Evesham Property


Evesham property market is a popular one with 6,951 residential properties sold in the past decade. That is almost two sales being completed every day! It is a sought after area not only because it is a popular and pretty historic market town but also it is located on the outskirts of the Cotswolds with easy commute route to large cities. In this particular research, we looked at all transactions in WR11 postcode covering Evesham town and the surrounding villages. Selling, letting or investing in property? South Worcestershire is a good place to be!

 

Detached property is king!

Semi-detached and terraced houses seem to be the most popular across the country. They have certainly been the most popular in 2016 according to Halifax. However, in our local property market, the detached property is the king with 2,531 houses sold. That is 36.4% of all transactions in the past ten years. 2016 also belonged to detached houses with 407 transactions against 260 for semi-detached and 237 for terraced properties. Flats contributed to only 8.6% of all sale transactions in past ten years, with 70 apartments sold in 2016.

Houses continue to be extremely popular where leasehold properties are not performing so well. The most sought after homes are detached one and those were increasing in value continuously from 2013. Average sale price of that type of a property was £327,859 in 2016. This is slightly less currently, 0.73% to be precise, but we are down on volume 88% so there is still time to catch up. The sales figure for this year are analysed based on sale prices in the first quarter of the year, so there are another three quarters of data to go through before we will be able to show comparables between those two years.

 

What is out there for me in 2017?

Nevertheless, houses are very popular amongst the buyers and all type of properties exceeded values from the pre-financial crisis. Unfortunately, this is not the case with flats. It has been a bit quiet on the market in the past few weeks, yet this is not due to any fundamental changes to the economy or the ‘unknown’ coming from the general election which is just round the corner, or the Brexit itself. The property market is nothing like a stock market, which is a good thing. What we can see at the moment is the market taking a breath after superior 2016 year. There is no reason for the general election to have any considerable impact on the housing market. Although the snap election came as a surprise, even if Labour would win they are also committed to increase the supply of properties and get the market going. Yes, oversupply would be a concern for the property owners who are looking to sell. However, let’s be realistic. Construction industry lacks the capacity of the workforce to be able to sustain such immediate housing supply. In other words, it is impossible to deliver such policy in current circumstances. Our prediction is a continuation of the current trend and therefore rise of property prices until and hopefully beyond 2019. We don’t expect however the same results from last year. Demand is everything and this, unfortunately, weakens among the buy to let investors at the moment. 

 

 

Considering buy to let or any other form of property investment? Let’s have a chat, we would love to share our knowledge and work with you to maximise your return on investment.

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The time is now!

It is the best time to sell or buy. Simply the best!

Vendors: there always will be a better time to sell your property for more money. The question is when do you need to sell your property by? This is probably the most important question you have to ask yourself. Even if it is within a year, here at PROPEGO we would start working with you now to build an entry strategy and maximise your profit. Buy and hold strategies really do work, just look at Warren Buffett. However, hold it because the market is not prepared to offer more, not necessarily. If you have to sell it, think of an exit strategy. Like with any investment asset classes it is crucial to make most out of your investment.

Data from Halifax shows that prices of flats grew in past seven years by 53% to an average price of £243,936. This data is probably right, in a sense that this is an average across the country, including London where prices will push the average up. South Worcestershire is a totally different market and the numbers speak for themselves. Average sale price for a flat sold in 2016 was still 13.7% lower than the average price in 2010.

Buyers: you seem to have endless opportunities too. Interest rates won’t be any lower, accessibility to lenders and lending opportunities such as bridging finance or crowdfunding are getting more and more popular on the financial real estate market. The government, lenders and the UK economy itself have got your back. Housing policies are important for all political parties and those will continue to be supported. Build to rent will continue to grow. Yet, the reason why buy to let will not die of sudden death like some people may think, is because build to rent needs time and government policies for them to make a footprint on the housing market. Councils seem to understand this and we see an increase in planning permissions but it is, or certainly can be a very lengthy process.

We may see another wave of buy to let investments and investors returning back to the market. It is so much easier compared to the build to rent. Even if you operate as a single individual investing makes sense. Yes, you need to pay additional 3% stamp duty, but in real terms, you get that back within the first year of your investment. Not bad. Yet the industry sees record highs in property investors starting to invest through limited companies. Another opportunity you may want to consider while speaking with your tax advisor.

 

Evesham property market is definitely a busy and popular one offering a mixture of beautiful houses that will fulfil dreams of many prospective owners and renters. With a median price for a house at £255,083 and an average flat price at £104,177 the market is certainly not overbought and has a potential to grow further.