House Prices in Nottingham Rise to be £25,000 More Expensive than Three Years Ago
House prices in Notts have now been rising continually for three years – meaning the average home is now £25,000 more expensive in the city and county.
Official Government figures show the average price of a home in Nottingham is now £125,519 and in the county it is £161,507.
Both are based on sales information collected in November 2016 – the most recent available – and both are just over £25,000 more than the equivalent figures in 2013.
And some estate agents say some suburbs are now more expensive than ever – with prices now even higher than before the 2008 collapse.
Property in areas including West Bridgford, Edwalton and Beeston are still proving hot commodities for young professionals with families, said Chris Charlton, Director and Head of Savills.
“This is definitely a city on the up in terms of relocation, last year we sold 28 per cent of the housing stock we sold last year, some of those people are spending all or part of their time working in London, so they choose to live in Nottingham and commute,” he said.
“Commuting costs to London are pretty expensive, if you are going everyday it will cost you around £10,000 a year, so it is quite expensive, but prices here are good value.”
The growing infrastructure of the city has also impacted the growth in the housing market, according to several other agents.
Steven Crown, a sales representative for Martin & Co. said: “The quality of life is great and its a good city to live in, there is a price range for first time buyers and investors.”
Property Consultant at FHP Living, Oliver Marshall added: “Because of its size, Nottingham will always be a smaller city but it is one that has grown so much these last few years with so many more shops and retailers coming to the area.
“There has been a 10 per cent increase in house prices in the city centre in the past two years and up to 20 per cent in areas like West Bridgford.
According to research, the overall Nottingham market is still five per cent behind the peak of 2007, but in some areas like West Bridgford, they are well beyond that market value.
And according to Chris Charlton, from Savills, the UK property market could see a change in the mentality from ‘buyer friendly’ to more ‘renter friendly’.
“The move from everybody owning their home may change and take a more European approach, where we are happier to be renters.
“Sixty to 70 per cent of Europeans rent their property rather than own it and that change could be coming here as a new generation starts looking for property.”
- Notts TV.