The last few years of the residential market have been incredibly active across all price sectors. Many properties have attracted more than one buyer with a number of sales exceeding their guide prices, following significant competition from determined buyers.

The market is now slowing down as the economic situation changes. There is a reduction in supply of residential property and a fall in demand says Tim Gaston, Head of Residential sales.

“Affordability is the key issue with August showing the greatest increase in base rates for the last 27 years. The rising energy costs will also have a major impact on the market.
 
”However saying all this, people continually want and need to move. As an agent since 1985 I can remember very clearly the boom and bust scenario of the late 1980s with mortgage rates well in excess of 15%. The market recovered well from this.
 
“Correctly priced, well marketed property with motivated vendors continues to sell well despite the major economic problems.

“Worcestershire and adjoining counties are blessed with some very appealing homes which remain in significant demand from both national and local buyers. The demand for working from home space is very strong.”