Latest property market news for BBC Radio Nottingham - November 2017

publication date: Nov 22, 2017
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

What's happening to prices in Nottingham?

UK HPI sold data – September 17

Recently the BBC produced some data showing 58% of wards in UK had property prices at less than they were 10 years – taking account of inflation. To keep up with inflation, homes over the last 10 years needed to grow by 27% - they have actually grown in the City by 15%; in Nottinghamshire by 12% and in the East Midlands by 15%. In other words it’s cheaper to buy today than it was 10 years ago!

Moving forward to next year, we are expecting very slow growth, so a bit tougher to sell, great if you are buying as there may be a bargain or two available. Investors – well they may be selling up, so worth looking at heavily invested areas such as Bulwell and I’ve always liked places like Sherwood or if buying outside of Nottingham, somewhere like Bingham or Radcliffe on Trent is ideal. For a real bargain, head to Mansfield.

Price forecasts

Or just stay in the City Centre where there are plenty of properties available for under £90k:

  • That’s just a £4,500 deposit
  • Between two people, that’s £2,250 savings
  • The government will put in 25% of this amount via Help to Buy ISAs.
  • Likely monthly mortgage would be: £409.17 (25 years @3%) or just over £200 each
  • Need an income each of around £15-20k

Alternatively you can rent a similar property for around £500 a month, without paying any buildings insurance or maintenance and you are free to leave within a matter of months.

Rents expected to be fairly static over the coming year as they tend to move in line with wages, so average is ranging from around £600 to £650 in the Central, £1000 a month in the likes of West Bridgford, midway for West Nottingham such as Beeston.

What’s happening to rents?

Latest news – all change on property!
The government is asking for feedback on a wealth of initiatives from:

  1. Banning fees for tenants

  2. Improving buying and selling process

  3. Reviewing smoke/carbon monoxide alarms in PRS

  4. Changing the way leasehold is managed

  5. Potential new electrical safety standards in the PRS

GET INVOLVED! See them all here.

Wow property for sale
5 bedroom detached new home – Melton Road, Edwalton (Price guide £4m - POA)

Bargain property for sale!
2 bed end terrace house – Holcombe Close, Aspley, Nottingham £70,000


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