Latest property market news for BBC Radio Nottingham

publication date: Mar 28, 2018
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

What's happening to prices in Nottingham?

UK HPI sold data – January 18

Property prices definitely have had a little spring in their step – despite the snowy weather which often slows down property markets. Average prices have slowed however in the south, while the midlands has speeded up a little and so our local market is performing better than Nationally and the South for the first time since the credit crunch.

Having said that, versus 10 years ago, we are still seeing much slower annual house price growth that we have in the past, so this is a little ‘spurt’ which may not last long.

Good news for sellers, buyers may find properties are moving a bit faster than the past, so if you are really keen on a property it’s important to be ready to go when viewing, not wait to find out if you can afford the mortgage etc after making an offer. It’s also wise to have your proof of identity and deposit readily available – not sitting in a savings account that could take months to access.

And my pet hate: DO NOT GO ON HOLIDAY IF YOU PLAN TO MOVE UNTIL YOU HAVE COMPLETED! This is the biggest time waster and main reason, in my experience for why property purchases/sales take longer than they should.

What’s happening to Rents?

Source: Belvoir Lettings

The government’s plans to slow down investment in rental properties is starting to work – and unfortunately that’s having a big impact on rents for tenants. The government were warned they may get more people ‘on the ladder’ but this would be at tenants expense and that is starting to come to fruition. Evictions are up, I believe because more landlords are selling up and rent in the area are starting to rise after years of stagnation, so averages are now nearly £700, whereas in the past we saw £550-£600 being more the norm.

Wow property for sale

5 bedroom detached Grade II Listed house – The Ropewalk, Nottingham (£1,290,000)

Bargain property for sale!

2 bed mid terrace house – Edward Avenue, Bobbersmill £89,995

All our information is brought to you by Kate Faulkner, author of Which? Property books and one of the UK's top property experts.
This website is Copyright © Designs on Property Ltd and protected under UK and international law.