publication date: May 8, 2013
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Kate Faulkner's BBC Radio Nottingham Update
Both the property price data and the agents we've spoken to this month suggest Nottinghamshire is descending into markets which are chalk and cheese.
Some properties in the centre of Nottingham which were overpriced in the boom continue to sell for half the amount and this drives average prices down.
In Nottinghamshire, versus England and Wales where prices are down around 12% - suggesting a fairly static market, however Nottinghamshire are still 17-22% down versus 2007 heights. When you add in the impact of inflation, it is going to take over five years for prices in the area to recover, and it could take 10 years to catch up, especially when you take inflation into account.
From a rental perspective things are looking a bit brighter. Tenants are pretty much paying what they did five years ago, so they've made a good decision not to buy.
From a landlord perspective, rents are recovering and for those looking to expand their portfolios, as long as you build capital growth in from the start and make sure you have yields of over 7%, now is an excellent time to buy to let or invest in property.
According to Belvoir Lettings, the average rents for Nottinghamshire reached £592 per month, the highest achieved since we started tracking rental prices in 2008. Rents for Q1 2013 were 6% up on Q4 2012, but just 1% up versus Q1 2012. This is a slightly artificial picture however, driven by higher than average rents in West Bridgford, one of the more affluent areas in the county. Other areas such as Mansfield, Newark, Nottingham South and West, have all remained fairly static for the last five years. Nottingham City though is showing a steady rise in rents over the last few months.
The advice for tenants is to rent sooner rather than later this year, or prices may continue to rise.Bingham versus Ravenshead
Two completely different markets, one recovered, one still in the doldrums, although seeing a seasonal lift:-
|Average sold versus properties for sale
|Average time to sell
|Average 2 bed terrace
|Average 3 bed semi
The Bingham market is seeing all buyers coming back into the market, including first time buyers, thanks to the help from the government. All property types and conditions are selling well.
Ravenshead sees the odd property selling quickly, such as a recently sold bungalow in great condition, but it's a tough market as was 2012, and sellers have to be very realistic about achievable property prices.
Wow property for £1.75 million amazing property!
It says it's a five bed property, but it looks like it has 100! It comes with it's own swimming pool and somewhere for a helicopter to land and there are pictures of deer running around the acres of land. Absolutely beautiful!
Bargain basement studio flat to rent in the Park for just £350 per month. No deposit to save for, no maintenance, city centre living at it's best - but at a bargain price.
Unusual property for just £30k in Worksop - a Methodist Church to convert to a beautiful home.
There are three essential tricks to buying, selling, investing or renting a home:-
- Have a list of things to do in advance
- Make sure you do them in the right order
- Work with high quality award winning companies who are members of trade organisations
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