Latest property market news for Radio Nottingham - July 17

publication date: Jul 18, 2017
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

What’s happening to prices in Nottingham?

UK HPI sold data – April 17

The Nottingham market remains buoyant with prices up, on average around 3-5%. The good news though is although it’s on the up, we aren’t seeing the runaway double digit annual growth we’ve seen ‘down south’. So it is really an ideal market for both buyers and sellers. And the good news is that, in the main, most people should have recovered from negative equity.

There is lots of talk of a ‘crash’ at the moment, but in the main, that’s just it, talk. Overall, demand has fallen due to a loss of buy to let investors and less people moving, but affordability and lending criteria is tightening, so the growth we’ve seen in demand from first time buyers may well now harden.

The big question is will this cause sellers to panic and put their home on the market, raising stock levels, or will they decide to batten down the hatches and stay put?

Currently, it looks like less buyers and less sellers too, but it’ll take the Autumn to really know how people will react.

Read more about our latest property price changes and my chat on the future of property prices with Paul Lewis on MoneyBox, including professor Paul Cheshire’s views.

Latest news story – Dulux Weathershield index uncovers buyers favourite colours
I’ve been working with Dulux gain on their Weathershield index which this year suggests people would pay 25% more for a property that has a beautiful exterior. People are easily put off a property which has flaky and peeling paint and especially if there is any mould showing.

Top colours for sellers to paint their homes are:

  1. White
  2. Blue
  3. Yellow
  4. Green

Top colours for sellers to paint their doors are:

  1. White
  2. Cream
  3. Grey
  4. Blue
  5. Red

What’s happening to Rents?

Source: Belvoir Lettings

With the buying and selling market slowing a little now and economic uncertainty creeping into to people’s mind sets, worsened by the fact that wages aren’t keeping up to date with inflation, this all puts pressure on people’s finances. As a result renting over buying can be a popular choice. And with less stock coming onto the market due to government increasing landlord taxation, this is helping to drive up rents from the start of the year, although when compared to last year, rents have stabilised in the City Centre, but continued to rise by nearly £50 a month in the west of the City.

For more on rental market trends, read our rental report and the Belvoir Index.

Wow property for sale
4 bedroom detached country house – Main Street, Papplewick for £1,450,000.

Bargain property for sale!
2 bed mid terraced house – Bulwell, Nottingham £77,000.

Even though this may sound like a low price, you may even be able to get it for less – others last year sold for around £70k.

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.