properties rising to 9,390. In 2001, only 860 properties were rented by private tenants compared to 2011’s figure of 1,220 — an increase of 41.2%. 

 

The growth of the private rented sector in Droitwich between 2001 and 2011

 

prive rent

 

Long gone are the days when tenants viewed rented accommodation as a stopgap; today many renters are in it for the long haul, often taking initial two-year contracts and sometimes staying for up to five years or longer. While this is ultimately good news for private landlords wanting to minimise void periods, it also means that tenants have higher expectations and are more discerning about their rented homes. They are inclined to pay that little bit extra to get exactly what they desire from a home, and landlords will need to ensure their properties are in the best condition possible if they are going to maximise their return.

There is certainly a benefit for landlords who run their property portfolios as a business; the attention to detail that comes from this approach will help mitigate the expected refurbishment losses from reduced tax relief in the years ahead. The reduction in tax relief from 45% to 20% will affect buy-to-let landlord investors over the next few years and probably put some people off becoming landlords. However, the ones who are savvy and make the most informed decisions will continue to prosper in the PRS.

Looking ahead, we expect the recent changes to stamp duty on second homes to create a small increase in the proportion of owner-occupiers relative to the PRS. But the sky-high level of demand for houses in Droitwich means the capital value of properties is set to remain strong.

If you are interested in purchasing your first, second or umpteenth buy-to-let, please visit our office for a friendly chat so we can give you the inside track and lowdown on being a landlord in Droitwich today.

 

Long-term property price review in Droitwich

 

It is the time of year when we can look at how property prices in 2016 fared in comparison to the decade preceding it. With property price data still to come through for the end of the year, our estimates paint a promising picture. The average flat price increased by 5.4% to £158,300 and the average house price increased by 2.7% to £269,300 versus 2015 prices.

 

droit sold price

 

Overview of the Droitwich market structure

 

The total number of property transactions and the mix of properties are strong indicators of the buoyancy of the local property market in the area. The adjacent chart gives an indication of the changing market structure in Droitwich. We estimate that 77 flats, 93 terraces, 135 semis and 247 detached properties were sold in 2016.

 

count count

 

How do residents in Droitwich get to work?

 

An analysis of commuting preferences in Droitwich shows that the majority of people use a car (82.0%). This is followed by on foot (9.9%), and then train (3.5%). It will be interesting to monitor how this pattern changes over time given the trend in Droitwich and everywhere else to use more public transport and healthier options.

pie for droiLifecycle mix in Droitwich

 

Where people are in their lifecycles can be a real indicator of the character of the local area. In Droitwich, the lifecycle mix of residents can be split into the following six categories:

 

peeee

 

 

matt

 

Matt Nicol

Managing Director

 Growth of the Private Rental Sector in Worcester

 

The PRS (Private Rental Sector) in the UK has grown considerably in both size and importance over the last five years and is now worth a staggering £1.29 trillion. To contextualise, that is 1.29 million stacks of pound coins, with each stack being a million coins high. The PRS now makes up 18% of the housing stock in England alone and is expected to rise to more than a third by 2032.

Because of this rampant growth, it is no surprise to see that 18.2% of homes in Worcester are privately rented, which is encouraging for private landlords and would-be investors. Even homeowners have something to think about, as they may be tempted to turn the family home into a source of income, or indeed use their pension pot to become a landlord.

A decade ago, buying a home was a very different experience. Post-credit crunch the landscape in Worcester has changed, with many younger people unable to buy their own homes due to house price growth outpacing wages. This has made it both logical and practical for many people to rent, choosing between renting privately or using the options available from the local housing association.

10 years ago, of the 48,440 households in Worcester, around 42,020 were owner-occupied. Today the number of households in Worcester has risen to 52,060, with the number of owner-occupied properties falling to 41,280. In 2001, only 6,010 properties were rented by private tenants compared to 2011’s figure of 9,480 — an increase of 57.9%. 

