The housing market in Shropshire has experienced a remarkable surge, with house prices rising by almost a third over the past five years. Despite concerns about mortgage rates and the cost of living, the market continues to boom, presenting both opportunities and challenges for prospective buyers.
The Telford office of Savills, a renowned estate agent, has recently released a report on price trends to celebrate its 25th anniversary, shedding light on the optimistic outlook of the region's property market.
Recent data indicates that the West Midlands, including Shropshire, stands as the best-performing region in the country in terms of its housing market. While other areas have seen a fall in property prices, Shropshire has sustained a consistent rise in property values. According to Savills data, mainstream house prices in the county have surged by over 300% since 1998, with an impressive 31.3% increase in the last five years alone.
One significant factor contributing to this upward trend is the aftermath of the Covid pandemic leading to a shift in behaviours, with more people now seeking a change in lifestyle. The allure of a more rural setting and the need for additional space have prompted a demand for properties in Shropshire. Many individuals now find themselves attracted to the county's charm, prioritising open, public spaces in the Shropshire countryside and a change in pace from bustling urban environments.
The county's appeal is not solely confined to its natural beauty, it also boasts other attractive features, such as commutability via car or public transport to cities and towns, access to good schools and high-quality homes.
Despite the ongoing rise in property values, Shropshire's housing market presents challenges for those looking to enter the property ladder with many prospective buyers finding it difficult to afford their dream homes. In a bid to help buyers move to the beautiful county of Shropshire and surrounding areas, Shropshire Homes have introduced a Helping Hands scheme that gives their purchasers alternative routes onto the Shropshire property ladder.
The Helping Hands scheme is designed to provide incentives tailored around the individual's needs, including, but not limited to:
- Mortgage subsidies (read more here: https://www.shropshire-homes.com/news/shropshire-homes-introduce-mortgage-subsidy-its-customers)
- Simply move - support with selling your current home
- Gifted deposits
- Part-exchange
- Help with legal and moving fees
Find out more here: https://www.shropshire-homes.com/help-with-buying
The current housing market landscape may seem daunting, but findings show individuals and families looking to purchase new homes in Shropshire remain undeterred and with Shropshire Home’s new Helping Hands scheme, there has never been a better time to move. The optimism surrounding the region's property market, as highlighted by Savills' report, is also promising for the Shropshire property market and Shropshire Homes.
Shropshire Homes have a number of developments all across Shropshire and the surrounding areas, including Telford, Crudgington, Pontesbury, Orleton, Loggerheads, Ludlow and Ellesmere.
Make our house your home. Get in touch with our sales team: https://www.shropshire-homes.com/developments
Source: https://reader.shropshirestar.com/2023/07/24/shropshire-star-2023-07-24_88086933/content.html