Whilst prices in England and Wales remain around -4% down on the 2007/08 market high, prices have increased over 7% year on year.
For the East Midlands, Nottingham City and Nottinghamshire, it’s going to take another three or more years for property prices to recover to their previous highs even though year on year prices for these regions have increased between 3.7% and 5.3%.
Year on year house price growth in each region continues, which is good news – and we haven’t seen this level of growth for a number of years. However, prices are still lower than they were during the height which means there are still some good buys to be had. For example, you can buy a property in the City of Nottingham, on average, for £86,500 which would have cost around £106,500 at the height of the market.
News that our economy has already recovered to pre-crash levels will help to boost the property market, we just don’t know if prices will rise at this rate for a few years or gain momentum like they did in London and ‘shoot up’ in the next 6-12 months.
Buying and selling is taking less than seven weeks – down from 11 weeks in 2013!
Activity in the housing market continues and if you are selling, the good news is, according to Hometrack, it’s now taking just under 7 weeks to sell your home compared to 11 weeks a year ago. The ‘offer to asking price’ ratio has also improved slightly from this time last year, and now stands at 95.5%. In August, the number of sales agreed stands at only 0.5%, compared to 3.9% a year ago, which indicates that sales volumes remain extremely low.
What’s happening to rents?
Data from Belvoir Lettings shows that rents continue to be fairly stable on a national basis, with very little month on month change, and across the East Midlands, rents continue to be great value compared to the rental highs of 2008 as you’ll pay around £565 per month instead of just over £600.
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