Worcestershire’s property market remains steady amid a shifting political and economic landscape, according to a Worcester estate agent.
Nicol & Co, which has offices in Worcester, Droitwich, and Malvern, say the market remains “active and resilient” despite recent changes, including the prime minister’s resignation.
Matt Nicol, managing director at Nicol & Co, said: “As we move into July, the property market is operating against a backdrop of genuine change.
“The Bank of England held interest rates at 3.75 per cent in June, offering some continued stability for buyers and mortgage holders.
“But the resignation of Prime Minister Sir Keir Starmer has introduced a fresh layer of political uncertainty that will take time to settle.
“Leadership transitions of this kind inevitably prompt a period of reflection among consumers, and the property market is not immune to that.
“However, in our experience, serious buyers and sellers tend to focus on their own circumstances and, on the ground across Worcestershire, the market remains active and largely resilient.”
Mr Nicol said: “Buyers continue to benefit from good levels of choice and a stronger negotiating position than we’ve seen in recent years, and realistically priced homes are still attracting solid interest and completing.”
Recent Land Registry figures show average property prices have risen by four per cent in Droitwich to £302,141 and by one per cent in Worcester to £265,538. Malvern’s average price remains unchanged.
The lettings market is also seeing significant changes.
Mr Nicol said: “The lettings market across Worcestershire is experiencing a notable shift following the introduction of the Renters Rights Act.
“Available rental stock is reducing as landlords navigate the new legislative landscape, and tenant demand is holding firm, a combination that continues to put upward pressure on rents.”
Average monthly rent in the WR postcode area rose by 7.3 per cent in the past year to £989.
Mr Nicol said the most significant effect of the legislation will be felt in the autumn when many landlords will complete the exit process following four months’ notice given to tenants.
He said this could lead to further rental stock leaving the market, pushing rents even higher.
