A lot has been written about homeowners selling up and moving out of cities into suburban areas and more rural settings. Given everything that has taken place in the past year, this can’t be a surprise.
However, a recent study indicates first-time buyers are also looking further afield than city centres. We believe that this will be of benefit to many Nottingham buyers, as there are many great suburban areas around the heart of the city.
If you are keen to learn more about the property for sale in the suburban areas of Nottingham, contact HoldenCopley.
First-time buyers are opting for open spaces and more freedom
Trussle has spoken with many first-time buyers, and asked them what they are looking for. 29% of first-time buyers say they plan to buy a home in the city. However, 53% of first-time buyers said they are looking to buy property in the suburbs.
Miles Robinson, head of mortgages at online mortgage broker Trussle, said: “The pandemic has increased the financial pressure many first-time buyers were already feeling, as well as creating a seismic shift in what people expect from their home. As a result, financial pressures and rising house prices, alongside a desire for more outdoor space, means demand in more affordable rural locations is currently outpacing that for urban destinations. But lenders are starting to return to the market with higher LTV products, which could make more expensive homes in the city more accessible again.”
Miles Robinson concluded by saying; “And, we may see renewed interest in city living once the vaccine has been rolled out and things begin to return to normality. As such, only time will tell if the current lust for country properties is a long-term trend or more of a spontaneous response.”
Affordability is essential for first-time buyers
A key factor in this decision comes with many respondents saying that they find urban house prices to be a challenge when stepping on the property ladder. 65% of respondents said it was “impossible” to step on the property ladder.
The research suggests the average budget for a first-time property buyer was £174,266.
According to Rightmove, house prices in Arnold at the start of February 2021 are as follows:
“Properties in Arnold had an overall average price of £187,600 over the last year.
The majority of sales in Arnold during the last year were semi-detached properties, selling for an average price of £171,065. Terraced properties sold for an average of £153,810, with detached properties fetching £273,225.
Overall, sold prices in Arnold over the last year were 2% up on the previous year and 10% up on the 2018 peak of £170,343.”
The average price of property in Arnold is just above the national average budget for a first-time buyer. Also, the average price of semi-detached properties, terraced properties and flats are below the average first-time property budget.
We cover many of the suburbs across Nottingham, so no matter what your budget is, or where you are looking to buy, we are more than happy to assist you.
We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today by calling us on 01158969800 or emailing steven@holdencopley.co.uk.