September 2023 Market Report for Nottingham

Autumn has definitely arrived, bringing with it a flurry of motivated homebuyers and sellers who would like to get their home moving journey well underway before Christmas.

If you are considering putting your property on the market, then now is an excellent time. Many people think of autumn as a second New Year. The start of the academic year feels like a fresh start, leading to a jump in interest in the property market.

The average price of a house in the UK was £265,100 in September.

There are currently 3,373 properties available for sale in Nottingham, up from 3,276 last month. In the last two weeks, 376 properties have come onto the market.

The current average asking price in Nottingham is £314,877, and the median* asking price is currently £270,000.

Let’s take a look at the annual figures. Properties in Nottingham had an overall average price of £257,123 over the last year.

The majority of sales in Nottingham during the last year were semi-detached properties, selling for an average price of £238,295. Terraced properties sold for an average of £184,603, with detached properties fetching £388,750.
Overall, sold prices in Nottingham over the last year were 5% up on the previous year and 16% up on the 2020 peak of £222,459.

Let’s take a brief look at what’s been happening over the last month with the property market in the NG8 postcode area.

The NG8 postcode covers Wollaton, Bilborough, Aspley, Cinderhill, and Beechdale. In that area, there are currently 304 properties available for sale, with 31 of those new to the market in the last two weeks.

The average price of properties in the NG8 area is £337,784. The median price is £300,000.

Most of the properties available are in the £200,000 to £300,000 bracket, with 78 currently on the market. There are 34 properties on the market in the £500,000 to £1,000,000 bracket.

Properties under £100,000 sell the fastest, only staying on the market for 66 days on average. Properties over £1,000,000 are taking the longest to sell, with an average time on the market of 235 days.

Properties priced from £100,000 to £500,000 take on average 79.2 days to sell. This is nearly 3 months. This is an important figure to be aware of if you are thinking of selling your property. Many people underestimate just how long the process takes when selling a property in the UK.

Here’s a breakdown of prices and the time spent on the market by number of bedrooms per property.

No. of Bedrooms No. of properties Average price Median price Average ToM

If you’re looking for more information about the Nottingham property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 0115 8240235 or email enquiries@robinsestates.com

*The Median Time on Market is the number for which half of the values in the sample are higher than it, and half are lower. The median of a list of numbers can be found by arranging all the observations from lowest value to highest value and picking the middle one. If there are an even number of observations, the mean of the two middle values is often used.