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We’ve seen a little summer slowdown this month, with asking prices dipping by 1.3% to an average of £368,740. That’s nothing unusual for this time of year as holidays take priority – London saw the biggest drop, while Wales stayed steady. The great news is that buyers are still out there in force, with demand up 11% compared to last year thanks to lower interest rates and plenty of homes to choose from.

As the school year settles in and focus turns back to moving, autumn is usually one of the busiest times of the year – and all signs suggest this one will be no different.

Sources: Bank of England, Rightmove, Dataloft by PriceHubble, ONS, UK HPI, Zoopla, Halifax

Local Market Roundup

The latest land registry data for the past twelve months reported 3669 total transactions across the WR postcode area reflecting a 15% decline compared to the previous  year. Worcester recorded 1631 transactions down 16%, while Malvern saw 490 down 24%. In Droitwich, transactions fell by 13% to 400.

Over the last year, the average home in the WR postcode sold for £294,824, with more than £1.1 billion worth of property changing hands. Around 11% of sales were flats, averaging £147,187, while houses reached £322,087 on average. The Land Registry also recorded some standout sales, the highest being £1.6m for a flat and £4.4m for a house. There were 3669 total transactions reflecting a 15% decline compared to the previous year.

Malvern’s average price rose by 6% to £316,694. Droitwich saw a 1% increase to £287,610 and Worcester’s average increased slightly by 2% to £264,767.

The increase in average sales prices over the last five years  is show below

Over the past 12 months, the average rent for homes let in the Worcestershire postcode area was £936 per month, marking an 8.1% increase compared to the previous year. Around 42% of lettings were flats, which achieved an average rent of £784 per month, while houses let for an average of £1,063 per month.

In Droitwich rents climbed by 10% to an average of £904 per month with flats averaging £684 per month and houses £1041.

Malvern experienced a 8% change on the previous 12 months with average rents reaching £1060 with flats at £885 and houses £1188 per month for houses.

Worcester’s average rent reached £1060 per month representing an 8% increase with the average rental value of £798  for flats and houses at £1025 per month,

Source: Dataloft Market Rental Analysis (rental data is limited and based on achieved rents for approximately 10-15% market share, depending on location)

National Market

July saw the average house price rise to £269,735, up 2.8% on last year according to the ONS.

About 1 in 10 homes had their asking price reduced, a bit higher than the usual 6% we see over the past five years. Rightmove has slightly lowered its 2025 forecast from +4% to +2%, as lots of sellers on the market are keeping price growth in check.

Economy

The Bank of England has kept interest rates steady in September, reflecting ongoing concerns about persistent inflation. Economic growth has slowed slightly, with monthly GDP rising 0.2% in the three months to July, down from 0.3% in June and 0.6% in May. Meanwhile, CPI inflation remained unchanged at 3.8% in the year to August, showing little movement from July.

Lettings Market

Over the past 12 months, the average rent for homes in the WR postcode area was £936 per month, up 8.1% compared to the previous year. Flats made up around 42% of lettings, achieving an average rent of £784 per month, while houses let for an average of £1,063 per month. Interestingly, 1 in 5 renters were aged between 25 and 29, highlighting the strong demand from young professionals.

Our Lettings Manager, James Gwynne, is here to support both new and existing landlords, especially those looking to navigate the ever-evolving landscape of legislation and compliance. To help landlords stay ahead of these changes, we’re hosting a Landlord Seminar on 9th October – the perfect opportunity to gain insights, ask questions, and ensure your portfolio remains compliant and profitable.

If you’re a landlord with questions, our experienced lettings manager, James, is here to offer valuable insights and support. James has also recently released his book, Home, a comprehensive guide for current landlords and those looking to invest in property. You can purchase a copy, available in both paperback and Kindle, by clicking here.  

Community News

We’re proud to continue our longstanding support for Worcester Warriors as an official partner. For us, it’s more than sponsorship – it’s about standing alongside a club that means so much to our community.

Supporting a club that means so much to the local community is something we’re incredibly proud of – especially as a business that’s grown here and continues to invest in the area.

🏉 Don’t miss the forthcoming games at Sixways – we’ll be there cheering the team on and hope to see many of you too!

Missed our podcast with Warriors Head Coach Matt Everard watch here

Market Insight

This market update draws from a range of trusted sources to provide you with clear, evidence-based insights to guide your property decisions. Our team is committed to staying updated on latest market trends and legislative changes, ensuring you have the most current and relevant information.

If you’re thinking of making a move, this update offers valuable insights to help guide your decision-making. Our expert mortgage advisors are on hand to provide personalised advice, helping you determine whether moving or remortgaging is the best option for you. We’re here to ensure you make informed choices for a seamless transition in the year ahead. For more information, click here. 

Feel free to reach out to us anytime. We’re here to assist you in making informed property decisions and navigating your property journey.

For additional insights, follow us on social media, where we share regular updates, including our weekly Mortgage Watch, available on the Nicol & Co Instagram page @nicolandco_estateagents or through @Matt_the_Agent.

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