Following unprecedented times, the Nottinghamshire property market currently finds itself in somewhat of a boom says Benwell Daykin.
Many predicted we would experience a dip in house prices with fewer sales and purchases following the Coronavirus lockdown. In fact, the opposite has happened!
Demand for a new home is currently outstripping supply. Viewing numbers have increased on each available property and with more buyers brings more offers. High competition means property prices are driven up, as buyers compete with each other to secure their dream home.
In July 2020, Rightmove saw the highest number of sales agreed since it started recording data 10 years ago. This is a fifth above the previous high and works out at around £37bn of transactions.
Property prices in villages south of the River Trent are rising too. The average house price in Ruddington currently stands at £287,875, a rise of 3 per cent on the previous year. Prices in Bradmore increased in the last year by a whopping 64 per cent, with the average property price at £735,000 (Rightmove, August 2020).
It is worth bearing in mind, however, that huge increases like this could relate to the very small number of sales in the village each year.
Nottingham is also currently performing as the top city across the UK for house price rises. This stands at a 4.5 per cent rise over the last 12 months and brings the average city wide price to £158,800 (Zoopla’s Hometrack).
Combine all this information with the break on stamp duty and now certainly seems like the perfect time to consider both yours and your family’s next move.
A house is only worth what somebody is willing to pay for it and one constant is that people will always need somewhere to call home.
Now would be the time to get a FREE valuation, wouldn’t you say?
Why not talk to our friendly Ruddington team today to find out how much your house is worth? You can ‘phone Ricky or Nick on 0115 9902007, visit www.benwelldaykin.co.uk or call in and see them at 12, High Street.