January 2010 Nottingham Property News with Kate Faulkner on BBC Radio Nottingham

publication date: Jan 6, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

January 2010 Nottingham Property News with Kate Faulkner on BBC Radio Nottingham

In Kate's regular property special with Frances Finn on BBC Radio Nottingham she gave a round-up of property prices in Nottingham versus the national figure and focused on areas such as the Vale of Belvoir, Clipstone Village, Hucknall and Ruddington. We also managed to find plenty of properties for under the zero stamp duty in Nottinghamshire and even a one bed flat for £60k in Wollaton!

Latest Property Price Statistics:-

Current National House Price from Land Registry £161,544 +0.9% monthly -0.3% annually
versus Nottinghamshire £121,267 +0.4% monthly -5.8% annually

Hometrack shows nationally, buyers and sellers are agreeing on a price worth 93% of the marketed price ie 7% less than it’s advertised for, whereas areas around Nottingham tend to be either 90% (still a tough market) to 95% (sellers and buyers matching). The number of viewings to sales in Nottingham is between 9 and 12 viewings, so about average for a normal market (it typically requires 10 viewings to secure a sale).

The time a property is advertised before an offer is secured is higher in East Midlands than nationally, as it’s taking around 8 weeks (normal market conditions) nationally, but anything from 12-14 weeks, which suggests buyers are taking their time when making offers.

Talking to local agents, we found that most of them had been kept quite busy over the Xmas and New Year holiday period and indeed we struggled to get through on the phones on Monday as the agents were so busy!

All our agents fed back that buyers were struggling with finance, especially raising 10% deposits or more, but some said the local building societies were offering 95% mortgages again (such as Yorkshire) and this was helping. It is worth all buyers checking local building societies as well as their own bank, and an IFA. Kate explained “Don’t rely on internet searching for finance, only use it for research purposes to check deals out. In today’s market you need to make the effort to talk to all those you can who offer mortgages so you can secure the finance you need”. 

Clipstone Village
Here they have had a busy period and are in need of the more traditional style semis and especially properties for investors. Buyers are haggling hard, initially offering 10-15% below the asking price but sellers are sticking to their guns, so they are typically agreeing at a 5%+ discount!

Hometrack figures show 90% offers versus asking price; 12 viewings required for an offer; no real change in prices, taking around 14 weeks to sell.

Latest Property News
On the investment front, people who invested in properties ‘off plan’ and then didn’t complete due to financing problems are being taken to court by developers and the first case was awarded to the developer – this is bad news for property investors that tried to make money from off plan purchases!

Estate agents (not letting agents) and auctioneers are reminded that, if they have not already done so, they must have registered on the OFT’s anti-money laundering register by the deadline of January 31st or you can’t trade as an estate agent. They must also be part of one of the following redress schemes: www.tpos.co.uk; www.surveyors-ombudsman.org.uk .  

Similar market to Clipstone, albeit quite a different area. The last two years though have been extremely difficult with few sales going through, but one agent described the last few months as “Brilliant, we are very busy!”.  There is a good level of property stock available and you can still get away with making sensible offers.
Hometrack figures show 90% offers versus asking price; 12 viewings required for an offer; no real change in prices, taking around 14 weeks to sell.

Vale of Belvoir
Popular area and times have been good especially helped with the lifting of the stamp duty to £175,000, but now we are back to £125,000 this could dampen sales. A bit desperate for stock at below £200k, so terraced houses and small cottages are required. As with other areas, buyers struggling on the mortgage/deposit front. Those that can afford to buy are ‘trying it on’ with offers, but sellers are sticking out for reasonable offers and the two eventually meet in the middle!

Hometrack figures show the area to be performing well with offers at 95% of marketed prices, it’s taking between 9-11 viewings to sell a property, and around 12 weeks, which is still quite high for the market, we’d expect it to take around the current national average of eight weeks.

Doing well as a village with lots of buyers and lots of valuations over the Xmas period. A bit short of Victorian properties, but homes on new estates are taking longer to shift, especially if they are three storey town houses. Kate says “I think these were a great idea but as families have lived in them, they realise the constant up and down stairs is quite irritating, especially if you have kids. As a result they are proving to tough to sell”. As always, properties that need doing up or are immaculate are popular, those in the middle tend to ‘stick’ as they don’t meet either criteria.

Interesting Properties this week included:-

Ferry Farm Park 
It’s been available for a few months now and if you are fed up with your old job and looking to run your own business may be this is it? It’ll cost you though, around £2mn for approximately £250k+ turnover to run a 20 acre visitor centre. There is the possibility of planning – according to the particulars, but it’s important to check this out first with the planners as they might not be keen!

There is a four bed home, one bed annex, a visitor centre, play areas, farm walks and paddocks – and I think animals come with it too!

Best Buy New Builds for under £125,000!
With the stamp duty limit now back at £125k, many buyers this year will want to buy at zero stamp duty, especially as they currently need so much money for a deposit. New builds are a good buy at the moment for first time/second time buyers as maintenance costs tend to be lower and the properties are more eco friendly – which means you should pay lower utility bills! 

Some developers such as Miller Homes were able to extend the Stamp Duty Holiday on selected plots as long as buyers could complete by the end of January 2010 and having spoken to them this week, they will consider extending this for serious buyers. 

New Build Properties
Worth thinking about as prices likely to rise this year – Wimpey already increased the price of some of their homes in UK (around 9%) as they sold their entire stock by Nov 09!

We found literally thousands of properties under the 1% stamp duty limit!

  • HomeBuy Direct - Little Heron Mews, Long Eaton Plot 5 - two bed apartment - £96,950 HBD
  • £125,000 2 bedroom flat for sale Plumptre Street, Nottingham NG1 (Lace Market, very nice!)
  • £125,000 3 bedroom town house for sale 1 Ravenstone Court, Hucknall, Nottingham, NG15
  • This one is even in a gated development: £124,950 3 bedroom town house for sale The Markham at Brockenhurst Gardens, Thorneywood, Nottingham, NG3
  • At a guide price of £124,995, a 2 bedroom flat for sale in Rushes Close, Beeston, Nottingham

Even though the zero stamp duty limit was reduced from £175,000 to £125,000, it's still possible to buy new build properties up to £250,000 without paying any stamp duty at all. For example, Miller Homes have sent us a selection:-

  • Sandhurst Gardens, Mansfield (Plot 16) Churchill - £219,950 Open market
  • Dukesmead, Bingham (Plot 16) Shakespere - £239,950 Open market
  • Laurel Wolds, Cotgrave (Plot 23) Auden - £219,950 Open market

Properties for less than £60k!
So if we can buy lots for under £125k, what about properties for £60K or less? You’d need £7-8k as a deposit and to cover your property costs and a 10% deposit. We found several ‘good looking’ properties on the market including:-
A 1 bed flat for sale in Wollaton for in excess of £60,000 and quite a few 2-3 bed terraced properties around the centre of Nottingham, but they are likely to be on main roads and need renovating but cracking deals! There is even a repossession being marketed for £59,950, 2 bedroom terraced house for sale in Denman Street, Radford, Nottingham NG7. It’s a three storey Victorian terraced house and might be ideal for you if you are looking for an investment or something for a family as it consists of two self contained apartments.

If you need any help with your property project, be it buying, selling, renting, letting, self build, extensions or solving a property problem, then do contact us on 07585 897128 or email enquiries@designsonproperty.co.uk.

Need help with a property problem? Have a question? Why not call Designs on Property on 07585 897128 or Contact Us via email.
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