 

The growth of the private rented sector in Worcester between 2001 and 2011

 

prop prive rented

 

 

Long gone are the days when tenants viewed rented accommodation as a stopgap; today many renters are in it for the long haul, often taking initial two-year contracts and sometimes staying for up to five years or longer. While this is ultimately good news for private landlords wanting to minimise void periods, it also means that tenants have higher expectations and are more discerning about their rented homes. They are inclined to pay that little bit extra to get exactly what they desire from a home, and landlords will need to ensure their properties are in the best condition possible if they are going to maximise their return.

There is certainly a benefit for landlords who run their property portfolios as a business; the attention to detail that comes from this approach will help mitigate the expected refurbishment losses from reduced tax relief in the years ahead. The reduction in tax relief from 45% to 20% will affect buy-to-let landlord investors over the next few years and probably put some people off becoming landlords. However, the ones who are savvy and make the most informed decisions will continue to prosper in the PRS.

Looking ahead, we expect the recent changes to stamp duty on second homes to create a small increase in the proportion of owner-occupiers relative to the PRS. But the sky-high level of demand for houses in Worcester means the capital value of properties is set to remain strong.

If you are interested in purchasing your first, second or umpteenth buy-to-let, please visit our office for a friendly chat so we can give you the inside track and lowdown on being a landlord in Worcester today.

 

Long-term property price review in Worcester

 

It is the time of year when we can look at how property prices in 2016 fared in comparison to the decade preceding it. With property price data still to come through for the end of the year, our estimates paint a promising picture. The average flat price increased by 2.9% to £141,100 and the average house price increased by 2.0% to £247,300 versus 2015 prices.

 

av sold price jan

 

Overview of the Worcester market structure

 

The total number of property transactions and the mix of properties are strong indicators of the buoyancy of the local property market in the area. The adjacent chart gives an indication of the changing market structure in Worcester. We estimate that 561 flats, 700 terraces, 769 semis and 907 detached properties were sold in 2016.

 

count of sales

 

How do residents in Worcester get to work?

 

An analysis of commuting preferences in Worcester shows that the majority of people use a car (76.2%). This is followed by on foot (13.6%), and then bus (3.8%). It will be interesting to monitor how this pattern changes over time given the trend in Worcester and everywhere else to use more public transport and healthier options.

pie pieLifecycle mix in Worcester

 

Where people are in their lifecycles can be a real indicator of the character of the local area. In Worcester, the lifecycle mix of residents can be split into the following six categories:

 

people

 

 

 

matt

Matt Nicol

Managing Director

 

Demand remains strong absorbing additional supply as average rent in Droitwich rises to £776 per month

 

Back in the spring, there was a surge in Droitwich landlords buying buy-to-let property in Droitwich as they tried to beat George Osborne’s new stamp duty changes which kicked in on the 1st April 2016. To give you an idea of the sort of numbers we are talking about, below are the property statistics for sales either side of the deadline in Droitwich.

 

Property sales completed

 

Normally, the number of sales in the spring months is very similar, irrespective of the month. However, as one can see, this year was a different picture with sales in March up by 61% as new investors sought to beat the stamp duty increase. You would think that even with a basic knowledge of supply and demand economics, rents would be affected in a downwards direction?

However, there appears to be no apparent effect on the levels of rent being asked in Droitwich - and more importantly achieved - and this positive trend looks set to continue, particularly as legislation planned for 2017 might reduce rental stock and push property values ever upward. The demise of tax relief on buy to let mortgage interest will affect overall returns for landlords and could force some of them to pass on costs to tenants in the form of higher rents to balance the books. Even those who continue as they are may be deterred from making further investments, reducing the future supply at against an existing background of high demand.

“Isn’t that all bad news for tenants?” I hear you say, well in truth the answer is no not really. Whilst average rents in Droitwich have increased by 14.8% since 2005 compound inflation over the same time frame has been 38.5% meaning Droitwich tenants are still 23.7% ahead of the game in real terms when it comes to their rent.

