Kate Faulkner’s Property Market update for BBC Radio Nottingham
Latest Property Price News
Nationally, prices are down 12% since the credit crunch, which is little change year on year. In comparison:-
East Midlands Nottinghamshire City of Nottingham
Since Credit Crunch -16% -17% -23%
Year on Year n/c n/c -6%
City of Nottingham prices are now on average £82,000 versus height of the market of £106,500. From a sales perspective, according to Hometrack, it’s taking 13 weeks to sell your home, but offers to asking price ratios are improving, so if your property is worth just over £100,000 then you are likely to get £94,000.
In the last few months, the news headlines have been buzzing about the property market. Help to Buy seems to be working as the take up has taken everyone by surprise. Within two months of the Help to Buy scheme being announced, around 4,000 people had applied. Considering monthly sales of new homes are just under 8,500 that’s a good 20%+ boost.
Despite suspicions that developers would just raise prices, so far they seem to be responding with more supply. Barratt have announced they are buying more land and taking on another 600 people.
Onto the next story – the apparent housing bubble! Unfortunately, this is really in most homeowners ‘dreams’! And in prime central London spots where house prices are rising, they aren’t growing at any greater rate than they were in the past.
The story behind a potential ‘housing bubble’ is down to the second part of the Help to Buy scheme which applies to ‘lived in’ homes. Basically, there is a fear house prices will rise over the next few years due to increased demand and little extra supply, so the funding fuels prices upwards. As the funding is due to end within three years, those anti to government support of the housing market believe demand with fall ‘suddenly’ crashing house prices.
Read the complete Property Market update from Kate Faulkner for BBC Radio Nottingham, including:-
- Rental prices in Nottinghamshire and the East Midlands
- How is Beeston performing?
- How is Newark performing?
- Wow property for sale
- Unusual property for sale
- Bargain property for sale
What to do next? For more help, from Kate and her team, join Property Checklists for free.
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