Perusing the property press as usual I was interested to see the Halifax have recently reported that the value of private housing has risen by 53% over the last 10 years.
Perusing the property press as usual I was interested to see the Halifax have recently reported that the value of private housing has risen by 53% over the last 10 years. This is of course an average across the country and when looking at the regional figures the West Midlands shows a 30% rise. When taking into account inflation, a property would have to have increased in value by 33% just to have retained its value over the 10 year period.
I decided to do a little research and find out how prices in Evesham compared with these statistics.
I found that a 2 bed flat in Wood End sold recently for £160,000, and in 2005 it sold for just under £120,000, representing a 33% increase, thus just keeping pace with inflation. However a 3 bed detached house in Falkland road sold for £189,000 in 2005 and recently sold for £206,500, thus showing an increase of only 9.3%. A 2 bed terrace in Forest Gate only achieved an increase of 4.5% selling at £132,000 in 2005 and then again recently at £138,000. Faring slightly better with an increase of 24.2% was a 2 bed flat in Rose bank which sold for £95,000 in 2005 and recently changed hands at £118,000.
So, not good news for some investors who bought in 2005, but with properties in Evesham still not reaching those dizzy heights of the boom then it could indicate that now is a good time to buy.
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