Nottingham property market update for BBC Radio Nottingham - March 2015

publication date: Mar 26, 2015

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Nottingham property market update

Latest property price news
Property prices in England and Wales are around -2.2% down on the market high of 2007/08, with a year on year price increase of 6.7%, according to the Land Registry.


   

  East Midlands

  Nottinghamshire    City of Nottingham
Since Credit Crunch   -9.9%   -11.3%   -16.2%
Year on year   4.7%   4.7%    4.8%

 

 


Notts

House price growth seems to have stalled in Nottingham City Centre at the moment and even dropped back a little, although Nottinghamshire and East Midlands seem to be moving forward. Prices are still good value in the region as they remain lower than they were during the height of the market. However for some this won’t be great news as it could well mean many are still in negative equity.

Housing Sales Activity
According to the Property Activity Index from Agency Express, nationally the number of new for sale boards erected during January 2015 is 51% versus 38% in January 2014, while the number of sold boards put up is up by 1%.


For the East Midlands, the number of new for sale boards erected during January 2015 is 26% compared to 42% in January 2014, with -21% less sold boards erected in January of this year versus -16% the previous year, suggesting the market isn’t moving at anywhere near the rate it used to be.

What’s happening to rents? 
Belvoir Lettings’ data shows some small increases in rents on a national basis compared to a year ago. Across the East Midlands rents remain good value compared to the rental highs of 2008 as you’ll pay around £577 per month instead of just over £600.

East Midlands

Nottingham

Local property price analysis for Cotgrave and Clifton Property Markets

How is the Cotgrave area of Nottingham performing?
The market is very active, particularly with first time buyers, whose numbers increased after the change in Stamp Duty levels were announced. In Cotgrave, properties for first time buyers are selling quickly at the moment and at a good price, for example, one property in Thorntons Close had secured buyers within two weeks of the property going onto the market. The type and style of properties first time buyers are looking are ex local authority/pit houses and 1980s and 1990s built homes, which they particularly like. Other buyers are made up of quite a mix - downsizers, those moving up the ladder, second time buyers etc.


Regarding property investors, there is no evidence that first time buyers are competing with buy to let investors, as BTL investors obviously look to purchase at as lower price as possible, ideally below market value to ensure the best growth/returns.

Barratt Homes and David Wilson Homes will be starting a new development in Cotgrave (Hollygate Park). The development will comprise 1-3 bed properties, which will be constructed by Barratts, and the larger 3-5 bed properties will be built by David Wilson.

How is the Clifton area of Nottingham performing?
The market has been very buoyant in Clifton since the beginning of the year, with all different types of buyers. The change in Stamp Duty levels haven't made a huge difference to demand as properties tend to be at the lower end of the price spectrum and do not incur Stamp Duty.


Properties are selling very quickly with stock not replacing these as quickly as they are being sold. There has also been some uplift in the final selling price of properties due to competition. The work on the new tram line and the dualling of the A453 is certainly helping to generate more interest from buyers in the Clifton area, together with the fact that buyers tend to get more property for their money than other neighbouring locations.

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