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Wem House Prices Wem House Prices

The average house price in Wem is £376,000 using HM Land Registry data.

The average property price increased by £62,243 (32.5%) over the last 5 years and increased by £12,440 (5.15%) over the last 12 months.

Over the last year, there were 81 residential property sales – a decrease of 13 transactions (-16.05%) relative to the previous year. The majority of house sales (26) were in the £140,000 - £184,000 range. Then came properties in the £228,000 - £272,000 range, where 12 were sold within this price bracket.

Excluding fall throughs, properties are taking an average of 78 days to sell (from being listed to completion) and the average difference between asking and sold prices is £-10,695 (-3%).

In April 2024, there were 17 new estate agency instructions, 11 agreed home sales and 5 property price reductions.

Postcodes Covered: SY4

5-Year Average Property Prices in Wem

32.5%

Property prices in Wem increased by 32.5% in last 5 years.

The trend shows the general price tendency over the last 5 years, ignoring all month-to-month fluctuations where anomalies - typically over or underpriced property sales - can skew results. These monthly variations typically do not have any long-term relevance.

We have used linear regression method. The volume of sales in a month is used to put more weight on months with a larger number of properties sold. Additionally, weighting decreases the impact of months with low sales volumes as well as the most recent month - which may consist of incomplete data. Such months have a higher variation of average sale values which may conceal the underlying trend.

From a statistical perspective, we use the least squares method to fit the trend line and weights are equal to the volume of sales squared. The volume of sales is not shown explicitly in the above plot. Also note the time lag for HM Land Registry data to appear (typically 2 to 3 months).

Average Property Prices in Wem Over the Last Year

5.15%

Property prices in Wem increased by 5.15% in last 12 months.

The trend shows the general price tendency over the last 12 months, ignoring all month-to-month fluctuations where anomalies - typically over or underpriced property sales - can skew results. These monthly variations typically do not have any long-term relevance.

We have used linear regression method. The volume of sales in a month is used to put more weight on months with a larger number of properties sold. Additionally, weighting decreases the impact of months with low sales volumes as well as the most recent month - which may consist of incomplete data. Such months have a higher variation of average sale values which may conceal the underlying trend.

From a statistical perspective, we use the least squares method to fit the trend line and weights are equal to the volume of sales squared. The volume of sales is not shown explicitly in the above plot. Also note the time lag for HM Land Registry data to appear (typically 2 to 3 months).

Property Market Heat Gauge for Wem - April 2024

Our Property Market Heat Gauge looks at how long properties in your postcode district have been on the open market before being changed to sold 'Subject to Contract' ('STC') or 'Under Offer' on Rightmove (the UK's leading property portal).

At 61 to 80 days, the broad evidence suggests a slow moving market. This can often be due to estate agency over-valuations out of sync with the realities, a market slowdown or a combination of both. In such scenarios, some vendors may either choose to wait for the market to pick up (which may result in some relisting the property at a later date). Others simply reduce the price to a level that will entice more buyer interest or approach a sell house fast or auction company like Property Solvers.

Please note that this is not an indicator of how quickly property sales are taking to complete (i.e. to go through the whole conveyancing process). This measurement also does not take into account the risk of home sales falling through.

No. of New Instructions Over the Last 12 Months in Wem

Using local estate agency reported data, this chart illustrates the number of properties that have come on to the market.

No. of Agreed Home Sales Over the Last 12 Months in Wem

Using local estate agency reported data, this chart illustrates the number of property sales agreed. Note that these figures are not fully reflective of properties completed (sold and registered as such at HM Land Registry).

No. of Properties with Price Reductions in Wem

Using local estate agency reported data, this chart illustrates the number of properties which have been seen their prices dropped (typically due to a lack of buyer interest).

Average Annual House Prices in the Wem since 1995

Using HM Land Registry data, this chart displays average annual house prices in the Wem area since 1995.

