Nottingham Area Letting Agent Market Update

 

The Nottingham rental market shows no sign of slackening off despite concerns surrounding Covid 19. After an understandably quiet spring, the summer letting season exploded in July and demand stays at record levels as we head into the usually quieter autumn months.

Nationally, figures from Rightmove paint a picture of a buoyant rental market with only the London landlords struggling as people choose to work from home away from the capital city.

Rents and sale prices across Nottingham have continued to grow, with many two bedroom furnished properties in the city starting to command prices approaching £1000 per month. Welcome news for landlords with ever spiralling costs...  

Jonathan Detheridge from Granger & Oaks commented “this summer has been busier than ever, despite a slow start. As is becoming the norm, it is fast looking like agents are going to be fully let again this year with students going through clearing, and medics changing hospitals already struggling to find property to move in-to despite the growth in new purpose built accommodation”

In Estate Agency, stamp duty measures brought in to stimulate the market, and historically low interest rates, appear to be having an impact with sale prices rising across the city and property being snapped up in days rather than weeks. 

The rise of property prices in Nottingham is seeing landlords start to invest in the city again, but the fast moving nature of the market, and extra regulation, is making investing a tougher decision than it used to be. If you are looking at investing in property in Nottingham, Granger & Oaks frequently help landlords like you, and we’re happy to assist with the identification of suitable investment opportunities. Call Jonathan today on 0115 9629770 if you are thinking about expanding your portfolio.... 

 

nottingham letting agent market report

 

As with most cities around the country, property in Nottingham is a patchwork of eras with a broad spectrum of styles along the way. Nottingham is a historic city dating back to Norman times, and the oldest surviving building claims to date back to the late 1100’s. Nottingham has claim to three of the oldest pubs in the country, but the debate continues as to whether the oldest was actually a pub or rather a series of caves the served as a brewery at the foot of the castle.

Watson Fothergill 1841 to 1928
When it comes to residential property, the earliest surviving buildings are Georgian, and then there are an enormous amount of Victorian properties as the city rapidly grew in the 1800’s. Nottingham was home to several prominent architects and there work is evident across the city. The most famous is probably Watson Fothergill. His gothic revival Victorian properties were built from around 1870 until the turn of the century and encompassed residential buildings, churches, offices, factories, and probably his most well known building The Black Boy hotel which was demolished to make way for one of the cities many carbuncles in the 1960’s. Many Watson Fothergill buildings still stand proud today, and there are websites and books devoted to his work.

Watson Fothergill Office

 

 

 

 

 

 

 

 

 

 

 

TC Hine 1813 to 1899
Thomas Chambers Hine was a contemporary of Fothergill, and if anything was more commercially successful. TC Hine designed a huge amount of churches across the county, but most notably perhaps, he built County Hall on Burton Street, the fabulous Park Tunnel, The Adams Building that now houses Nottingham College, and he was responsible for the restoration of Nottingham Castle. In the 1850’s he designed the Coppice Hospital in Mapperley. The hospital closed in the 1980’s and was converted into apartments and is now called Hine Hall.

TC Hine The Adams Building

 

 

 

 

 

 

 

William Beedham Starr 1865 to 1953
William Starr is much less well-known, but his buildings are probably the most frequented by the local population as he was responsible for building a huge number of public houses! Starr was also greatly influential in the development of Mapperley Park when the land was sold off to create the popular tree-lined area that we know today. His home at the foot of Mapperley Hall Drive has just been converted back into a substantial family property after years operating as a retirement home. Buildings that people may be familiar with include The Turf Tavern opposite the Royal Concert Hall, The Crown at Raleigh Island, The Old Dog & Partridge on Parliament Street, and the former Nat West Bank building right next door to our office in Carrington.

Wiliam Beedham Starr house Mapperley Park Drive

 

 

 

 

 

 

 

 

 


Cecil Howitt 1889 to 1963
Thomas Cecil Howitt is quite probably Nottingham’s most prolific architect, and the man behind Nottingham’s Council House building in the Market Square. Howitt also constructed the head office for Raleigh Bicycles on Lenton Boulevard, the Home Brewery head office in Daybrook, the Newton Building at what is now Nottingham Trent University, and Baskerville House in Birmingham. Howitts work in Nottingham is however more widely recognised in over 6000 council owned houses built across the city on new estates designed by Howitt between the wars. At the time, these estates were regarded as the forefront of municipal planning.

Cecil Howit Nottingham Council House

Selling Your Rental Property In Nottingham

After years of increased bureaucracy, changes to taxation, and local authority licensing, it is perhaps not a surprise that some landlords are taking stock and thinking about investing in something other than residential property.

As specialists in the management & sale of rental property, Granger & Oaks are well placed to advise you if you’re thinking of selling. “when our clients look to exit the market, we often help them sell and we’ve had considerable success in selling a significant proportion of rented property on to other landlords that are looking to buy-in, rather than sell-up. The rules and regulations around renting are obviously much tougher now, but there are still landlords looking to buy rental property to add to their pension as the returns they are getting on their savings is currently so poor” comments Jonathan Detheridge, MD of Nottingham lettings specialist Granger & Oaks.  

