Massive surge in Spa house prices

By Rob George 13/03 Updated: 19/03 09:46

HOUSE PRICES in Droitwich have soared by almost £90,000 in the past decade, according to a report released this week.

Latest research from Lloyds TSB show that the average house price in Droitwich rose from £124,561 in 2001 to a staggering £213,732 in 2011, an increase of £89,172.

The 72 per cent increase came with a warning that househunters are required to part with more than £48,000 extra, on average, to live in a spa town such as Droitwich.

House prices in spa towns in England and Wales are on average 27 per cent higher than the average price in their county.

This was almost double the average premium of £26,834 in 2001 and 89 per cent of spa towns have higher house prices than neighbouring locations.

And the rise in spa town house prices since 2001 was 12 per cent (£13,595) greater than the average increase in overall property prices across England and Wales. As a result housing affordability in spa towns has deteriorated in the past ten

years.

Prices are now, on average, 8.3 times above gross annual earnings compared to six times gross annual earnings back in 2001.

Incredibly, Droitwich recorded one of the smallest increases amongst the 18 spa towns in England and Wales along with Epsom in Surrey.

Wales saw the largest increases with house prices in Builth Wells rocketing by a staggering 170 per cent or £115,230, while a house in Llandrindod Wells costs on average £81,119 more than it did in 2001.

Househunters in Tunbridge Wells in Kent can now expect to pay £152,968 more on average than a decade ago while prices in nearby Malvern rose by 73 per cent.

Lloyds TSB Housing Economist, Suren Thiru, said: “Homes in spa towns continue to command a substantial premium over their neighbouring areas with the quality of life benefits and sense of history that typically characterise such locations still resonating amongst home buyers.

“However, as a consequence of rising property prices, housing market conditions in spa towns have become tougher over the past decade, particular for those looking to get on the property ladder for the first time.”

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