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 positive signs. While the COVID-19 pandemic had a temporary impact, the market rebounded strongly. According to recent reports, Nottingham’s property prices have experienced an upward trajectory, driven by high demand, limited supply, and attractive rental yields.
Several factors contribute to the strong property prices in Nottingham. First and foremost, the city’s economic growth plays a significant role. Nottingham benefits from a diverse and expanding economy, with a strong presence in sectors such as life sciences, digital industries, and finance. This robust economic base attracts businesses and professionals, fuelling demand for quality housing.
Another factor is the city’s renowned universities, including the University of Nottingham and Nottingham Trent University. These institutions attract a significant number of students, creating a thriving rental market. The demand from students and young professionals has led to an increase in purpose-built student accommodations and a subsequent rise in property prices in popular student areas.
Right now we are seeing a small dip in house prices across the country, this is largely down to rising interest rates which has resulted in roughly around thirty percent less buyers actively looking to purchase a property now. This has seen huge growth in the rental market with rental prices reaching record highs across the city as more and more people simply can not afford to purchase a property.
At Benwell Daykin we foresee this as only temporary. House prices have been growing for decades and a small dip is usually only short lived, followed by much larger growth.
For the most part, the growth in the last decade far outweighs the small dip we have seen recently. So if you’re still looking to move house, there is no better day than today.
You can find Benwell Daykin at 12 High Street, call them on 0115 990 2007, or email info@benwelldaykin.co.uk.