Sold by Granger Oaks

 

 

 

 

 

 

 

 

 

There is as well, a resurgence in first time buyer activity with long-term renters now looking to get a foot on the property ladder, and this has seen starter home prices rise at a higher rate than other property types.  

Landlords in Nottingham contemplating selling should be thinking ahead and talking to their Letting Agent to ascertain what they recommend as the best route to market. You may want to hedge your bets for instance, and come to market whilst you have rent coming in. Having a property sat empty waiting for a buyer, can be a very expensive experience with mortgage payments to meet and council tax remining due. By contrast, selling a property with a sitting tenant often means that you have rental income right up until the day of completion and a motivated buyer that is welcome of the property being let from day one.

Of course, not all properties are perfect rental stock and you may well just be an accidental landlord now wanting to sell-up? If you are, our advice would be to plan ahead. If possible, work with your tenants and choose a date that suits you both for the tenancy to end. Think about presentation – the best presented homes usually achieve the best selling price, so think about any work that you may want to do before selling. Is the garden presented well? Are there some jobs that the tenants need to do before they vacate? Gardens hurriedly hacked back on the day a tenancy ends don’t tend to ooze kerb appeal. If you’d like our advice, just drop us a line. Presenting a property well has never been more important, and we’d love to help you maximise your properties potential.

Call us today for a no obligation appraisal of your property. We have clients on our books actively seeking new investments, and we’ll be more than pleased to advise you if this is your best route to market.

How well do you know your Nottingham legends? 

Nottingham is a growing city with a proud heritage and its fair share of famous names that you may or may not be familiar with. We wanted to take a look at some of the cities famous names, and some less famous ones, to help you in your next pub quiz…..  

No 1. Robin Hood – The main man, and Nottingham royalty despite the claims of those Yorkshire folk. Steeped in folklore, Robin Hood was reported to have lived in Sherwood Forest around the time of the crusades and as the song goes he ‘robbed from the rich and gave to the poor’. Robin’s merry men included Little John, Friar Tuck, and his lover Maid Marian. His great foe was the evil Sheriff of Nottingham. The story of Robin Hood has been made into countless films and television series over the years, and tourists to the city all arrive hoping to see Nottingham Castle, which never fails to disappoint. Thankfully, the castle is just undergoing a multi-million £ overhaul which will hopefully improve the visitor experience somewhat

Robin Hood

 

 

 

 

 

 

 

No 2. Brian Clough – Not originally from Nottingham, but as near as we get to a global superstar after Robin Hood. Brian Clough managed Nottingham Forest between 1976 & 1991 and was responsible for the club winning two European Cups, the European Super Cup, the League Title, and the League Cup four times. Originally from Middlesborough, Clough famously also managed Leeds United for 44 days in 1974 - a saga dramatised in the award winning film The Damned United starring Michael Sheen in 2009. Clough also managed another team in the East Midlands, but we can’t for the life us remember what they’re called….

Brian Clough

 

 

 

 

 

 

 

No 3. Jesse Boot - now a global business with over 3000 stores, Jesse Boot’s first shop was opened by his father John on Goosegate in Nottingham’s Lace Market in 1849. Following his fathers death in 1860 Jesse Boot quickly built a large chain of pharmacy’s across the country with headquarters here in Nottingham. The Boots company are responsible for Nurofen & many other drugs that are used every day across the world. The company has changed ownership over years, but it still remains Nottingham’s largest private sector employer. 

Boots Logo

 

 

 

 

 

 

 

No 4. Torvill & Dean – Who’d have thought ice skating could be so popular…. Perhaps it’s not outside these parts? With dances from Barnum and then Bolero, Torvill & Dean won four successive World Championships and Olympic Gold at the Sarejevo games in 1984 becoming fully fledged Nottingham legends along the way. Their success is largely the reason that the National Ice Arena was built in Nottingham, and they are now to be found judging celebrity ice skating on television and had a film made about their story that was released in 2018. So mad are we in Nottingham, for all things Jane & Chris, they even have a 1980’s housing development in Wollaton named after them! 

Torvill Dean

 

 

 

 

 

 

 

No 5. John Player – In hindsight perhaps not a figure to celebrate, but a hugely prominent industrialist that played an enormous part in the growth & prosperity of the city from the late 1800’s. John Player & Company were for many years Nottingham’s largest private employer, employing over 11000 people at their peak in the 1950’s. The company built 3 large factories in Radford, but production then switched to state of the art facilities at the new Horizon building in the early 1970’s. The Horizon factory in Lenton, and the prominent bonded warehouse buildings on Wollaton Road were demolished in 2019 as cigarette popularity continued to decline and production moved overseas. 

