Latest data from the Office of National Statistics has revealed that average property prices for houses for sale in Worcestershire rose by 0.6% in July 2018. Overall, houses prices over the past 12 months have risen by 1.2%, highlighting what a significant month July was.
Property Prices West Midlands vs United Kingdom
The average price for a home in the West Midlands is now quoted at £207,922. This figure is significantly lower (over 10%) than the UK’s national average of £231,422. Although the average house price in the West Midlands is still relatively low, the region has outperformed the rest of the country with prices rising by 4.4% since last year, compared to the national rate of 3.1%.
Buying sooner rather than later
Worcestershire is widely regarded as one of the best places in the UK to live and people moving to the area can enjoy below national average houses prices, with both the county and the region’s prices performing well over recent years. For example the average homeowner in Worcester has seen their property increase in value by £43,000 over the past five years. This is however not such good news for first time buyers, who in July 2018 had on average to pay £177,094 on their home. This is £37,000 more than would have been required five years ago. There is little reason to believe that similar growth will not happen over the next five years and first time buyers who are able get on the property ladder may be well advised to join sooner rather than later.
Help with buying from G Herbert Banks
Here at G Herbert Banks, we have a highly experienced estate agency team that can help you look for homes for sale. Our estate agents provide a professional and quality service, that is completely tailored to your own requirements and budget when it comes to looking for properties to buy.
If you would like to find out more information about property sales for houses around Worcestershire, head to our website today. Alternatively, you can call 01299 896968 to speak to a member of our helpful and friendly team.
If you have found this blog helpful, you may wish to read our previous post on Holiday Rental Price Rises.