Nottingham is hot in the property sector right now, grabbing the top spot over the last few years across the UK property market and it’s no wonder; the location of several well-known tourist attractions which adds to its 1.5 billion tourist spend each year. Nottingham is also home to thousands of students spread over two large universities, which ensures that the lettings figures remain high and interest in property investment in this area is popular with investors scouting for the ideal short let properties on the market.
The property market is looking good for this East Midlands City as we head toward 2022.
House prices over the course of the last year in Nottingham have risen by around 15% with the average price standing at £224,000. This figure is up by £29,000 from this time last year. In comparison, the overall average UK house price is £250,000 which is up by £20,000 from 2020. The good news is, there is still a chance for people with much lower budgets to get their foot on the property ladder, with the cheapest homes in the area sold for under £50,000.
Right now, there are many different types of properties on the market for the following prices:
- Established Properties - £222,000
- New builds - £253,000
- Flats - £137,000
- Detached Houses - £328,000
- Semi-Detached Houses - £188,000
- Terraced Houses - £143,000
There have been around 15,000 property sales in the area and this is down by 13% compared to this time last year but property prices continue to climb slowly.
The most popular property investment in Nottingham is homes bought for the purpose of short term lets, which help tap into the tourist and student rental markets. Since the pandemic started, there has also been a spike in the public looking to buy larger homes containing more outdoor space and extra rooms to be converted into home offices or for entertainment purposes as many individuals and families find themselves with a higher disposable income due to spending less on holidays and leisure activities.
If you need some help with purchasing or letting your next property, we are happy to help. We offer property management, property to rent and properties for sale throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact us here.
HoldenCopley are pleased to provide professional property valuations and instant valuations, making it easier than ever to put your home up for sale. Alternatively, if you are looking to buy a properly, please click here to view all of our properties currently available to buy in the local area.
Sources:
Rightmove - https://www.rightmove.co.uk/house-prices/nottingham.html
Nottingham Post - https://www.nottinghampost.com/news/nottingham-news/12-nottinghamshire-streets-cheapest-homes-5734138
Plumplot - https://www.plumplot.co.uk/Nottingham-house-prices.html