Nottingham Residential Property Market comment May 2014

In general, despite two Bank Holidays and school half-term holidays, May has been a busy month with increased activity in both Lettings & Homesales.

After a fairly sluggish start to the year, the rental market has now had two strong months on the bounce, which is  soaking-up any over-supply that built-up during a quiet February & March. Rental prices are creeping up a little in a few areas, but in general there isn’t a lot of movement in price year-on-year.

Over the past 3 or 4 years, June has been one of the better months of the year and normally kicks-off the rush into the summer, so we are anticipating a busy next few weeks as people try to get their new homes organised before their holidays.

In line with national media coverage, Home sales are dramatically improved compared to a few years ago. That said, the property bubble that is the current media obsession, is not particularly the case in and around Nottingham. Prices are starting to rise in most areas, but in many the rise is very modest, and it still leaves the property value lagging far behind where it would have been in 2007.

There are a far greater number of buyers in the market, but they are being stifled by a shortage of supply.  Inevitably, the shortage is meaning that sellers can ask more for what they are trying to sell, but we are still finding that buyers aren’t getting carried away and over-priced properties still aren’t selling.

Jonathan Detheridge from GO Property Services comments "In Nottingham, there is still a shortage of core first time buyers coming to the market, which is resulting in the prices of some traditional terraced properties and small flats still being depressed. Hopefully, as the economy stabilses and the job market continues to improve, more first time buyers will have the confidence to return to the market". 

GO Property Services Ltd sell, let & manage property across Nottinghamshire. The company is independent & in 2013 celebrated our 10 year anniversary. We are licensed by ARLA & the NAEA, and offer a high quality service that is competitively priced.