 

Historic Trends of rent in Droitwich since 2005

 

averatge monthley rent

 

I found it particularly interesting looking at the rent rises over the last five years in Droitwich, as it was five years ago we started to see the very early green shoots of growth of the Droitwich economy. As a whole, following the credit crunch (2011), rents in Droitwich have risen by an average of 1.4% a year – fascinating don’t you think?

The evidence seems to indicate that while renting is often classed as the unfavourable alternative to home ownership, many young Droitwich professionals like renting as it gives them adaptability with their life. Rents will continue to rise which is good news for landlords as buy to let is an investment but, as can be seen from the statistics, tenants have also had a good deal with below inflation increases in rents in the past.

So whilst it can be seen as a win-win situation for everyone I am sure we can acknowledge how tough it must be for the tenants wanting to become owners to save for their deposit and still make ends meet. At the end of the day, as always, it will be the market which determines the market price and where the balance between supply and demand sits. For now, and the foreseeable future the signs look healthy in Droitwich.

 

Droitwich flat and house prices

 

The last 18 months have seen a seismic shift in the underlying dynamics of the UK economy. While the long term effects of Brexit on property prices remain to be seen, price levels in Droitwich remain robust, as the adjoining chart shows. Prices for flats have increased 15.1% since December 2015 and house prices have increased 18.4% since June 2016.

 

av sold price

 

Sales in Droitwich by quarters

 

It is the time of year when we can reflect on how the last four quarters have performed. The adjacent chart splits the total number of sales for all property types into quarters. Not surprisingly, last quarter of 2015 was the strongest quarter with 166 sales (33.3%) in Droitwich. The first quarter of 2016 saw 148 sales, which equates to 29.7%.

piee droit

What jobs do people do in Droitwich?

 

The percentage of people employed in various industry sectors is often a good indicator of the distinct character of an area. In Droitwich, the largest number of jobs were in Retail, taking up 17.4% of jobs. Manufacturing had the second largest number of jobs with 13.8% of jobs.

 

bar

 

The mix of bedrooms and property types in Droitwich

 

The number of bedrooms in houses and flats in Droitwich is a useful indicator of the type of housing stock available. In Droitwich, the mix is:

 

houses

 

matt

Matt Nicol

Managing Director

 

LR 00114

 

What impact does a good primary school have on Worcester?

 

A property’s desirability is often a popular subject when we are talking to homeowners and local investors. Sure, you will find that Kirsty and Phil are right, and it is all about "location, location, location", but the savvy property hunter has something else on their minds these days, and that is "education, education, education".

More and more people searching for a home are looking at a property’s proximity to a good school before signing on the dotted line. If you already have children, the importance of this cannot be taken lightly, while it is also something to think about for those who are planning on starting a family in the near future.

Ofsted report and rank all schools in the UK, with their results having a huge effect on how desirable a school is. Consequently, this has a knock-on effect on demand for nearby housing.

If you look at the league tables, you will see that Northwick Manor Primary School is one of the best local primary schools in Worcester.

The figures don’t lie: in the last academic year, 88% of year six students hit the nationally expected target of level four and higher in the key areas of reading, writing and maths. It was also found that 39% of pupils hit the "above national average" level five. You can’t argue with a good pupil to teacher ratio either. Fortunately, Northwick Manor Primary School has a sizeable selection of high quality staff, offering pupils a better chance of progressing thanks to the extra attention they receive.

These excellent results have impacted both local schools and property prices. The 1km zone around Northwick Manor Primary School has an average sold property price of £222,400 in 2016 so far, whereas 3km away the average sold property price was £189,000, a 15.0% premium.

 

Property prices 1km versus 3km away from Northwick Manor Primary School

 

 

property price pic

 

It is not quite the same story for secondary schools but there are good reasons for this. Your average secondary school is large, much larger than a primary school, so it takes in more pupils every year. This means that its catchment zone spans further than primary school's catchment zones. Parents do not need to live so close to a secondary school to be assured a place for their child.

