Demand for Malvern homes leads to call for more building

Sam Narr has been frustrated in his attempts to buy a house in Malvern

A Worcestershire town needs more than five years of sustained housebuilding to meet demand for properties, a housing developer has told the BBC.

Roy Pendleton said house prices in Malvern would not stabilise until that happened.

One potential buyer, Sam Narr, has spent 18 months fruitlessly searching for a property with his partner.

"It's wildly frustrating. You're always told to invest your money in property as an asset," he said.

The 33-year-old, who runs a communications agency in Worcester, said he was considering changing his plans and staying in Worcester or even looking to move abroad.

"In Malvern, it's either really small new-build houses or old homes, that have re-purposed into flats and it's not right for us.

"The larger, older properties are expensive, they also have a low EPC rating and given the energy bill crisis we are in, on top of interest rate rises, you're going to be paying a lot more money in Malvern."

Colin Townsend said more homes were needed in Malvern

Colin Townsend, from John Goodwin estate agents, said the town had become a "hotspot" for buyers from the south east.

Figures from Rightmove suggest the average house price in Malvern is £339,704, a rise of 14% compared to 2020.

Mr Townsend said the movement of people from wealthy areas after the Covid-19 pandemic increased demand for properties and there was a shortage of medium-sized ones.

Detached properties in Malvern fetched an average price of £472,903, analysis from Rightmove showed.

Data from the Ministry of Housing, Communities and Local Government revealed 2,320 homes were built in Worcestershire in 2018-19 and this fell to 1,730 in 2021-2.

In Worcestershire the average property sells for £345,629, 17% higher than 2017

Local developer Court Property wants to add to the 300 homes they have already built in Malvern, Worcester and surrounding villages.

Company director Roy Pendleton said existing brownfield land was not enough and there must be flexibility in the planning system and more land offered up for sale.

He said: "A lot of the planners are good people and well experienced, but they are working within a system which sets out very rigid rules for finding and giving permission for land."

Roy Pendleton said: "First time buyers are in a very difficult position."

The ongoing rise in interest rates was also having an impact on finding a home, Mr Narr said.

When he started looking for homes, mortgage rates sat at about 4% for a fixed deal and now they were more than 6%, on average.

Mr Narr said buying a property would be £300-400 a month more expensive than renting.

He said: "There needs to be an effective social housing system across the UK and there needs to be blanket affordability.

"The runaway prices and interest rates are obviously unsustainable."

Malvern Hills District Council has been asked for a response.