Housing Trends 2023
Nottingham took one of the top spots last year in the housing sector with letting figures high and the area one of the sought after spots for property investors. With the dips and rises in the economy and over the last year in the property market, how is the Nottingham property sector looking as we move in to 2023?
With the drastic changes in the economy and the overall cost of living, the public are naturally more cautious about dipping their toe into buying property this year and will continue into 2023. House prices are likely to decrease over the next year, putting prices in the same price range as they were back in 2021 and there will be a further increase in people looking to rent properties instead of buying them with the overall cost of renting a property increasing on the back of this.
According to Zoopla, bank rates are increasing but mortgage rates are expected to come down as we move into the final leg of 2022.
Zoopla have reported that:
- The Bank of England has increased interest rates by 0.5% to 3.5% - the highest level since October 2008
- But the rate at which interest rates are being increased has slowed and economists think they are close to peaking
- Nearly 2 million homeowners with variable rate mortgages will see their monthly repayments rise by £60 a month, based on a £200,000 loan
Nottingham was voted as one of the Sunday Times top places to live in 2020 and is highly accessible with some of the best transport links in the UK. The Zoopla House price Index June 2022 also shows that Nottingham has had the biggest annual % change in house prices with the average house price sitting at £195,300. Furthermore, Nottingham is tipped as one of the best rental market yields in the UK and above average.
If you are looking to move with the housing trends for 2023 and rent out your property next year, our experts are on hand to help you and will walk you through the steps you need to take to ensure it’s the best option for you. Book a call with one of our experts here.
Sources:
https://www.thetimes.co.uk/article/welcome-to-best-places-to-live-2020-w958rpsc0
https://advantage.zpg.co.uk/wp-content/uploads/2022/08/UK-House-Price-June-22-final-UPDATED.pdf