The other issue is that according to the London School of Economics, the difference between the top and bottom 25% of secondary schools is not quite as dramatic as the top and bottom 25% of primary schools. A good primary school in Worcester is potentially going to have far more of an impact on a child than a good secondary school.

It’s not just buyers who look for property near a good quality school either. The number of renters across the country is increasing, with tenants now staying in rented homes for an average of four years. This opens up an opportunity for buy-to-let landlords to take advantage of properties available close to a school when they are looking for their next investment.

If you are interested in talking about the effect primary schools have on the Worcester property market, why not get in touch? Or perhaps you just want a general chat regarding buying and selling property? We would love to hear from you.

 

Worcester flat and house prices

 

The last 18 months have seen a seismic shift in the underlying dynamics of the the UK economy. While the long term effects of Brexit on property prices remain to be seen, price levels in Worcester remain robust, as the adjoining chart shows. Prices for flats have increased 15.6% since December 2015 and house prices have increased 16.8% since May 2016.

 

 

avergae sale price pic

 

Sales in Worcester by quarters

 

It is the time of year when we can reflect on how the last four quarters have performed. The adjacent chart splits the total number of sales for all property types into quarters. Not surprisingly, first quarter of 2016 was the strongest quarter with 846 sales (34.6%) in Worcester. The last quarter of 2015 saw 796 sales, which equates to 32.6%.

 

pie chart

 

The mix of bedrooms and property types in Worcester

 

The number of bedrooms in houses and flats in Worcester is a useful indicator of the type of housing stock available. In Worcester, the mix is:

 

1 bed flat - 0.7%

2 or more bed flat – 4.5%

2 bed house – 9.7%

3 bed house – 48.0%

4 or more bed house – 36.8%

Other – 0.3%

 

 

matt

Matt Nicol - Managing Director

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

 

 

 

 

You'd be forgiven for thinking Christmas is only days away with more and more shops and brands getting set up extra early. We know this time of year takes some serious planning and sometimes Christmas just takes priority over everything.

We want to tell you that moving house doesn't have to wait, you can still get yourself ahead of the game and annually our campaign has really worked.

DO NOT DISTURB

Like a popular varnish company boasted this does exactly what it says on the tin also. We come out and get everything ready but then don't bother you until the agreed launch date. The benefit to you is to hit the busiest days on the portals and market whilst there is less competition.

Screenshot 2016 11 21 09.15.06

 

READY FOR THE LAUNCH

It's all in the detail when it comes to winning attention. We need; photos, detailed descriptions, floorplans and much more. This work is all carried out between now and Christmas when the house looks cosy and extra time is available to make sure the details really do it justice.

Screenshot 2016 11 21 09.22.37

 

WHEN WILL IT GO LIVE?

Over the busiest period which are the days between Boxing Day and the first day back at work. Don't take our word for it - there is a spike in activity on Rightmove and this is the crucial point to be seen.

Rightmove stats 2015 festive period

 

GET IN TOUCH

Contact us to discuss your plans for 2017 - we're awaiting your call 01905 799072 (OPT 1 Lettings, OPT 2 Droitwich, OPT 3 Worcester)

Property prices in Worcester have risen by 145% since 2000

 

You would be forgiven for thinking that Nobel Prize winner Bob Dylan was talking about the UK property market when he sang, "the times, they are a changin'". As agents in Worcester, we have seen it all in the property market. But one overarching fact is the rise of local property prices, which have seen a significant increase of 145% since 2000.

Figures show that moving up the property ladder, or getting on it in the first place, is not that easy. However, there are certain choices you can take to make the process much smoother, particularly if you listen to advice from a good agent. The young person’s dream of owning their own property is still very much within reach.

Compromise is key; sometimes it is a good idea to take stock and really think about what it is that you want from a property. Worcester is popular with homeowners and tenants, which indicates that location is still the number one factor for people moving home. Yet in our experience, some people are willing to look further afield to find a cheaper, more suitable property.

