Nottingham Property Market Performance

publication date: Mar 25, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Nottingham Property Market Performance

Nottingham property prices are faring well against the backdrop of the recession. The all time low since the credit crunch of average property prices at £119,233 has now been overtaken by an average price of £125,000 taking the ‘average home’ into the 1% stamp duty bracket.

However, average property prices always distort what’s really happening in the property market and we can see that the number of properties being sold is very low compared to 2007. In fact property transactions are still 45% less than the ‘good days’ and compared to the national figure, this is much lower, suggesting that Nottingham property is recovering at the moment from a price perspective but volume isn’t. This is likely to mean that property prices in this region will not continue to grow too much this year.

Within Nottingham, as ever markets are performing differently:-

Burton Joyce 
Agents report they have been very busy since the start of the New Year, sales picking up and more properties coming onto the market. They do have a shortage of properties in the £300k - £400k region. Burton Joyce is a large village, and pleasant area to live, good facilities (restaurants, library etc). In fact one property had been on the market for three weeks and over the weekend they received three offers, all at the asking price, and now the property has exceeded its asking price!
Has had a slow start to 2010 but picked up a bit and performance seems to be slightly better than at the end of 2009. There are a few more buyers on the books and no particular shortage of properties, but lack of finance/lending to first time buyers is still proving a problem.          

Things have been slow to moderate since the beginning of the year, price is still key – properties have to be priced keenly to sell. They did have a high number of repossessions on the market late last year, but this is now reducing, and the sale price of repossessions has increased slightly. Finance for first time buyers is still an issue, particularly as their market is very first time buyer orientated. A few more properties are now slowly coming onto the market.  

This is one of the most popular areas in Nottingham, activity has been good, price is key to selling and some vendors hear that the market is 'improving' and as a result, feel they can ask 'unrealistic' prices which holds sales back. Those properties that are sensibly priced are selling, particularly family properties. There is a shortage of traditional Edwardian and Victorian properties.

Take a look at our up to date property market analysis, for statistics on buying/selling, renting/letting, auctions, property investment, land/self build, new homes and overseas.

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