Recent Property Sales in Wem

AddressInitial PriceSold PricePrice ChangeFirst Listed DateSold DateDays to Sell
8 Lowe Hill Road, Wem, Shrewsbury, Shropshire, SY4 5UA£200,000£185,000-£15,00013 Sep 202316 Feb 2024156 Days
16 Summerfield Road, Wem, Shrewsbury, Shropshire, SY4 5BW£370,000£349,000-£21,00004 Aug 202308 Feb 2024188 Days
19 Aston Street, Wem, Shrewsbury, Shropshire, SY4 5AY£355,000£352,000-£3,00006 Jun 202315 Dec 2023192 Days
5 Somerset Way, Wem, Shrewsbury, Shropshire, SY4 5UP£295,000£290,000-£5,00021 Mar 202324 Nov 2023248 Days
9 Marne Close, Wem, Shrewsbury, Shropshire, SY4 5YE£325,000£325,000£0018 Aug 202320 Nov 202394 Days
4 Wellgate, Wem, Shrewsbury, Shropshire, SY4 5ES£325,000£319,000-£6,00014 Jun 202317 Nov 2023156 Days
29 Davies Drive, Wem, Shrewsbury, Shropshire, SY4 5YW£262,000£262,000£0004 Jul 202314 Nov 2023133 Days
19 Station Road, Wem, Shrewsbury, Shropshire, SY4 5BQ£165,000£160,000-£5,00027 Jun 202303 Nov 2023129 Days
28 Windmill Meadow, Wem, Shrewsbury, Shropshire, SY4 5YH£175,000£175,000£0023 May 202303 Nov 2023164 Days
48 Fothergill Way, Wem, Shrewsbury, Shropshire, SY4 5NX£265,000£265,000£0008 Jul 202331 Oct 2023115 Days
17 Fothergill Way, Wem, Shrewsbury, Shropshire, SY4 5NX£265,000£265,000£0012 Jun 202327 Oct 2023137 Days
5 Bowens Field, Wem, Shrewsbury, Shropshire, SY4 5AR£325,000£315,000-£10,00009 May 202320 Oct 2023164 Days
13 Station Road, Wem, Shrewsbury, Shropshire, SY4 5BQ£185,000£180,000-£5,00003 May 202320 Oct 2023170 Days
89 Eckford Park, Wem, Shrewsbury, Shropshire, SY4 5HL£127,500£112,500-£15,00012 Jun 202313 Oct 2023123 Days
8 Brook Drive, Wem, Shrewsbury, Shropshire, SY4 5HQ£265,000£263,000-£2,00025 May 202303 Oct 2023131 Days
1 Bailey Close, Wem, Shrewsbury, Shropshire, SY4 5UR£250,000£240,000-£10,00013 Jul 202329 Sep 202378 Days
39 Churchill Drive, Wem, Shrewsbury, Shropshire, SY4 5HX£285,000£280,000-£5,00026 Jan 202321 Sep 2023238 Days
Sunnycroft, Summerfield Road, Wem, Shrewsbury, Shropshire, SY4 5BW£575,000£575,000£0005 May 202315 Sep 2023133 Days
11 Pyms Road, Wem, Shrewsbury, Shropshire, SY4 5AT£175,000£160,000-£15,00005 May 202308 Sep 2023126 Days
29 New Street, Wem, Shrewsbury, Shropshire, SY4 5AE£150,000£142,000-£8,00022 Jun 202308 Sep 202378 Days

Most Expensive Streets in Wem

PostcodeStreetAreaAverageNo. of Sales
SY4 5AQSycamore DriveWem£387,0003
SY4 5NZSwain CloseWem£379,3326
SY4 5SFOakley MeadowWem£316,2147
SY4 5YDFismes WayWem£312,2498
SY4 5JECordwell VillasWem£311,0003
SY4 5HRSoulton RoadWem£297,5004
SY4 5BGSoulton RoadWem£295,0003
SY4 5EUFir Tree LaneWem£283,3333
SY4 5YEMarne CloseWem£281,6663
SY4 5NXFothergill WayWem£281,17711

Least Expensive Streets in Wem

PostcodeStreetAreaAverageNo. of Sales
SY4 5DWHomeleaHigh Street, Wem£78,8754
SY4 5JSCastle CourtWem£114,1248
SY4 5TWSomerset WayWem£116,5004
SY4 5BDCordwell ParkWem£132,1663
SY4 5YPButler RoadWem£132,2484
SY4 5BBCordwell ParkWem£133,3333
SY4 5TZLowe Hill GardensWem£137,2504
SY4 5AFNew StreetWem£146,2077
SY4 5DZNoble StreetWem£147,7506
SY4 5JTGarbet CloseWem£148,3333

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