If you are already on the property ladder, moving up it is not as arduous as many initially think. Increasing house prices can actually benefit homeowners like you, assuming that you have paid off a fair amount of your mortgage. Average property prices in Worcester are now worth £223,400, which means if you bought the property 10 years ago, it would have increased by an impressive £24,600.

 

Average Property Prices 2000 vs 2016

 

Some of you will be tenants who are not yet on the property ladder, but don’t worry as there is still hope. Mortgage lenders have started to loosen their purse strings, with many of them offering up to 95% mortgages. The government also offer several schemes making it easier for first-time buyers to purchase a home, including Right to Buy, shared ownership and the Help To Buy ISA.

Landlords have reasons to be cheerful, with an element of younger people in Worcester choosing to rent rather than buy. There are certainly benefits to renting, including the ability to simply call the landlord if there are any issues around your rental home, allowing you to save on large repair costs. The lifestyle of a renter also provides flexibility, which is very important to some people.

It is harder for young people to save for a deposit in an age where Apple launch a brand new product every six months, or the latest HDTV is readily available. Renting is a choice, and we are developing a mindset more akin to the Europeans with regards to it. In fact, the fascinating figures show the percentage of households privately rented in Worcester have risen from 7.8% in 2001 to 14.5%, according to the last census.

Landlords can enjoy even more good news as demand for — and prices of — rental accommodation continue to rise. The knock-on effect also means higher-value properties in Worcester, which also benefits homeowners. While this is ultimately positive news, it does not solve a big issue for tenants with ambitions of joining the market and owning their own home in the future. Excessive rental increases may need to be controlled if they are to remain able to meet their current obligations and save for a deposit.

Whether you’re a homeowner or landlord, if you would like a chat about the Worcester property market or are interested in receiving a free market appraisal of your property, we would love to hear from you. Just pop in and we can discuss all things property.

 

Local wealth bands

 

In Worcester the majority of households are classified as "more comfortable" (30.2% of all households), 2.0% higher than the West Midlands. The next biggest wealth band is "wealthy" (26.2% of all households), 6.8% higher than the West Midlands.

 

Wealth percent

 

Patterns in price bands emerging in Worcester

 

Over the last year, every property that was sold in Worcester has fallen into one of seven price bands. The adjacent bar chart illustrates this interesting pattern which shows that the £100k-£200k price band had the largest number of sales (1,349), followed by the £200k-£300k price band (826).

price brands

 

Sales remain steady in Worcester

 

The changes in stamp duty and the Brexit vote have made the last 12 months an interesting one. There have been a total of 3,560 sales and we can see that volumes have increased by 17.9% since September 2015. This is not as strong as in the West Midlands region but stronger than the national market.

 

stamp

 

Distance travelled to work

 

The distance travelled to work in a given area is an indicator of the area’s transportation links. It can also show if an area has job opportunities locally. In Worcester, 54.9% of the local workforce travel less than 10km to get to work. This is 4.7% lower than the average in the West Midlands region and 2.1% lower than the national average.

travel

Matt Nicol

Managing Director

matt

 

Source: ResiAnalytics, Office for National Statistics and Land Registry © Crown copyright 2016. Note: Dotted lines indicate estimates based on historical patterns.

Local Agent Selected to Join National Land and New Homes Network

 

 LNH PIC

Nicol & Co Estate Agents in Worcestershire have been selected by a leading national network which will help it to continue to develop its expertise in the booming land and new homes sector.

The Land and New Homes Network (LNHN) spans the UK and brings the most professional, forward thinking and trusted non competing estate agents together to offer developers, property investors and home buyers an unparalleled service based on knowledge, experience and integrity.

Nicol & Co are now in a very strong position to provide land and development consultancy to clients and a specialised new homes sales service.

Matt Nicol - MD said: “We were very pleased to be selected as the LNHN’s agent for Worcestershire.

“It means we can deliver even better results for our clients.

“Membership of the LNHN gives us access to national land and new homes experts who will be on hand to advise us when needed.

