Nottingham house prices are rising twice as fast as the national average and they are predicted to continue rising


Published : 20th December 2018

News

Forecasts are interesting

While London has seen a slump in house prices, year on year, Nottingham home owners have seen the price of their homes rising twice as fast as the national average.

Does this news bring you Christmas joy or dismay?

The news, which is based on the latest data released by HM Land Registry, will clearly create a different reaction depending upon whether or not you are a home owner.

If you are looking to get on to the property ladder then you probably won't enjoy the news that the average property price in our city stood at £144,416 in October, this is according to data released by HM Land Registry. That is up 5.6 per cent compared to £136,771 in October 2017 - an increase of £7,645.

Nottinghamshire has also seen a rapid rise in house prices, year-on-year. Across the county the average was £178,641 in October 2018. That is up by £8,803, or 5.2 per cent, from £169,838 in October 2017.

So why are prices rising? We asked Chris Charlton, head of residential sales at Savills Nottingham for his opinion.

He said: "Whilst many other parts of the country have seen significant growth over the last five years, particularly across London and the South East, the East Midlands as a region hasn’t benefited to the same extent.

"As a result, we have got some way to catch up which is reflected in our latest residential property forecasts which indicates that house prices across the East Midlands will rise 19.3 per cent in the five years to 2023, almost five times the rate of projected growth in London at 4.5 per cent, and more than the national average of 14.8 per cent.

"This is consistent across the whole county, but hotspots such as Radcliffe-on-Trent, The Park, Mapperley, Southwell and Newstead Abbey are likely to be some of the strongest performers."

What about you area?

Well, Rushcliffe saw the biggest increase, with prices up 8.3 per cent year-on-year, followed by Bassetlaw, which was up 7.3 per cent and Mansfield by 6.0.

Newark and Sherwood saw the slowest growth, but even there prices were up 1.0 per cent, year-on-year.

England as a whole has seen prices increase from £242,003 to £247,914.

That is a rise of £5,911, or 2.4 per cent.

Which property type has had the biggest rise?

Semi-detached houses showed the biggest increase, at 3.3 per cent, while flats were up just 0.6 per cent.

The Office for National Statistics said a fall in prices of flats in London had deflated the national figure.

The overall number of residential property sales fell 0.2 per cent to 277,260.

In terms of regions, the North West of England saw the highest average price growth, at 4.9 per cent.

London returned the worst figures, with prices falling by 1.7 per cent compared to October 2017.

In terms of individual areas, the Forest of Dean in Gloucestershire saw the biggest increase, with prices up 11.6 per cent, year-on-year.

North Norfolk (up 11.2 per cent) was next, followed by Bolsover in Derbyshire (up 11.1 per cent).

Tower Hamlets in London saw the biggest fall, with average prices down 11.8 per cent.

Source:- https://www.nottinghampost.com/news/property/nottingham-house-prices-rising-twice-2344942