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Supply Shortage Bottleneck

The Nottingham housing market stays in a state of flux with potential buyers finding themselves trapped by a lack of choice in the market. After a healthy 2014, many had predicted more of the same for 2015, but that so far it hasn’t materialised. The return of first time buyers over the past 18 months has been welcomed, but the story across the board is becoming one of a general shortage of choice. In short, there is a healthy supply of buyers, but nowhere near enough supply to satisfy demand. The inevitable result is that ‘in demand’ property is selling at a premium, as property prices in West Bridgford testify. Whilst the shortage of choice isn’t good news for buyers, it can be great news for sellers, particularly downsizers or ones that are flexible about their next move with prices only spiking in certain parts of the city.

Property Presentation is Key to Finding the Right Buyer   

An interesting shift in today’s market compared to pre-recession is the change in the importance of presentation, no matter what level you are pitching at. With mortgage criteria being tougher, most lenders demanding a fee, and many buyers finances being stretched, finding a purchaser for a property in need of refurbishment is becoming a tough ask. In fact, in many cases buyers nowadays are looking for property where they can bring their belongings and their toothbrush and have their feet up in front of Strictly by Saturday evening. Property in Sherwood & Carrington is selling well, however, if you look at Rightmove or On The Market, you’ll find that the homes that are incorrectly priced or poorly presented are the ones that have been on the market the longest.

Rental Prices Increasingly Slightly and Tenants Staying Longer 

In many ways the rental market is mirroring the sales market with fewer people moving than in recent history and sought after property being snapped-up. Seasonality has again this year become more pronounced with lower prices being achieved in the quieter months, and less popular properties taking longer to let. Rents have crept up a little, but the increases are nowhere near those being achieved in the south east. On the whole, the picture is very steady and it is encouraging to see new landlords entering the market - in many cases filling the shoes of accidental landlords that are exiting. It remains to be seen whether the changes announced in the budget will have a big impact.

Mortgage Rates on the Rise?

Today’s decision by the Bank of England came as a surprise to many who were predicting an increase. There is widespread opinion however that rates are going to go up imminently which will undoubtedly have a cooling effect on the market. Research from Money Supermarket suggests that lenders are already starting to increase their Fixed Rate mortgages in readiness for an increase, so buyers need to budget accordingly. There are currently more mortgage products available than there have been for many years, and in many parts of Nottingham prices are still depressed, so this could well be an excellent time to buy.
If you’re thinking of buying, or selling a home in Carrington, Sherwood, or Mapperley Park drop in and see us to discuss your next move. We’d love to help.

Granger & Oaks sell, let & manage property across Nottinghamshire. The company is independent & in 2013 celebrated it's 10 year anniversary. We are licensed by ARLA & the NAEA, and offer a high quality service that is competitively priced.