“The Government has made addressing the housing shortage a priority so with thousands of new homes needed we’ve been proactive to ensure our clients will benefit from the best advice and coverage available.

“The network’s national coverage means we have relationships with builders, developers, investors and estate agents from across the UK. This is good for anyone selling land or new homes with us, as it increases the amount of potential buyers enormously.

“And it means more choice and better quality for local people looking to buy a new home.”

Ian Stratford, Land and New Homes Network’s Managing Director, said: “We are really looking forward to working together with Matt & his team.

“They are exactly the type of agency we want as part of the network. They were selected for their professionalism, experience and their focus on delivering results for clients.”

If you own land or a property that you think might have development potential please call Matt on 01905 930391 for a confidential conversation.

Or if you are interested in buying a new home please contact 01905 799072 (Droitwich) or 01905 676000 (Worcester).

shutterstock 403940188 

It’s 5.50am as I start to type this article and David Dimbleby has just announced the UK will be leaving the EU as the final votes are counted. As most of the polls suggested a Remain Vote, it came as a surprise to most people, including the City. The Pound has dropped 6% this morning after the City Whiz kids got their predictions wrong and MP’s from the Remain camp are using words like “challenging times ahead”.

.. and now the vote has been made .. what next for the 27543 Worcester homeowners especially the 15120 of those Worcester homeowners with a mortgage?

The Chancellor in the campaign suggested property prices would drop by 18%. Using Treasury estimates, their method of calculating this was tenuous at best, but focused around the abrupt and hasty increase in UK interest rates, which in turn would raise the cost of mortgages, and therefore lower demand for property, causing a drop in property prices.… and I would say, yes .. that will probably happen.

Worcester Property Values

Worcester property values will probably drop in the coming 12 to 18 months – but by 18% - I am sorry I find that a little pessimistic and believe that figure was rhetoric to get homeowners and landlords to vote in a particular way. But the UK property market is quite a monster.

Since the last In/Out EU Referendum in June 1975,

property values in Worcester have risen by 1389.3%

(That isn’t a typo) and whilst property prices did drop nationally by 18.7% between the peak of 2007 and bottom of the market in 2009, when one compares property values today in the country, compared to that all-time high of 2007, (the period before the financial crisis of the Credit Crunch of 2008/9) .. they are still up 10.14% higher.

Another Credit Crunch?

And so, notwithstanding the Credit Crunch, the worst global economic outlook since the 1930s and the recession it brought us, a matter of a few years later, the Government were panicking in 2012/3/4 that the housing market was a runaway train.

Now the same Credit Crunch doom-mongers and Sooth-Sayers that predicted soup kitchens in 2008/9 are predicting Brexit meltdown. Bad news sells newspapers. Stock markets may rise, stock markets may fall, yet the British public continued to buy property in 2009/10 and beyond. Aspiring first time buyers and buy to let landlords dusted themselves down, took a deep breath and carried on buying… because us Brit’s love our Bricks and Mortar .. we need a roof over our head.

However, as mentioned previously, if the value of the pound drops, in the past UK Interest Rates have risen to reverse that drop. However, whilst a cheaper pound will make your pint of Sangria a little more expensive on your Spanish holiday this year and make your brand new BMW pricier .. it will make British export cheaper! Which is great for the economy.

Interest rates

… and what of interestates? Since 2009, interest rates have been at 0.5% and lots of people have become accustomed to those sorts of levels. So what if interest rates rise .. end of the world? Interest rates in the 1986/88 property boom were on average 9.25%, the 1990’s they were on average around 6.5% and uber-boom years (when UK property values were rising by 20% a year for three or four straight years across the UK) .. 4.5%. Many of you reading this who are in their 50’s and older will remember interest rates at 15%.

