Kate Faulkner featured on BBC Radio Nottingham with Frances Finn!

publication date: Apr 28, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Kate Faulkner featured on BBC Radio Nottingham with Frances Finn!

Latest property market update for Nottingham by property expert Kate Faulkner revealed property prices and sales volumes not really improving versus 2009.

Nottinghamshire Property Market Data

The figures above show that the East Midlands and Nottinghamshire are behind the national trends, but mainly due to the great performance of London as opposed to the region not performing.

Most agents and the forecasting business Hometrack predict the market will be pretty static this year, but this will be made up of areas such as London growing and other areas such as further north suffering further price falls. “The problem with national averages is they don’t reflect what’s happening in a buyers and sellers local area” says property expert and author Kate Faulkner.

“Even within Nottinghamshire we are seeing huge regional differences” continues Kate. The Hometrack data above shows that some areas such as Ravenshead and Kirkby in Ashfield are still in the doldrums while other areas such as Kegworth are starting to sell quite well, albeit volumes and prices are still lower than the dizzy heights of 2007. Speaking to local agents in these areas however, they are enjoying much better days, as long as properties are priced fairly for buyers.

Ravenshead (near Newstead Abbey) agents are reporting that the market is definitely picking up, especially for 3-4 bedroom family homes worth up to £300,000. Beyond that though, the market is still slow. One property recently went from agreeing the sale price to purchase with a first time buyer in just four weeks – virtually unheard of since the credit crunch!

In Mapperley near the town centre, the market used to have 65-75% first time buyers, but now it’s much more evenly spread with young families moving in, especially for good value 3 bed semis and 3-4 bed detached homes with a decent garden.

In the more leafy village of Kegworth, which has recently enjoyed a bit of peace and quiet following the ‘temporary closure’ of East Midlands Airport, the market is still moving quite slowly. 1930's style properties are proving popular and the stamp duty change seems to have opened up the area for first time buyers.

Kirkby in Ashfield is experiencing a good increase in enquiries and the number of viewings by buyers and more properties are coming onto the market. Well priced properties are selling within eight weeks, especially to property investors who like to snap up any repossessions.

One interesting trend that seems to be emerging is that buyers who are hunting for property at the moment aren’t really looking for a property to ‘do up’. It seems that they are having to move due to a change in life circumstance (for example having a baby or job). As a result, many just want to buy and move in. This decision appears to have been exacerbated by the fact that monies are hard enough to come by from lenders so everything people have is being tied up in large 10-25% plus deposits and there is little left to spend on the property.

Overall, Nottingham is performing as well as most areas around the UK. Steadily, slowly and surely, prices are starting to creep up or have at least stabilised for now and the number of properties being sold is growing month by month versus 2009.

Find out what Kate said about the Renting and Letting Property Market in Nottingham in the Frances Finn show.

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

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