PROPERTY prices in Droitwich have soared by ten per cent since last year – which could make home ownership an impossible dream for those who are not already on the property ladder.
Data found by local estate agents, Nicol and Co revealed the average price of a detached house in Droitwich in 2015 was £284,000, this has risen by 14 per cent making it about £323,591 in 2016.
Meanwhile, the overall price of property has risen by 10 per cent – from £208,460 in 2015, to £228,712 in 2016.
Managing director Matt Nicol said: “Droitwich is a popular and affluent town with good schools but in my opinion there’s a huge demand from people looking to buy but a shortage of opportunities on the market.”
He said while planned developments in the town will give buyers some choice and entice vendors to sell, the government ‘could do more more to entice first time buyers into the market’.
Meanwhile fewer buyers mean higher demand for rentals as landlords look for a return on their investments.
Although the expensive homes appear to be selling well, Mr Nicol said only six per cent of those buyers these properties are first time buys and the rest either have another property or are buying the homes as investments.
Coun Richard Morris, Portfolio Holder for Economy and Housing on Wychavon District Council, said: “It’s unacceptable to us that housing should be inaccessible to anyone.
“By working together we can ensure we are doing everything we can to help provide people with a roof over their head.”
A warning about rising property prices was issued during the recent Wychaven Partners Together event where the average house price was cited ten times the average income (£25,028), while average rent was estimated at £730 a month.
Key speakers from the Homes and Communities Agency (HCA), Rootfop Housing and Fortis Living warned housing supply was not keeping pace with demand and the gap between incomes and housing would prevent many potential homeowners from entering the market.
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