Data revealed today shows the average Nottingham house prices has increased, with the city now having the third highest annual growth rate in the country.
According to Zoopla’s UK House Price Index, in December 2021, the city experienced a 8.6% annual growth rate, with the average house price being £181,700.
The ‘search for space’ in this post-pandemic environment has made buying a home harder, with more demand for affordability, especially for first time buyers.
Adele Searle, 42, the office manager of Freckleton Brown Estate agents in Eastwood, Nottingham shared her thoughts on this latest data.
She said: “I do agree in the last couple of years, the growth has gone up.
“I can only comment on my area (NG16), but we’ve definitely seen a big increase in the market.
“I put it down to the fact that during the first part of lockdown, people were in their home, maybe in a flat, and thought they can’t live like this.
“They think ‘we need outside space’.
“A lot of first time buyers are desperate and overpaying.
“My advise would be just wait, don’t rush.
“There will be properties coming on to the market, but don’t rush and make hasted decisions.”
Adele also advised those seeking for their first home should think about budgeting, making sure they are in a good financial position and they should speak to a reputable mortgage advisor before considering this decision.
The data also revealed the UK house prices rose by 1% in the three months leading up to December, with many factors coming into play for the demand increasing.
These include the stamp duty holiday, meaning buyers could save more for higher valued transactions.
Also, there has been a stronger focus on people searching for family homes in rural areas with suitable transport links.
For first time buyers in Nottingham, it has been a struggle to find a home even close to what they desire.
James Williams, 25, who is currently searching for a two bedroom flat in West Bridgford or the Gedling area is one of the many buyers struggling.
He said: “It’s been a quite challenging experience so far, every time I’ve tried to find the perfect place there’s always a hitch, but perhaps that’s always going to be an issue.
“I’ve been looking through Rightmove and Zoopla and properties come and go so quickly, I’ve noticed how the prices are also increasingly going up.
“The main struggles for me have been trying to find a deposit, the increasing prices of renting as well as finding an actual nice home which ticks boxes.”
The buyer demand also surged over the new year, and supply of homes remains constrained across Nottingham and the UK.