But I suspect interest rates won’t rise that much anyway, as Mark Carney (Chief of the Bank Of England) knows, raising interest rates causes deflation – which is the last thing the British economy needs at the moment. In fact they have been printing money (aka Quantitative Easing) for the last few years (which causes inflation) to the tune of £375bn a month. A bit of inflation because the pound has slipped on the money markets (not too much mind you) might be a good thing?

.. because whilst property values might drop in the country, they will bounce back. It’s only a paper loss.. because it only becomes real if you sell. And if you have to sell, again as most people move up market when they sell, whilst your property might have dropped by 5% or 10%, the one you want to buy would have dropped by the same 5% to 10% .. and here is the best part – (and work your sums out) you would actually be better off because the more expensive property you would be purchasing would have come down in value (in actual pound notes) than the one you are selling.

The Worcester landlords of the 4,701 Worcester buy to let properties have nothing to fear neither, nor do the 11,612 tenants living in their properties.

Buy to let is a long term investment. I think there might even be some buy to let bargains in the coming months as some people, irrespective of evidence, panic.  Even if we pull up the drawbridge at Dover and immigration stopped today, the British population will still increase at a rate that will exceed the current property building level. Britain is building 139,600 properties a year, but needs according to the eminent ‘Barker Review of Housing Supply Report’, the country needs to build about 250,000 properties a year to even stand still, and as the birth rate is increasing, the population is living longer and just under a quarter of all UK households now are occupied by a single person demand is only going up whilst supply is stifled. Greater demand than supply equals higher prices. That is definitely a fact.

So, what will happen next?

Well, there are many challenges ahead. The country has spoken and we are now in unchartered territory – but we have been through a couple of World Wars, an Oil Crisis, Black Monday, Black Wednesday, 15% interest rates and a Credit Crunch … and we survived!

And the value of your Worcester property? It might have a short term wobble… but in the long term -it’s safe as houses regardless.

purple white design decoration large

When you’re renting you are restricted to how you can decorate. After all, the majority of landlords aren’t really looking to make major changes to their property. 

But even if you are renting, there are ways that you can make a drastic difference and turn a tired looking rental in to your own, perfect space. 

Check your tenancy agreement and just speak to the landlord. Communication is key, if you want to make changes just speak to your landlord. They may agree to you giving the place of a lick of paint or updating some tired features, but it’s more likely to happen if you don’t blindside them and just go ahead and do it. Before you go to your landlord make sure you have an idea of what colours you’re going to be choosing and for a better chance of approval stick to neutral colours. 

Temporary wall art or wallpaper. Note the word TEMPORARY here. It’s unlikely that your landlord will approve some crazy, out there wallpaper but a quick search online will throw up plenty of temporary options. That way you can have a little of what you fancy without ruining the paintwork that’s already there. 

Use rugs. Most rental properties have tired carpets or laminate flooring. Make it your own by using some funky rugs, this will also cover up the sins of past clients (spilt curry, red wine etc). 

Lay vinyl. Vinyl is cheap, temporary and easy to lay. So spruce up a tired old floor with some impressive vinyl.

Let your furniture do the talking. OK so you may not be able to paint the walls and put up shelves but what you can do is use furniture to make a statement. So merge together functionality and personality by choosing pieces that make a statement. 

Just a few savvy tips can make all the difference when it comes to making a place your own. Always make sure you check your tenancy agreement before undertaking any changes and if you’re not sure what you’re doing, don’t be afraid to ask for help as DIY disasters can often cost more in the long run. 

Here For You

 

As a landlord (or potential landlord) we expect you have a number of unanswered questions, perhaps regarding legislation or the value of your assets. We are happy to help and are always on hand to offer some advice about your property or portfolio.

 

Perhaps you would be interested to know that in Q1  2016 Rightmove recorded an increase in average asking rents of around 0.8%. We have seen this locally. If this were spread across your portfolio it could represent a significant increase- maximising value for the buy to let investor

 

quarterly-changes.png

 

The market is ever changing, we have a generation of renters coming through where owning a property is no longer affordable or in some cases not a priority. This high demand for lettings means it really is one of the best places to put your money.

