publication date: Jan 8, 2014
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Property Market update for BBC Radio Nottingham - January 2014
Latest Property Price News
Prices are down 10% since the credit crunch, with a bit of improvement year on year. Regional comparison:-
|| East Midlands
||City of Nottingham
|Since Credit Crunch
|Year on Year
(For data charts DOWNLOAD the full article here)
Yeah some positive growth year on year for the first time in six years! However, properties are still a bargain compared to the start of the credit crunch. For example, you can buy a property in the City of Nottingham, on average, for £83,602 when at the height of the market it would cost you around £106,500. Of course, a lot of this fall is influenced by overpriced selling of new build flats in 2007.
Great news for those selling. According to Hometrack, it’s taking 10.5 weeks to sell your home, so you shave off around two and half a week’s less than this time last year. Even better if you price your property fairly, you are likely to get a slightly higher offer to asking price ratio is 95.7% compared to 93% a year ago. This means if you had a property for sale for £100,000 (and it was worth that!) then you would get offers around £93,000 a year ago and now you’d get offers around £95,700.
What’s Happening to Rents?
One in five people are likely to be renting this year, and the Belvoir Lettings’ data continues to show that rents are remaining pretty static on a national basis. Across the East Midlands rents are still great value compared to the rental highs of 2008 as you’ll pay around £570 per month instead of just over £600.
Top tip is rent sooner rather than later – stock is getting tighter, wages are likely to rise this year, so rents are predicted to increase. The trick with renting is the sooner you are in the property the better as landlords don’t typically increase rents much on an annual basis – as long as you are a great tenant!
What is interesting is with rents versus property prices, the differences are a lot less from one area to another. You might pay £250,000 for a three bed in West Bridgford, but you’ll pay £150,000 for the same property in Arnold. However, with rents they vary at most by around 5% across the area. DOWNLOAD the full article and data here
Also read:-Latest news for property buyers and renters! Local property price analysis for Nottingham, Ruddington and Arnold