BBC Radio Nottingham Property Market Update

publication date: Nov 8, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

BBC Radio Nottingham Property Market Update with Kate Faulkner

Property in Nottingham

Listen again to Kate Faulkner (approx 1hr 13 mins in)

Prices Faltering ‘on average' with equity poor areas suffering falls and cash rich areas surviving well!

National Picture vs Nottinghamshire

Since the credit crunch, prices tend to rise through the peak buying period in Spring and fall during the Winter months. This Autumn/Winter is however slightly different, as for the first time prices around some areas of the UK are falling BELOW the 2009 lows, pointing towards a double dip.

Nationally however, we are some way away from this with the average house price being £162,109 just 12% down based on highs before the credit crunch, while still being 6% up versus the lows of 2009.

From Nottingham's perspective, we are holding up reasonably well, but prices are likely to fall ‘on average' (with the usual caveat some areas are falling, others staying the same) towards Christmas. In comparison to the national statistics, on average our prices are around 15% below the 2007 heights, while still being 3% up versus 2009 lows.

Market performance across the region shows two distinctly different pictures. Equity rich areas, such as Southwell, are bearing up well according to Alasdair Morrisons. James Jeffery from Alasdair Morrisons says "The property market in Southwell is good at the moment. Buyers are looking for more unusual and period properties or bungalows which due to many current buyers being downsizers and retirees, are really good sellers". Pricing your property to sell remains important however, James continues "some properties are sticking on the market in Southwell, but this is mainly due to asking prices being too high while inexperienced sellers try to test the market".

5 bedroom detached house for sale
Lower Kirklington Road, Southwell
Detached property in Southwell

What can you buy in Southwell?
A beautiful 5 bed home for just under
£600,000, which shares the same name
as Kate's house: Pear Tree Cottage.
The property is set in beautiful gardens.  

Southwell is a more expensive part of Nottingham, so first time buyers are few and far between, as are investors who can get better rental yields elsewhere, for example in the Mansfield area.

Mansfield itself is an area with some large properties, but mostly two to three bed properties and an economy that continues to struggle to return to success since the mining industry was decimated in the 1980s. Agents in the Mansfield area say the market is really tough with prices continuing to fall and less deals going through due to such low offers from buyers (many investors) so deals can't be put together.

Mansfield should be a haven for first time buyers as you can buy a two bedroom property for £60,000, with a good commute to the city, easy access to the countryside and much of the UK via train and road links. Unfortunately first time buyers are struggling to get the finance they need, even at these levels.

Mansfield however is living proof that newspaper headlines suggesting ‘first time buyers need a deposit of £30,000 to buy their first home' are scare mongering rubbish! Some properties are for sale in this area for £30,000 via auction, including this two bed terrace:-

Property for Sale via Auction in Mansfield

Rightmove is showing there are currently over 40 two bedroom properties available in Mansfield for under £60,000.


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