Market signs look good
01 Jun 2009
It would appear that at last the housing marketing in Nottingham is showing signs of real activity again. For over a year now, it has been a battle to achieve, firstly viewings, then offers and finally sales. But hard work is paying off. In the past two months thomasjames has seen a definite increase in the activity in certain areas of the market. First time buyers are now committing to offering on properties, perhaps encouraged by the highly competitive property prices that can be seen across Nottinghamshire at the moment and also the mortgage deals being made available to them. It is hoped that this in turn will lead to the “second time buyer” market seeing increased activity. Since the rental market has not been slowed by the economic situation, the investment section of our buying market has also returned with a renewed confidence. Nottingham has always been a popular choice for those buying property to offer for rent. With two highly regarded Universities and a wealth of established and thriving businesses in the area, Nottingham provides an excellent location for investment. Much as the first time buyers, prospective landlords are making the most of competitive pricing in order to be sure of excellent financial returns. Clearly these financial returns are not restricted to the immediate rental income either, given that pension schemes have a very uncertain future; property is gaining credence again as a means of securing monies for retirement. Perhaps the hardest to explain, but no less exciting, is the activity to be seen on properties in excess of £200,000. Large family homes in some of Nottinghams most sought after suburbs are now receiving a level of interest not seen for some time. Relocators to Nottingham are securing their new homes in ever popular locations and the slow growing property chains achieved by activity in the investment and first time buyer markets is leading, eventually, to successful sales in higher price brackets. The need for realistic pricing is no less evident in this area of the market, but the buyers do exist. In the past month thomasjames have achieved sales on two properties in excess of £300,000, both within days of initial marketing. So the forecast for the housing market in 2009? So far as thomasjames is concerned, the year shows every sign of being a good one. The emphasis remains very much on the agent pricing properties realistically and putting in the extra effort to secure viewings, offers and sales. But the buyers are arriving back with a cautious confidence that should see the housing market in Nottingham thrive again soon.
