Kate Faulkner's Nottingham Property Market Review January 2011 with BBC Radio Nottingham

publication date: Jan 12, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Kate Faulkner's Nottingham Property Market Review January 2011 with BBC Radio Nottingham

Listen to Kate's BBC Radio Interview here (start time approx 10.05am)

National Picture vs Nottinghamshire Jan 11

The picture for the property market for 2011 isn't looking too great - from a property price perspective. The main issue is the lack of buyers willing or able to purchase followed by sellers not keen to drop their price. The result is a stagnant market with very poor levels of sales.

Prices for Nottingham City are almost back to the lows of 2009 and may even reach that this year, while in the wider Nottinghamshire area, property prices are still down by 11% versus the highs of 2007, but still higher in 2010 than 2009.

The outlook for buyers is therefore good - as long as you know  you can afford the deposit required and your income is as secure as it can be. The trick will be though to stay in the property for up to five years to be able to gain any capital growth.

From a seller's perspective, only the best priced properties with sellers willing to accept a ‘fair price' in their local market for the property will sell. It is likely that the ‘stand off' between what buyers can or a willing to pay and sellers willing to accept will end up in a fairly slow and stagnant market this year, akin to 2009, but without the surge in activity in the latter part of the year.

Auction houses appear to be getting busier and the news on the ‘grapevine' is that repossessions are on the increase, especially in areas where buyers or investors have over borrowed. Normally I see around 5-10 properties coming through an auction house, on 27th January at Nottingham Racecourse in Colwick, Savills are running an auction for 20 properties, guide prices range from just £20,000 through to an average of £45,000.

This is good news for first time buyers, who can bag a bargain this year and also for anyone trading up, as we're picking up that the higher end of the market is a little quiet at the moment. Buyers do need to be aware though that they might not have huge amounts of choice of properties as sellers are firmly staying at home if they can't reach a price that enables them to move, and even developers are cutting back on their production - lastest reports suggest new home planning permissions from local authorities is at an all time low.

If you are selling, you either need to accept a discount for a wreck, or it needs to look like a show house, ‘inbetween houses' are unlikely to appeal to the few buyers that are out there.

Local News
Markets vary tremendously from house to house and street to street, so although the market looks a ‘bit grim' from a seller's perspective, our Hometrack data shows that areas such as Bingham are suffering a little, but still performing well versus somewhere like Arnold where buyers are few and far between, driving prices down. Edwalton and Wollaton are both very popular areas. Buyers and sellers are likely to have reasonable equity in their homes.

Nottinghamshire Property Data Jan 11

Data from Hometrack

The number of buyers interestingly is higher than last year, but according to anecdotal information from agents, Bingham is probably around 5% down year on year price wise. If you price fairly there is a reasonable amount of movement in the local market (so local Bingham people trading up/down) and of course Bingham is set to expand with the fab new A46 dual carriageway and new facilities if the planning permission for 1,000+ properties north of Bingham goes ahead.

Nearer to the City Centre the very aspirational Edwalton had a good year in 2010 - and there was certainly alot of property development on the likes of Valley Road. December was a pretty bad month though and the weather has definitely added to difficulties in getting people out to view, but the hope is that the market will do a similar amount of volume to 2010.

From a premium property perspective, talking to local agents, there is a shortage larger period, Edwardian and 1920's properties in good locations across Nottinghamshire.

Latest Industry News
Finally someone has started to listen about the importance of self building in the UK! Grant Shapps has just announced that "the country's aspiring self-builders to make a housebuilding revolution their New Year's resolution".

I'm a big fan of people building for themselves and if you take time to talk to planners first, then secure the right help, it is easier than you think and in the Nottingham area, you could build for around £150-200k in nice locations.

So, if you want to build, now is definitely the right time to secure finance, land and cracking prices for labour and materials!

We have two ‘wow' properties for this month! Firstly, with the post Xmas ‘crush' of fitting in family and friends to your home, ever get that feeling that you can never have enough bedrooms? If so, how about having 72 bedrooms and 20 bathrooms - heck of a cleaning job though!

Cranmer Street, Nottingham - 72 Beds

Alternatively, how about your own castle? Fantastic location, near Bingham and Langar (Langar Hall is my favourite restaurant by far!) is Wiverton Hall. It even has a ‘porte cochere' a carriage entrance passing through a building to an enclosed courtyard.

Wiverton Hall

Our ‘bargain basement' property for January 2011 is at the Savill's auction on 27th January (and there are lots of them!) it's 163 Windmill Lane, Nottingham, Nottinghamshire, NG3 2BH.

163 Windmill Lane, Sneinton

Supplied courtesy of Savills


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