£1.85bn – The total value of the Evesham property market

How much would it cost to buy all of the homes in Evesham?

This fascinating question was posed by the young son of one of my Evesham landlords when they both popped into my offices before Christmas. I thought to myself, that over the Christmas break, I would sit down and calculate the total value of all the properties in Evesham… and just for fun, work out how much they have gone up in value since his son was born back in the autumn of 2002.

In the last 14 years, since the autumn of 2002, the total value of Evesham property has increased by 44% or £565.98 million to a total of £1.85 billion. Interesting, when you consider that the FTSE100 has risen by 68.9% and inflation (i.e. the UK Retail Price Index) rose by 38.7% during the same 14 years.

When I delved deeper into the numbers, the average price currently being paid by Evesham households stands at £202,439.… but I didn’t stop there. I then split the local property market down into individual property types in Evesham and the average numbers look like this…

Evesham Property Market

Average Value of a Detached Property

Average Value of a Semi-Detached Property Average Value of a Terraced/Town House Property

Average Value of a Flat/ Apartment

£252,207 £197,406 £172,790

£85,983

My research then became even more fascinating when I multiplied the total number of each type of property by the average values. Even though detached houses are more expensive, when you compare them with the much cheaper semi-detached houses, you can quite clearly see detached properties don’t fare dramatically better in terms of total pound note value of the semi-detached houses.

Total Value of Evesham Detached Properties

Total Value of Evesham Semi-Detached Properties Total Value of Evesham Terraced/Town House Properties Total Value of Evesham Flats/ Apartments
£669,105,171 £583,137,324 £443,897,510

£156,145,128

So, what does this all mean for Evesham? Well as we enter the unchartered waters of 2017 and beyond, even though property values are already declining in certain parts of the previously over cooked central London property market, the outlook in Evesham remains relatively good, as over the last five years, the local property market has been a lot more sensible than that of central London.

Evesham house values will remain resilient for several reasons. Firstly, demand for rental property remains strong with continued immigration and population growth. Secondly, with 0.25 per cent interest rates, borrowing has never been so cheap and finally the levels of new house building in Evesham are still not keeping up with demand, let alone eating into years and years of under investment. Yes, we may be in for a bumpy ride over the next 12 to 24 months but in the medium term, property ownership and property investment in Evesham will more than likely ride out the storm.

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