2023 was a BIG year for property writes Ruddington’s Benwell Daykin Estate Agents.
Let’s look at some of the most interesting property related stats from last year, according to property portal Zoopla.
One million homes were sold in 2023
Although slightly down on the year before, this is actually not that dissimilar to 2022. This proves that those who want to move are still able to do so.
The key takeaway from this is that although a similar number of transactions completed, many buyers did look to down-size their budget due to the rise in mortgage interest rates.
Looking to the rental market, 432,000 lets were agreed in the same period.
Terraced houses were the most popular
140,000 of all property transactions were mid or end-of-terrace, followed by 130,000 semi-detached properties. The average number of bedrooms in these homes was 3.
House prices dipped slightly
House prices on average dropped 1.2% across the country, however, Nottingham and Ruddington prices remained strong. The average Nottingham house price is £202,400 which was the same as the month prior.
Looking specifically at Ruddington, the average house price is currently £325,397.
Fixed mortgage rates peaked at 6.44%
Thankfully, with the drop in inflation, mortgage rates are also lowering. This has had a slight effect on buying habits where buyers are now looking to purchase slightly lower priced properties than they may have looked at several years ago.
Good news for search terms
The top Zoopla key search words were good news for Ruddington. Some of the most popular search terms were ‘rural’, ‘freehold’ ‘garden’ and ‘garage’. Many local properties we have for sale all match this criteria. Other search terms included ‘cottage’, ‘pool’, ‘ensuite’ and ‘acre’.
The outlook for this year
We predict that as inflation continues to drop, buyers will have more confidence in looking to increase their buying budget. As such, it’s likely we will see even more property searches for detached houses with gardens, more bedrooms and rural locations. This is then likely to also push property prices slightly higher, or at least keep them at the same rate as they are now.
Looking to change home this year? Contact Benwell Daykin on 0115 990 2007 to get moving.