 

We will have a quiet period in the run up to the EU Referendum on the 23rd June(which we blogged about earlier in the week) but do not see the market changing from a demand perspective.

 

Your Independent Agent

 

We are proud to remain a strong local independent, whilst some other companies in our county have been or are being acquired by large corporates.

 

The benefit to the company acquiring the lettings portfolio is clear -a very healthy monthly income and a good profit. To create further profit with these acquisitions they will no doubt centralise some of their costs & some offices  seem to be closing. We on the other hand have plans afoot to open a new, larger branch in Worcester replacing the current office which has served us well.

 

30-31 St Georges Square Ext.JPG

 

This commitment will make us even more accessible and demonstrates that we are looking to the future and keeping it local. We do receive letters from big corporates wishing to make us an offer but we really are not interested - we are building a business and it is not up for sale!

 

If you know someone affected by these changes who would like to  talk to an independent agent then we would love to hear from them, particularly if their chosen agent has been sold onto a corporate company. They may have hand picked their agent based on its ethos, locality or independance and for that decision to be taken away demands re-assessment.

 

We have welcomed some great portfolios onto our books already.

 

Award Winning Team

 

On Friday the 10th June we travelled down to London to the Lancaster House Hotel to attend The Lettings Agent Of The Year Awards recognised and supported by The Times & The Sunday Times. We were in good company as over 600 lettings specialists attended including some other local firms. The day was hosted by Penny Smith & Sir Clive Woodward was there to hand out the awards.

 

There were some anxious faces around our table as we sat down to have our main course. We had been through a stringent process of interviews and mystery shops all presided over by an expert judging panel who also did an overview assessment of our company.

 

I'm delighted to announce we were chosen as Lettings Agent Of The Year for the Midlands. It still hasn't really sunk in fully. We were up against numerous other agents and to walk away with the coveted prize means a huge amount to us.

 

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Incredibly we also have amongst our team the winner of The Best Lettings Negotiator category. Benito Scrocca was awarded the coveted award with our colleague Rhiannon Lewcock also being Short Listed. Plenty to celebrate this June!


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Not every property can be blessed with wide open spaces. Small rooms are especially tricky to get right but with our top tips, we can show you how. 

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When it comes to smaller rooms, you need to put more thought in to how you place your furniture and how you decorate.  You have to consider heights and depths as well as how best to use accessories and lighting. 

So here are some tips that are not only quick and easy but also friendly on your bank balance. 

Get rid of clutter. Clutter is the enemy of a small room. Make sure you keep it tidy and place everything that you’re not using or isn’t essential in storage.  For a living or dining rooms use a side board that has closable doors and for a bedroom use suitcases and place under the bed. 

Go tall. Make sure that curtains go from the ceiling to the floor to elongate the room. Try not to use small accessories, instead a few larger pieces to be able to give the room balance. Using wallpaper that features vertical lines can also make the room look taller. 

Use good lighting. Central lighting in small rooms can be harsh and pool the light. Instead using uplighter to create a warm, cosy atmosphere that will give the room depth. 

Use mirrors. Mirrors fool the eye in to make a room feel light and airy.  Try placing a mirror above your fireplace or on a feature wall to reflect the light. Using reflective surfaces such as glass, acrylic and glossed surfaces can also help. 

Think about your furniture. Be sensible when it comes to furniture sizes, you may want a king sized bed but if your room only suits a double then you’re going to have to deal with it.  Try to pick furniture that doesn’t touch the floor and allow for different heights so the light can bounce around. 

Dual purpose. If your home is on the small side then pick furniture that has dual purpose. So a window seat with built in storage or a coffee table that’s also an old trunk. 

Colour matters. White always works well when you’re trying to make a room look bigger. Paint the walls and skirting the same colour to give the illusion of more space. If you want colour then use bright and fun accessories. 

Do you have any tips on how to make a small space feel bright and airy? If you do, why not head to our facebook page and share them with us. Or you can tweet us at @NicolandCo