Property prices are still up year on year, but still around 10-15% behind 2007 property price heights. Buyers have taken a bit of a holiday over the summer and are being ‘put off’ making offers due to the media reporting ‘prices falling month on month’ ie from June to July and likely to be August. In the meantime, HIPs being cancelled held some people back from putting their property on the market, which, coupled with a ‘fear’ of prices double dipping, supply has gone up. The fall in buyers, growth in the number of properties for sale and media reports of price falls has led to prices falling back – but it’s very tiny, almost statistically insignificant.
We await to see if this trend continues through September. The likelihood is that prices will continue to fall VERY SLIGHTLY for the next few months, the market will be quiet for the rest of the year and we won’t truly know what will happen next until the end of the year when we have an idea of the real impact on the property market and economy of the Coalition’s budget.
Hometrack's latest survey reported that demand for housing in July dropped by -1.3% triggering the first fall in prices for 15 months. In contrast the supply of homes for sale continues to increase. They also report that the decline in demand is in part seasonal but the underlying trend for the last five months has been downwards.
Rightmove: Summer Asking Prices Melt by £4k – still reporting property pricees up 4% versus last year, month on month comparison.
RICS: House prices fall for the first time in a year – This is a title gleaned from more chartered surveyors reporting a fall rather than a rise in house prices.
As ever, it’s all down to local micro markets and as the data below suggests, some areas such as Beeston and Clifton are doing well, while other areas such as Newark still have a glut of properties versus demand, so prices are remaining stubbornly low.
A truly stunning ‘grand designs’ property in Nottingham, inbetween Wollaton Park and Nottingham University. This house has it all, including a 15 seat cinema room and of course, the essential pool. This is clearly a house built for a particular person as there are only five bedrooms compared to room for nine cars in the basement!
Visit Rightmove for more information.
Now we’ve all had a bit of a chance to dream, for those who want to get their foot on the ladder, there are over 250 properties in Nottingham for less than £60,000 ranging from one bed flats to 3 bed homes. Which with the average income being around £19,000 in Nottingham, means that Nottingham is a pretty affordable place to buy – if people can secure the deposit and have a good credit record.
The property might not be in the best locations, but even in areas which don’t have the best of reputations always have some good streets, typically ones that are on the borders of a good area.
And if you can’t afford to buy in Nottingham, why not head to the lovely nearby Newark. Soon to have the benefit of the dual carriageway straight to Leicester, bound to help improve prices and communications. Newark is a lovely market town and only just over an hour to London by train with easy access north and south via the A1.