Talk to one of our experts
01905 799072
01905 676000
01684 201320
01905 675999
01905 930404
March 30, 2021 | Jack Whittington
The Dataloft Demand Index shows a 36% increase in housing market demand since the start of the year with the traditional spring market set to be busier than ever.
Demand rose 13% between February and March, with Rightmove reporting sales in the first week of March up 12% year-on-year. The number of buyers enquiring per available property was 34% higher.
Confidence is an important contributor to the housing market and the amazing pace at which the vaccination programme is being delivered has come as a welcome shot in the arm to us all. Everybody can now see light at the end of the tunnel and begin to plan seeing one another face to face.
The economy thankfully seems to be responding with equal vigour. The government is now underwriting 95% mortgages; interest rates are likely to remain at their historic lows for at least two more years and fewer people will be jetting off to the sun this summer this all points to a healthy housing market with some commentators predicting 7-10% growth this year. If you are contemplating a move don’t get left behind, we would love to hear from you.
Reflecting the impact of COVID-19, over the last twelve months, there have been 3319 sales in Worcestershire, this is 35% less than the previous year. In Malvern, a 28% reduction in the volume of transactions resulted in 497sales. 417 sales in Droitwich Spa represents a reduction in activity of 38% year on year.
Average house prices in Droitwich Spa sit at £261k with Malvern similar at £258.3K. In Worcester, where 41.5% of the sales took place, the average sales price is 11.9% lower at £227.7K.
The Lettings picture has been changing over the last twelve months with a 11% increase in the Worcester average to £669. Malvern is a little higher at £715, which is now 7.5% below the overall Worcestershire average of £723, which has risen by 12%; Droitwich Spa which has shown recent growth remains highest at £906.
According to Rightmove, sales are already agreed on almost two out of three properties on agents books. The number of sales agreed in the first week of March were up by 12% on the same time last year.
An estimated 147,050 transactions (seasonally adjusted) were recorded in February 2021, 49% higher than February 2020 and 23% higher than January 2021 (HMRC).
The UK economy is predicted to grow by 4% in 2021 and 7.3% in 2022, and set to recover to pre-pandemic levels by mid-2022.
The latest forecast by the Office for Budget responsibility now expects a faster and more sustained economic recovery than forecast in November. The government has announced that the furlough scheme will be extended until the end of September.
The scheme has supported over 11 million jobs since March 2020. The unemployment rate rose to 5.1% in the three months to December, 1.3% higher than a year earlier and 0.4% higher than the previous quarter. The OBR now anticipate unemployment will peak at 6.5%, substaially down from the 11.9% in earlier forecasts.
According to ONS average rental values across the UK rose by 1.4% in the year to February 2021. Rents in the UK excluding London increased by 1.7% in the year to February 2021. According to the RICS February survey rental growth expectations have strengthened due to an imbalance between landlord instructions and tenant demand. +37% of agents expect rents to rise over the next three months.
Under the latest lockdown restrictions you are still permitted to move house. Nicol & Co has operated safely and effectively throughout the previous lockdown periods and will continue to do so carefully following the latest government guidance. We have Covid Secure procedures and policies in place to ensure we operate safely reducing social contact and the risk of spreading the virus.
If you have any questions, please contact us.
Simply enter your details on the registration form and a member of our team will be in touch shortly to talk to you about this property.
Simply enter your details on the registration form and a member of our team will be in touch shortly.
If you would like to talk to one of our experts, leave us your contact details and any additional information you feel is relevant, and we will get back to you as soon as we can.
If you would like to talk to one of our experts, leave us your contact details and any additional information you feel is relevant, and we will get back to you as soon as we can.
If you have a property and deposit figure in mind, you can see how much you can expect to borrow using our handy calculator.
Simply enter your details and a member of our team will be in touch shortly to talk to arrange your viewing.
Whatever move you’re looking to achieve, it all starts with knowing exactly what your property is worth.
And we can help with that. Simply fill in the form, and Nicol & Co will provide you with a free, instant property value estimate to help you get a sense of what your home is worth, so you can get your ducks in a row ahead of your next move.
Drop your address in the box now, and we’ll get cracking…
Simply enter your details on the registration form and a member of our team will be in touch shortly to talk to you about your offer.
Simply enter your details on the registration form and a member of our team will be in touch shortly to talk to you about this property.
Simply enter your details on the registration form and a member of our team will be in touch shortly to find out more about your property search.
If you would like to talk to one of our experts, leave us your contact details and any additional information you feel is relevant, and we will get back to you as soon as we can.
If you would like to talk to one of our experts, leave us your contact details and any additional information you feel is relevant, and we will get back to you as soon as we can.