Category: Property Sales

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Nottingham Property Prices Winter 2023

A property price increase

Today Nationwide have stated that property prices are on the rise once again.

Prices had dipped marginally in most areas of the country and many experts predicted there would be a further decline throughout the remainder of the year. Thankfully, this now appears not to be the case.

What about Nottingham property?

Nottingham has always remained one of the strongest area for housing price growth across the country. This year is no exception.

Despite decreases in almost every area of the UK, Nottingham hasn’t really been hit. Prices remain strong and growth has actually continued!

If we look at Hometrack’s data, Nottingham sits top of every major UK city for growth in the last 12 months. This stands currently at +2.9%. Sitting at second place is Birmingham at +2.7% and Sheffield with +2.3%. If we compare this to London, they saw a decline in the last year with -0.5%.

Looking short term, Nottingham prices increase in the last 3 months by 0.3%.

Why did property prices decrease in other areas?

Property prices have decreased slightly in 2023 mainly due to the rise in interest rates. This meant that more people were cautious when it came to applying for mortgages. As a result, less people were then looking for houses which brought prices down.

It is important to note however that it is only a small decline. Prices dropped across the board by just -1.1% in 2023. (Hometrack)

What is the average property price now?

The average home increased in price from £257,808 in September to £259,423 in October, according to Nationwide‘s latest house price index. This index is based on their own mortgage data but is very accurate as they are one of the largest UK lenders.

In Nottingham, the average property price is now £202,400.

Why have house prices generally increased?

Data suggests that many buyers have been holding off buying due to the rise in mortgage interest rates. Now it appears that they cannot wait any longer and have decided to purchase, regardless.

Other contributing factors include strong employment and a short supply of available properties.

What does this mean for home owners?

For those waiting to sell, you’d be forgiven if you were putting this off after listening to the national news.

Whilst we would advise anyone to remain cautious with the constant changing interest rates, now is definitely not a bad time to place your property on the market.

With the increase in buyer confidence now across the board we should see more people looking at every property and battling to make the highest offer.

How much is my property worth?

We can offer you a free, no obligation property valuation. Simply call us on 0115 990 2007 or use the form below.

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    House Prices STILL Continue To Rise Despite Economic Outlook

    In an astonishing twist of events, the UK housing market has defied all expectations by experiencing an unforeseen surge in house prices during June 2023. This unexpected upward trajectory has left homeowners, potential buyers, and industry experts astounded.

    The surprise monthly rise of 0.1% reversed a 0.1% fall in May and confounded economist forecasts of a 0.3% fall. It pushed the average cost of a house in the UK up slightly to £262,239. This is according to Nationwide.

    Two-year fixed-rate mortgage rates have continued to climb past 6% after the Bank of England increased interest rates by half a point to 5% in June in an attempt to curb stubbornly high inflation. The average two-year fixed deal edged higher again on Friday, to 6.39% from 6.37% the day before, according to Moneyfacts. The average five-year fix rose to 5.96% from 5.94%.

    Nottingham growth tops UK

    Nottingham property price growth still continues to outperform all areas in the UK according to Hometrack.

    In the last 12 months, property prices rose in the area by 10.9%. This means a £150,000 property grew to £165,000 in just 1 year.

    In the last 3 months alone, Nottingham property prices grew by 1.4%.

    The average Nottingham house price now stands at £198,000.

    It’s always a good time to sell

    Ready to see how much you have made on your property since purchasing?

    Get a free property valuation by calling Benwell Daykin today on 0115 9902007 or use the form below.

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      How To Sell Your House Quickly in 2023

      Various factors can influence how quickly your house sells, including supply and demand, interest rates, employment levels, and government policies. While the UK property market has historically been strong, it is not immune to fluctuations, and it is possible that house prices in certain regions or property types may drop in response to changing market conditions or economic factors. 2023 has seen a slow on property price growth but houses are still selling well.

      Selling your house quickly

      Selling your property? If you want to ensure your house sells as quickly as possible, here are some tips on how to sell a house fast:

      1. Price it right: The price is a crucial factor when selling a house. Pricing it too high can discourage potential buyers, while pricing it too low can result in a loss. To determine the right price, do research on the local market and consult with a reliable real estate agent.
      2. Make necessary repairs and improvements: Before listing your house, make sure to address any necessary repairs and improvements. A well-maintained and attractive house is more likely to sell quickly.
      3. Declutter and depersonalise: Remove any personal items and clutter from your house. A clean and uncluttered space can help potential buyers visualise themselves in the house.
      4. Stage the house: Staging your house can make it more appealing to potential buyers. This involves arranging furniture and decor to highlight the best features of your house and create a welcoming environment.
      5. Use high-quality photos and videos: High-quality photos and videos can showcase your house in the best light and attract more potential buyers.
      6. Advertise effectively: Use a variety of advertising methods to reach as many potential buyers as possible. This can include online listings, social media, and signage.
      7. Be flexible: Be flexible with showing times and make your house as accessible as possible to potential buyers.

      Keep in mind that selling a house fast requires a combination of the right pricing, preparation, and advertising. By following these tips and consulting with a reliable real estate agent, you can increase your chances of selling your house quickly.

      Need more advice? Contact Benwell Daykin, estate agents in Ruddington, on 0115 990 2007.

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      House prices surge 7.3% in just one year

      According to Halifax, the average UK house price now stands at £249,000; nearly a quarter of a million pounds.

      Rising activity in the housing market, post COVID-19 lockdown, has pushed prices up by 7.3% in the last 12 months.

