Nottingham Property Prices Summer 2024

UK house prices are growing again throughout the country writes Ruddington’s Benwell Daykin Estate Agents. The latest data for May, released at the beginning of June, suggest prices rose 0.4 per cent in the last 4 weeks. This data comes straight from Nationwide. House prices have remained fairly static throughout Spring 2024, however a small rise in wages and a dip in inflation has meant prices are on an upward trend once more. The average UK house price now stands at £264,249, compared to £261,962 in April. Nottingham house prices in…

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The Surprising Property Type with Rapid House Price Growth

It’s likely you will have heard reports that house prices have dropped over the last few months writes Ruddington’s Benwell Daykin Estate Agents. Although this is true in some areas, prices are beginning to rise once more according to Halifax. This is of course good news for home owners looking to sell or those looking to release some equity. But there’s one particular property type with prices rising faster than anything else – flats! With borrowing costs higher than they have been for a number of years, buyers are struggling…

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The Most Popular Property Type in Nottingham is… ?

Our very own Benwell Daykin estate agents here in Ruddington, have analysed 2024 sold house price data to find the ultimate, most desirable property in Nottingham right now. With the uncertainty surrounding the housing market late last year, confidence is slowly creeping back but many are still asking, what makes my property sell quickly and for the right price? To find out, Benwell Daykin analysed the 209 properties from NG1 to NG16, that came to market in January 2024 and sold (subject to contract) within 30 days. They could therefore…

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Why Hasn’t The UK Housing Market Crashed?

After COVID-19 and following the sharp inflation rate rise, many were expecting house prices to crash. The reality is that house prices did indeed dip, but not by a huge amount. According to Nationwide, prices have dropped just 2% in 2023. What’s more, other reports have suggested that although there is an overall drop for the year, prices are actually on the up since the Autumn. So why haven’t prices dropped significantly? The team at Ruddington’s Benwell Daykin list some of their thoughts… Interest rates have remained stable When the Bank of…

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Local House Prices Defy National Averages

Today (1st November 2023) 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 reveals Ruddington’s Benwell Daykin Estate Agents. 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,…

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Is it Now Cheaper to Buy or Rent a Property?

This year the UK economy has hit some challenges; energy costs, high inflation, plus much more. With this, house prices have changed and so have mortgage payments writes Ruddington’s Benwell Daykin Estate Agents. The latest figures from Nationwide state that house prices have fallen at their fastest rate in August since 2009. Although this sounds like doom and gloom, the average house price back then was £162,112 compared to today’s price of £286,000. This means that anyone looking to move should still turn a tidy profit. Although this probably isn’t…

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Interest Rates and Home Owners

On Thursday 3rd August 2023, the Bank of England raised interest rates by another quarter of a percent writes Ruddington’s Benwell Daykin Estate Agents. This has now taken the base rate to 5.25 per cent and is the 14th consecutive hike. This is also the highest interest rate since March 2008, the year of the financial crisis. So what does this mean for you? Why are interest rate rises happening? By rising interest rates, the Bank of England is hoping to bring down inflation. Inflation is very high right now…

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House Prices STILL Rising 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 writes Ruddington’s Benwell Daykin Estate Agents. This unexpected upward trajectory has left homeowners, potential buyers, and industry experts astounded. According to Nationwide, 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. Two-year fixed-rate mortgage rates have continued to climb past 6%…

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Local Property Demand Remains Strong

The Nottingham property market is at the halfway stage of the year, writes Ruddington’s Benwell Daykin Estate Agents. Over the past decade, it has witnessed steady growth and resilience. From 2010 until recently, the average property prices in Nottingham rose by approximately 43 per cent, reflecting the City’s increasing popularity and desirability. Despite fluctuations, Nottingham has consistently performed well compared to the national average, thanks to factors like its thriving economy, excellent transport links, and renowned educational institutions. Using the latest housing market data, the property market in Nottingham continues to show…

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First Time Buyers – Help is on the Horizon!

With rent, bills and everything else to pay for in modern life, saving for a house deposit can be a real pain – and somewhat of a challenge for many of us today, says Ruddington’s Benwell Daykin Estate & Letting Agents.… You may have even started to believe that purchasing and owning your own home was simply impossible however, a leading lender may be able to help you. Skipton has introduced a new 100% mortgage offer to the market called a ‘Track Record Mortgage’. In order to qualify for the Track Record Mortgage you must…

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