BBC Radio Nottingham - Property Market Update

publication date: Nov 2, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

BBC Radio Nottingham - Market Update on the Frances Finn Show

Latest Property Market Update for Nottingham and Surrounding Areas

Following media reports of market growth in the first part of the year, the latest ‘downturn’ reports in the market means many areas have gone significantly quiet. This is partly due to pure bad reporting of property statistics ie using ‘year on year’ stats to say what’s happening now, not following monthly trends. The truth is for this year, most areas were pretty static, some continued to rise, some started to fall, but on average static.

Thanks to the media reports, we are definitely heading towards a very quiet end of year and thanks to the government cuts and the forthcoming ‘bad news media stories’ this is likely to last beyond Xmas and will really start hitting the market in the second half of the year. Jobs will go, the cuts will start to eat into people’s pay packets and sadly there will probably be an increase in the number of repossessions.

All these changes will keep the buying market quiet, albeit the rental market will react in the opposite way and rents continue to rise. If you want to rent next year, start looking now!

From a selling and buying perspective, areas in and around Nottingham such as Mansfield and Mapperley are suffering from a lack of buyers and first time buyers in particular seem to be struggling to secure finance and prefer to rent or stay at home.

Mansfield is suffering an oversupply of 3-4 bed properties around 15 years old are for sale which is preventing people from moving. They can’t sell, so can’t move. Any offers are £10-£15k below asking price, even when priced realistically. The situation is similar in Mapperley, although properties needing upgrading are still popular, people offering £5-£10k below asking.

Every area is different though and there will always be a property or location that will buck the trend. In our case Long Eaton appears to continue to do well having had a great couple of months and selling properties that have been around for a while as long as they are good value for money. The area is struggling to secure first time buyers, but properties priced sensibly are moving, albeit with offers coming in at £5-£10k below asking. Long Eaton is likely to be benefitting from some investor activity and it’s well priced and well located within Nottingham itself.
What to buy and rent?

If you had millions to spare, I’d suggest you consider ‘Shores’ near Fiskerton in Newark:-

Shores, Fiskerton Road, RollestonMooring, home cinema, jacuzzi, gymnasium – everything you’d need, although the laundry room only comes with plumbing for a washing machine, no washing machine itself!

If you want a bargain basement property, think about:-

Studio Flat, NottinghamStudio flat, city centre living, good location will be ‘up and coming area’ in the future. Bear in mind this is a home, not really investment, if you can’t afford much but want city centre living, then could be worth a visit. 

If you want something different how about land and barn for sale! 

A block of 8 acres Grade 3 land (apparently for arable land eg for cereals and for sheep or dairy/beef cows)

Farm Land, NottinghamApparently the government are looking to back farmers being able to build affordable homes on their land.
A recent local BBC reports suggested that farmland prices are on the up (around 20%!) so if you have £60k spare (bargain it down though...!) Might be worth a punt!

For a more indepth analysis of the whole property market, take a look at Kate's latest Property Update.


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