Kate Faulkner's Property Update on BBC Radio Nottingham with Frances Finn
(Start time approx 10am)
The latest sales data for the Nottingham market suggests we had a quiet start to the year, but things are definitely starting to pick up. No doubt the recent lovely weather we have had will help as people often get out and about to look for a new home when it’s sunny!
As always, it’s a different picture in different areas across Nottingham. This month we’ve focused on Burton Joyce, Ruddington and Bestwood.
According to local agents in Burton Joyce, the popularity of the area continues to grow, especially as fuel prices are going up, it’s near enough to the City not to be too expensive to get to and local facilities are all within easy walking distance.
Currently there are lots of buyers looking to trade down from larger houses, mostly due to retirement and people sadly getting divorced, although this is a trend that is likely to continue to go up as we have an ageing population and predictions are that divorce will grow to 60% in the coming years.
For sellers not sure whether to put their homes on the market, there are plenty of buyers looking to do up a property. They are likely to want to get a good price and are looking especially for character properties. For those that are more adventurous, there are three building plots available in the village, so head to Buildstore if you are interested in finding out more about how to do it and how to secure finance.
The area typically splits into two parts, ‘Old Bestwood’ and 'Bestwood Park'. In Old Bestwood, there are some fab bargains to be had for first time buyers ranging from £50-£75k. Although the properties are ex-local authority, and they may not have great capital appreciation in the future, they are well built and have good gardens, so if it’s a home you are after at a good price, near the City Centre, this is definitely the place to start looking!
There has been a new development called ‘College Heights’ which over the last few years has been a bit of a victim of the credit crunch, so tough to sell and then people ended up in negative equity as they were new builds, but the development is definitely starting to sell again.
Bestwood Park area is a bit more up market so prices tend to be £65k-£95k, so popular with young families and this is a busy market for investors, especially for those wanting to rent to families. It’s not performing great year on year, so don’t be too optimistic on pricing or the property will sit around and it’s better to sell prior to the summer when the government cuts are bound to kick in.
This area has a great location, easy access to the City Centre, good facilities but with a real ‘village’ and country lifestyle feel! As a result it’s popular, so prices tend to be higher and where people can they often want to stay in the village.
Talking to Nathan Henshaw from Intercounty, unlike most other areas, Ruddington has been busy since Xmas, with smaller properties selling very well and the only ones struggling a bit are £300-£350k upwards as this bracket seems to pull people towards nearby West Bridgford.
There are first time buyers around, whether its for a smaller property or a detached house and this isn’t typically an area for investors, so mostly young couples or families. According to Nathan if you price right you can sell well with one property selling in just four weeks.
Overall, Ruddington appears to be a real contender for those wanting to live ‘south’ of the river and hopefully this will continue throughout 2011.
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