      Halifax is the country’s biggest mortgage lender and recently they have seen record numbers of mortgage applications. Both first time buyers and home movers have pushed applications to their highest levels since 2008.

      Adding to this positive news, Boris Johnson yesterday announced that he would make more 5% mortgage deals available to first time buyers. Although there are more risks involved with lower deposits, more people should now soon be able to get their foot on the housing ladder.

      Demand for mortgages and higher property prices are likely to be a result of pent-up demand after lockdown, as well as stamp duty cuts and home workers looking to upsize.

      Sales agreed are also up considerably. BriefYourMarket.com report that properties reaching ‘Sold Subject to Contract’ are up 328% in September 2020.

      Benwell Daykin Estate Agents are seeing a huge increase in buyer demand but a lack of new properties coming to market for sale across the whole of Nottinghamshire. This is echoed by the data provided by Halifax. Due to lack of stock, more buyers are competing for the same home and prices are rising.

      How much is your property now worth?

      If you’re considering moving then now may be the perfect time. How much is your property now worth? Call our sales team on 0115 990 2007 or email info@benwelldaykin.co.uk. Alternatively, you can use the valuation form below.

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        Why your property should be priced right first time

        According to a recent report by This Is Money, putting your property up for sale for the right price first time doubles your chances of selling.

        Research by Rightmove suggests that only one third of properties sold during May and September 2020 if the Vendor had to reduce the asking price.

        This is in contrast to two thirds of property which sold when they didn’t need to reduce their asking price.

        This research suggests that those who are looking to push their asking price in the current market boom may need to think again.

        So how long does a property take to sell on average? At the moment this is around 21 days, although this increases to 47 days if the Vendor has to reduce the asking price, causing unnecessary delays.

        The other issue to note is stamp duty. Those who are looking to push their asking price may not complete their sale before stamp duty is reinstated. Vendors may get slightly more money for their property but will then have extra tax to pay instead.

        Current House Prices

        At Benwell Daykin Estate Agents we are seeing house prices continue to rise since the Coronavirus lockdown. Prices have risen by 5.2% annually and we are seeing that buyer demand is outweighing supply.

        The average house price in Nottingham is currently £202,625. Ruddington prices stand at £301,788 on average.

        In terms of rental prices, the average Nottingham rental stands at £902 pcm.

        There is currently a shortage of 3 and 4 bedroom houses to rent in the area when you compare this to the availability of 2 and 1 bedroom properties.

        Considering Selling?

        Talk to Benwell Daykin to get a FREE, no obligation house valuation. You can call us on 0115 990 2007 or email info@benwelldaykin.co.uk.

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        Demand for property in the UK is rocketing

        Rightmove data shows that demand for property is up 61 per cent compared to the same period last year.

        The property portal states that buyer demand is outstripping supply and they feel that the main reason for this is the reduction in stamp duty.

        Righmove’s expert Miles Shipside says “We always knew that the stamp duty holiday was going to be a big incentive for people to get moving this year.

        “We’re also seeing a growing trend of people looking to move out of urban areas and into smaller towns, with homeowners in built up areas reassessing their housing needs and looking for places with more outside space.”

        Recently, Rightmove also reported that there was a 125 per cent increase in people looking to relocate to villages. Most notably is the village of East Leake which recently featured in the Daily Mail for this very reason. Average house prices there stand at £290,005.

        Some city home owners may have benefited from strong house price growth over the last few years and are now able to trade up and out into the countryside. The need to also move close to a station is now not so important as many people adapt to a life of working from home.

        Nottingham city house prices are also rising faster than anywhere else in England. Property prices have risen by 4.5 per cent in the last 12 months. City house prices which grew close to this figure were Manchester at 4.1 per cent and Leeds at 3.6 per cent.

        In contrast, London prices only grew by 1.7 per cent which is less than half of the Nottingham house price growth.

        Ready to sell your home?

        With the market in somewhat of a mini boom, a drop in stamp duty and a rise in house prices, now is a great time to move to a new home.

        Find out how much your property is worth with Benwell Daykin estate agents. You can call us on 0115 990 2007 or email info@benwelldaykin.co.uk.

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        Huge Increase in Nottingham House Prices

        UK house prices

        As we enter 2020 we take a look at how house prices have increased over the last decade.

        UK House Prices

        London property prices saw the biggest increase. Prices rose by over 72 per cent! This was more than double the UK average. As we enter the new decade, prices are beginning to fall slightly, back in line with the rest of the country.

        The UK wide average house price increased by 27 per cent over the last 10 years which equates to £47,647.  The overall average UK property price now stands at £233,00.

        Nottingham House Prices

        Regionally, house prices in Nottingham and the East Midlands increased by 37.2 per cent from 2009-2019. The average price in the East Midlands is now £216,600.

        The highest price growth across the county was in Corby. House prices increased by 65 per cent! The lowest increase was West Lindsey at just 22 per cent.

        Ruddington House Prices

        The average Ruddington house price is currently £289,532. The majority of house sales in the Ruddington area were semi-detached properties. These sold for an average price of £246,704.

        Detached properties sold for an average price of £447,512.

        The next decade

        Over the next five years, prices are predicted to rise by another 15.3 per cent. This means that the average Ruddington house price could reach £333,830.

        The East Midlands as a whole should grow even more, by 18.2 per cent.

        Find out how much your property is worth

        Do you have a property in Ruddington or Nottingham? Find out how much your property is worth by giving us a call on 0115 9902007.

        Benwell Daykin are your local, professional estate agents in Ruddington. We provide property sales, lettings and mortgage advice across the whole of Nottinghamshire.