Players

 

 

 

 

 

 

 

 

 

 

No 6. Harold Larwood – The Nottinghamshire fast bowler rose to prominence in the infamous ‘Bodyline’ Ashes series in Australia in 1932. From Nuncargate, a small village 10 miles north of the city, Harold Larwood was instrumental in England winning the Ashes series 4-1, against Donald Bradmans mighty Australian team, using the controversial Leg Theory attack devised by England’s captain Dougles Jardine. Bodyline, as it became known, was later banned, largely due to the high number of serious injuries it caused. 

Harold Larwood

 

 

 

 

 

 

 

 

 

 

No 7. Frederick Garton – Yes, you’ve never heard of him, and neither have many other people, but he was a legend in his own grocery shop. Mr Garton had a grocery shop on Milton Street in the city and he lived at The Royal Oak in Basford, using outbuildings at 47 Sandon Street as a pickling factory where he invented a tangy sauce that has become synonymous with the bacon butty. Gartons HP Sauce (he’d heard it was being served at the Houses of Parliament so named it after them) became enormously popular but Mr Garton sadly lost his sauce and his recipe when he had to sell it to the Midland Vinegar Company to clear an unpaid debt.

HP Sauce

 

 

 

 

 

 

 

 

No 8. Bendigo – In the modern day, Carl Froch is far more widely known, but a long time before him William ‘Bendigo’ Thompson was the bare-knuckle boxing champion who won the heavyweight championship of England from James Burke in 1839. Bendigo was a southpaw boxer who then became a Methodist minister.  He was inducted into the Ring Boxing Hall of Fame in 1955 and the International Boxing Hall of Fame in 1991. His grave has recently been restored and stands in the St Mary’s Rest Garden on Bath St in Sneinton. 

Bendigo

 

 

 

 

 

 

 

 

 

No 9. DH Lawrence – Born in Eastwood in 1885, David Herbert Lawrence was a writer & poet who rose to fame for his controversial novels Sons & Lovers, The Rainbow, and Lady Chatterley’s Lover. Lawrence’s birthplace 8a Victoria Street in Eastwood now operates as the DH Lawrence museum.

DH Lawrence

 

 

 

 

 

 

 

 

No 10. William Booth – Born in Sneinton in 1829, William Booth was an English Methodist preacher who, along with his wife founded The Salvation Army in East London, becoming its first General in 1878.  In 2002, Booth was named among the 100 Greatest Britons in a BBC poll. During his lifetime, William Booth established Army work in 58 countries and colonies and travelled extensively spreading their Christian gospel message.  Booth died in London aged 83 and he is buried in Abney Park Cemetery in Stoke Newington. A statue of Booth stands outside his birthplace in Notintone Place.

William Booth

 

Choosing the right Nottingham Letting Agent

Should I purchase an investment property in Nottingham is a question we get asked all the time. With the city currently showing outstanding house price growth, and having two large universities, you can see the appeal...

The answer however isn’t that straightforward, and without a local lettings expert on your side, it’s something that you can easily get very wrong. Taking a punt on a property in a city you aren’t familiar with can be a purchase you live to regret for years to come. Remember, the estate agent that is selling the property works for the seller, not the buyer!

Considerations when you’re investing are numerous. Who do you want to rent to? students, professionals, house-sharers etc.... The location you purchase in will probably be dramatically different for each tenancy type.

Licensing - Nottingham is littered with licensing schemes and the local authority is less than landlord friendly. Before you invest, make sure you’re aware of the licensing scheme that the property falls into. If you see a house for sale in a student area that seems a complete bargain, there could well be a reason it is so cheap.

LICENSED Granger Oaks

 

 

 

 

Are you planning to self manage, or will you be employing a Nottingham Letting Agent to manage the property for you? On the face of it your yield will be higher if you manage things yourself, but you need to be local so you can deal with repairs and carry out inspections. Having a qualified Letting Agent manage the property for you should make property investment far more hassle free.

If you are new to the area, establishing a relationship with a reputable local Letting Agent may well be a higher priority than searching on Rightmove for a property to buy. Do your research, read their reviews, and visit their office. You need somebody on your side, so choose carefully. 

Granger & Oaks are ARLA licenced Letting Agents in Nottingham and we specialise in the management of professional property. Our Managing Director is also a director of EMPO, the local landlords association. We know the city.

Over the past 17 years, we have helped numerous landlords invest in Nottingham and we have also project managed a number of renovation projects with our team of tradesmen. We help clients focus their investment decision, and we then help them select a range of potential properties that fit their investment criteria. Often this means we are identifying homes that require improvement, so we assist with quotations to reduce the risk of nasty surprises along the way.

In these days of desperately low interest rates and turbulent stock market returns, investment property remains attractive, and the demand from tenants remains strong. Whilst being a landlord isn’t everybody’s cup of tea, having a good local Letting Agent on your side can take many of the bumps out of the road and can help you see a good return on your investment whilst at the same time providing a nice home for tenants to enjoy whilst they live in the city.

If you are contemplating purchasing an investment property in Nottingham, contact Granger & Oaks today to see how we can help...