BBC Radio Nottingham Property Market Round Up

publication date: Dec 20, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

BBC Radio Nottingham Property Market Round Up


How is the Local Housing Market?

Listen again to Kate Faulkner (approx 1hr 10 mins in)

National Picture vs Nottinghamshire Dec 11

Property prices did quite well considering all the bad news in the market place over the last six weeks, especially including the Christmas slow down.

Prices remained pretty stable for the East Midlands and Nottinghamshire, and the only real falls month on month were seen in the City Centre. In the main, property prices are heading back to the 2009 lows and 2012 is likely to see the East Midlands' and Nottinghamshire averages slip back to those levels, while the City of Nottingham could see a fall below the lowest average we've seen so far of £85,500.

For those who have the cash available, 2012 could be a good time to buy. News of rising unemployment, continued bad news from the Eurozone and a likely slow down even in the Chinese powerhouse, could end up with property prices dipping below 2009 lows, making properties a bargain for those that can afford to take a risk next year.

If you are struggling to sell at the moment, then you'll either have to drop your price next year or find a way to rent the home out so you can move on as it's unlikely the buying/selling market will recover much for the East Midlands areas in 2012. 

From a rental perspective, if you aren't buying next year and fancy moving into a new home, then beware that prices are likely to rise in 2012.

Rental Prices Dec 11 - East Midlands

They won't be rising to the extent some media reports have suggested and in fact, rental prices in Nottingham are recovering to previous heights in 2008. However, competition for property will be high, so you need to:-

  1. Have better references than other tenants
  2. Already have your deposit prepared
  3. Check you have a good credit rating
  4. Make sure you turn up for viewings on time
  5. Get any paperwork back to a letting agent asap

It's important to remember though, however desperate you are for a property, NEVER rent without:-

  1. Checking the property's Energy Performance Certificate when viewing (this shows you how much it will cost to heat the property and how cold you may be in the winter!)
  2. Making sure the property has gas and ideally electrical safety certificates 
  3. Finding out which tenancy deposit scheme your money will be protected in 

If you rent through an agent, most ARE NOT regulated and can run off or go bust taking your money with them at any time, so make sure they are ARLA, NALS and/or Safe Agent registered.

Market Focus on Radcliffe on Trent and Hucknall

Having been a bit full of ‘doom and gloom', the market as always depends on your property on your street. Looking at what's happening locally, we've focused on Hucknall and Radcliffe on Trent.

Two markets are quite different. In Hucknall there are over 600 properties for sale, with around 100 sold, suggesting for every 10 properties for sale only 1.5 are actually selling. In contrast, for Radcliffe on Trent, out of just over 100 properties for sale, 25 are sold, so one in four properties for sale are sold. Both still far away from the market heights pre the credit crunch, for every ten properties for sale four would have been sold.

What's happening in Radcliffe?
According to Ben Mardel from Richard Watkinson and Partners, the market is much better than a few years ago. The main problem is a lack of stock as the only buyers left in the market are fairly serious. Good properties that are well priced tend to be sold when they come onto the market. Prices are stable and buyers appear to becoming immune to the bad news having been hearing it for the last four years!

Popular properties are for those trading up or down to properties under the £250,000 stamp duty threshold are two and three bed homes.

Christmas story - we usually knock estate agents, but I thought I'd do some stories to show Estate Agents aren't just there to sell your home, but they also often ‘go the extra mile' regularly for their clients.

For example, Ben managed to put a deal together for a buyer which meant negotiating extra land so they could house their pygmy goats! 

What's happening in Hucknall?        
According to Roseanne Bailey of Donna Rose things are quiet at the moment, mainly due to the Christmas slow down. Few first time buyers look to purchase at this time of year, most are worrying more about enjoying the Christmas holidays and taking a break.

Instead of buying this time of year, they are looking at renting instead and despite the new government initiatives to work with developers on a Mortgage Indemnity Scheme (protects the lender should prices fall) few know they can secure a 95% mortgage to purchase a new home of their own.

Hucknall's market is a mix of buyers and property types, but over the last few weeks, four bed detached homes have taken the lead in sales over two bed terraces. It's likely too that although this is a great time to buy a property, even property investors want to take some time off!

Looking forward to the New Year, Roseanne is hoping for a good amount of stock, sadly mostly due to the three ‘D's: death, divorce and debt and although prices aren't likely to move much next year, at least a decent number of properties for sale should help to attract buyers back into the market.

A good news story: A couple were desperate to sell under a time limit as they were emigrating to Australia and wanted to spend Christmas with their family. Finding it tough to get everything done in time, they managed to push the sale/purchase through and succeeded! 

Wow Property between Carlton and Calverton, north of Burton Joyce

Wow property between Carlton and Calverton, north of Burton Joycexx

4 bedroom, award winning contemporary home in Lambley - approx 8,300 sq ft!

Beautiful modern property with swimming pool, lake, home cinema and a separate self contained annexe, just under 3 acres.

Bargain Property

Bargain Propertyxx

2 bedroom end of terrace, near Hucknall town centre and there are two bed flats for sale for under £50,000.

Unusual Property

Unusual Property with Cavesxx

5 bedroom detached house for sale - £1,600,000 - Park Terrace, Nottingham

An opportunity to acquire a fabulous detached residence in one of the most sought after locations within The Park Estate, a very rare find. Includes a cave!


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