Kate Faulkner's Nottingham Property Analysis from BBC Radio Nottingham

publication date: Oct 18, 2012
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Kate Faulkner's Nottingham Property Analysis from BBC Radio Nottingham

National Picture vs Nottinghamshire
Source: Land Registry

Property in the City of Nottingham is now at the lowest it's ever been - down to an average of £84,372, 21% lower than the heights of 2007/8 and a little lower than the worst averages seen this year back in February. Over the last few months, the wider market in and around Nottinghamshire and East Midlands has remainded pretty stable, as does the national average.

It's not a massive surprise that for every ten properties for sale, only one is actually getting sold. There are huge numbers of ‘city centre' apartments and some city apartments are selling for half their value - even having been bought back in 2006:- 

Flat Prices in Nottingham
Source: Land Registry

There are properties bought in 2002 in the centre of Nottingham which have sold for less money in 2011 and 2012. 

Flat Prices in Nottingham
Source: Land Registry

According to Hometrack, on average, sellers are getting offers of around 93% of asking prices (eg a house marketed at £150,000 would get offers of just under £140,000). It would currently take just over 13 weeks (or three months) to sell a property, but on the bright side, there are slightly higher number of sales agreed, suggesting people are getting a bit more realistic about making and accepting offers. 

The rental market is also pretty much in the tenants' favour, with rents NOT rising as reported by the media, and not even keeping up with inflation. On the whole, we have a pretty good bunch of landlords who look after their tenants. Rogue landlord and letting agents are easy to avoid and you just have to ask for the right paperwork:-
Any letting agents need to be ARLA or NALS registered, otherwise you could end up losing all your money as a tenant/landlord.

Focus on Finance
The market isn't doing too well as there are so many people who would normally be buying rather than renting or staying put. We are currently buying and selling half the number of properties and have been for since 2008. However, part of the being in the doldrums is because there is so much ‘bad news' in the media about how difficult it is to get a mortgage - and first time buyers are pretty much being told ‘no chance'! Many agents tell us funding is really tough for buyers, but when I spoke to local building societies such as the Mansfield and the Nottingham, both have money they want to give to good buyers.

The Mansfield stated they are "open for business and keen to lend!". Both building societies have 95% mortgages, will lend on shared ownership properties and have specialist First Time Buyer mortgage packages. So from a financial perspective, don't believe all the scary headlines you read about needing tens of thousands of pounds for a deposit. We have one of the best value property markets of any city across the UK. For example, if you bought a two bed terrace for £60k with a friend, you would only need you to find £1,500 each for a deposit and secure a £28,500 mortgage. Or you could buy a property yourself and rent out a room, getting up to £4,250 per year extra income tax-free to help towards your bills.

Centre of Nottingham
Sales of properties under £100k are going very well according to the Nottingham Building Society. What's tougher is to sell properties for £160k and above which are typically to people trading up as opposed to first time buyers and investors looking for a bargain. One of the benefits of the current market for those who are buying and selling is working with much smaller chains. Normally you'd have around seven properties and families involved, now it's about only three properties, which does mean it can be quicker and less hassle as long as the lawyers work hard to pull the sale and purchase paperwork together.

According to Haart operating out of West Bridgford, things are pretty good at the moment. Cotgrave offers great value for money in the local area and has all the facilities you would need including good pubs, shops, leisure, library and a dentist. I also know they have the best cake shop ‘Grannies' for miles - when my Dad was poorly, we used to eat there every week! As a former pit area, the properties are all pretty family orientated and you can get a good sized home for £90-£120k. So for those who want decent space both inside and out, Cotgrave is definitely worth a visit.     

Featured properties:-

Cheap property to rent in the centre of town - 1 bedroom, ground floor flat - £299 pcm

Quirky property - a two bed pub for sale: £49,950 leasehold

Amazing and wow property! - a four bedroom maisonette to rent for just £3,500 per month - located in Newcastle Circus, The Park, Nottingham!


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