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, Nottingham hasn’t really been hit. Prices remain strong and growth has actually continued!
If we look at the data provided by Hometrack, Nottingham sits top of every major UK city for growth in the last 12 months. This stands currently at +2.9%. Sitting at second place is Birmingham at +2.7% and Sheffield with +2.3%. If we compare this to London, they saw a decline in the last year with -0.5%.
Looking short term, Nottingham prices increased in the last 3 months by 0.3%.
Why did property prices decrease in other areas?
Property prices have decreased slightly in 2023 mainly due to the rise in interest rates. This meant that more people were cautious when it came to applying for mortgages. As a result, less people were then looking for houses which brought prices down.
It is important to note however, that it is only a small decline. Prices dropped across the board by just -1.1% in 2023 (Hometrack).
What is the average property price now?
The average home increased in price from £257,808 in September to £259,423 in October, according to Nationwide‘s latest house price index. This index is based on their own mortgage data but is very accurate as they are one of the largest UK lenders.
In Nottingham, the average property price is now £202,400.
Why have house prices generally increased?
Data suggests that many buyers have been holding off buying due to the rise in mortgage interest rates. Now it appears that they cannot wait any longer and have decided to purchase, regardless.
Other contributing factors include strong employment and a short supply of available properties.
What does this mean for homeowners?
For those waiting to sell, you’d be forgiven if you were putting this off after listening to the national news. Whilst we would advise anyone to remain cautious with the constant changing interest rates, now is definitely not a bad time to place your property on the market.
With the increase in buyer confidence now across the board, we should see more people looking to purchase and a more competitive market once more.
Pop in and see us at 12 High Street in the village or ‘phone 0115 990 2007 to speak to our friendly team.
