Residential People has learned that the town of Droitwich has become a landlord hotspot in the last 12 months, thanks to an increase in rental growth.
According to market data revealed by the award-winning estate agency, Nicol & Co, rents in Droitwich Spa are as much as 30% higher than those in nearby Worcester.
Matt Nicol, managing director of Nicol & Co, said that while landlords could expect average monthly rentals of £605 in Worcester and £685 in Malvern, in Droitwich, the figure is nearly 30% higher at £813.
“Rental growth of 5% has been seen in Worcester over the last 12 months, while in Droitwich and Malvern the figure is 9%.”
Local market sales show that Droitwich had 604 sales with average prices around £250,000, while in Worcester the average sales price was 12% lower at a little over £221.
While national average house prices have shown a marginal 0.7% year-on-year growth, the strongest UK growth was in Wales, where house prices rose by 4.2%
According to data released by the HMRC, sales in August were 0.9% higher than the same period last year, marking a significant turnaround from a -14.8% fall in July.
Matt Nicol said: “There is no doubt that political and economic uncertainty over Brexit is playing a role in the housing market, and a swift resolution, however unlikely that may seem at present, is urgently needed to provide support and confidence across the wider UK economy.