Nottingham Property Market update for BBC Radio Nottingham - Dec 2014

publication date: Dec 10, 2014
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

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Nottingham Property Price Update

Latest property price news

Property prices in England and Wales continue around -3.5% down on the height of the market in 2007/08 market high, although year on year, prices have increased over 7.5% according to the Land Registry.

To date we have seen a year on year price rises for these regions of between 4.6% and 8.3%.

Our expectations are it’s going to continue to take a bit of time for prices in the East Midlands region, city of Nottingham and Nottinghamshire, to recover to their previous highs.

 

    East Midlands        Nottinghamshire   City of Nottingham
Since Credit Crunch -11% -11.8% -14.7%
Year on Year 5.7% 4.6% 8.3%

 

National Picture vs Nottingham

 

House price growth continues in each region, year on year, although there has been little or no change in prices on a month on month basis. Prices remain lower than they were during the height of the market, so there are still some good deals to be had and some sellers will sadly still be 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 November 14 compared to October 14 is down -11% while the number of sold boards put up is also down by 5%. This is a worse performance versus the previous year.

For the East Midlands, the number of new for sale boards erected during November 14 compared to October 14 is down substantially by -20%. This suggests there is a lot less stock coming onto the market and as this time last year, the number of boards going up for sale were increasing, it’s not great news. And it’s the same with sold property boards – 9% less sold boards erected in November this year whereas in the previous year there was a good increase in sold property boards being erected.

All this says is that there is a seasonal slow down for sure and we won’t know until next year whether the market will bounce back or we move into a slow growth period.

Forecasts from Savills, Chesterton and Knight Frank suggest the later, with growth expectations of only 2-3.5% in 2015. 

 

Will the recent stamp duty changes help?

23% of home movers actually pay nothing anyway, but for those buying over £125,000 and up to £400,000 then yes some really good savings to be made – especially between £250,000 and £400,000.

 

What’s happening to rents? 

The latest data from Belvoir Lettings shows that rents remain fairly stable on a national basis, with very little month on month change. Rents also continue to remain fairly static throughout the East Midlands and within Nottingham.

 

Nottingham Areas

 

Belvoir East Midlands

 

Local property price analysis for Radcliffe on Trent and Hucknall Property Markets

How is the Radcliffe on Trent area of Nottingham performing?

Agents report a good year with a buoyant market and slight price increases. The confidence of purchasers certainly returned which saw buyers returning to the market. They are currently experiencing a lack of supply across all types and styles of property, including 3 bed semis, larger houses and bungalows. The market has been competitive, but still price orientated so vendors still have to price sensibly. Looking forward to 2015, the election may prove a distraction to buyers and sellers, however with interest rates remaining at an all-time low, and likely to stay low for some time yet, this will undoubtedly continue to help those wishing to buy.

It was brilliant news about the new Stamp Duty levels/tiers, which is a much fairer approach. A recent example of how the new level helped purchasers - their Stamp Duty bill dropped from £9,000 to £5,000! Unlikely to see the level of price increases during 2015 as seen in 2014, but should be a strong but stable market.

 

How is the Hucknall area of Nottingham performing

Local agents say the market is slightly quieter than this time last year, however, there are still a good number of buyers looking for properties, but far less properties coming onto the market. Traditional 3 bed semi-detached houses are still in good demand but very few coming onto the market and there are very few property investors around at the moment.

Good news about the new Stamp Duty levels, particularly at the lower and mid-price ranges. As far as 2015 is concerned, they see the market 'tightening up' a bit next year, with fewer people wanting to sell, but with a reasonable level of purchasers still wanting to move. Not much movement in prices predicted in 2015.

 

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