Droitwich July Monthly Market Update
Which local residents have seen the best house price inflation?
In December 2016, The ONS (Office for National Statistics) reported that house prices across the UK saw a year-on-year rise of 7.2 per cent. These figures are promising for the property market, and if the trend continues, the average home in the UK will increase in value by £22,000 in the next year. But what’s in store for Droitwich?
Over the last decade, local prices have seen a rise of 22.4 per cent, equivalent to £4,660 per year. Terraces tell a different story, having seen a rise of £3,090 per year or 22.4 per cent over the period. As the chart shows, all owners have benefitted from price rises, but some more than others.
The hike in house prices indicates good news for current homeowners, but those hoping to take their first steps on the property ladder will need to familiarise themselves with pros and cons of current schemes. There are several government schemes for first-time buyers: Help to Buy, Shared Ownership, ISA’s and Starter Homes.
Local area residents thinking of selling their home will be buoyed by the price increases, especially if they have owned their property for a significant amount of time. If you would like to know how much your home is worth don’t hesitate to give us a call. Alternatively, pop into our office for a friendly chat through your options.
“Over the last decade, local prices have risen by 22.4 per cent”
Quarterly transaction levels split by type
By looking at quarterly sales charts we can see the volume of properties sold for semi-detached, detached, terraced and flats over the last two years. Whilst people are quite understandably most concerned about house prices, particularly the price of their house, property geeks like us actually look more at sales volumes to take the pulse of the market.
Average prices of houses & flats by year
This column chart shows the relative average sold prices of flats and houses selling in the last eight years in our area. It doesn’t account for different sizes of houses or flats but because we’re looking at annual figures any fluctuations should smooth themselves out.
Household sizes in our area
By having a look at the average number of people per property, we can actually tell quite a lot about the area. Most areas of the country have between two and four people living in the average home. This is obviously a function of whether the area is popular with families or singletons. But it also shows population density with inner city areas having higher numbers of people per property.