Worcester April Monthly Market Update
Has flexible working changed the Worcester property market?
Defining the modern working week in 2018 isn’t a straightforward process. As we embrace technology, the lines between daily commutes to work and working from remote locations become less transparent. From a property perspective, this means people with flexible working patterns can be more selective about the location of their next home. But what does this mean for Worcester?
A ‘virtual office’ is a term that has become popular recently as more employees are given the option of working from home. By avoiding the ‘daily grind’ property searchers can relieve themselves from the burden of having to look for a home that offers them easy access to their work. Nor do they need to worry about longer commutes if it’s not every day.
In Worcester, all the signs show that local people are working harder than ever. In fact, 55.5% of local workers aged 16 to 74 work between 31 and 48 hours per week. More interestingly, 14.1% of the workforce actually work 49 hours or more, which means they’re either working a six-day week or working 8am -6pm five days a week.
In summary, there is a clear indication that our approach to the working day is evolving. This is having a roll-on effect on the property market and is helping to shape people’s decisions when it comes to buying and selling homes. If you have any property related queries, mosey on down to our office, and we’d be happy to answer them.
Have you ever wondered how many people buy flats in the local area as opposed to houses? Wonder no longer. We’ve done the analysis, which shows the most recent split as well as two years’ worth of quarterly data. This is useful information for anyone with an interest in the local market because it affects the overall market dynamic.
Prices by type over the last few quarters
By looking back over the last eight quarters, it’s quite enlightening to see how average sales prices have changed individual house types. Obviously the3 bigger types sell for more, but the quarter-on-quarter changes tell an interesting story.
The socio-economic profile is a telling measure of the constitution of people in a local market. We have to be careful when talking about the economic profile of local residents because no statistical measure will really illustrate the character of an area. However, we’ve used the governments ‘NS-Sec’ classification data on our area, which defines local residents in those terms.