Dec 2010 - South Worcestershire Development Plan

SOUTH WORCESTERSHIRE ANNUAL MONITORING REPORT 2010657.16 Other factors not looked at in specific detail in this AMR but areconsidered of equal importance in determining future demographics &housing need / demand include:• Migration into and out of South Worcestershire;• Vacancy rates and second homes;• Unmet housing need and backlog;• Housing needs assessments;• Infrastructure and delivery; and• Other issues such as environmental considerations, housingaffordability issues.Property Prices by Type7.17 In July 2007, after a prolonged period of growth, the housing marketbegan to decline rapidly, and in 2008, property prices plummeted. Until2007, property prices had peaked at around £266,234 in the MalvernHills District and £250,211 in Wychavon. These two areas were abovenational and regional averages and had the two highest prices in thecounty (WCEA 2008/09 and 2009/10).7.18 Terraced and Flats / Maisonettes have experienced the greatestpercentage change over the three years. Between the third quarters of2007 and 2008, Malvern Hills District experienced a 14.8 percentagechange drop in flat and maisonette prices. In the third quarter of 2008and 2009, prices then rose by 30 percentage points from the original -14.8% to 15.2%. This shows that house prices have steadily started toincrease, as the country begins to recover from the recession. Flatsand Maisonettes in Wychavon and Worcester City however dropped -14.5% and -24.4% respectively, from the original figures of 3.5% and5.5%. Malvern Hills District has seen the most growth in house pricesout of the three authorities, with a 21.5 percentage point increase inprices of Terraced houses in the third quarters between 2008 and2009. House prices of terraced houses in Wychavon and Worcester