April 2023 Market Report Nottingham

Spring has definitely arrived, and the property market around Nottingham, just like the local bees, is buzzing. According to mortgage industry technology company Twenty7tec,
March saw overall mortgage search records set, and this has been reflected in the amount
of activity in the local property market.

The King’s Coronation has led to the addition of another Bank Holiday to the calendar this
month, giving house hunters even more time to look for their dream home. With this in mind, we expect the month of May to be even busier than the last so if you are considering putting your property on the market, don’t miss out on this royal opportunity.

There are currently 2,882 properties available for sale in Nottingham.

Of the 2,882 properties that are currently available, 403 came on the market in the last two weeks.

Let’s take a look at the annual figures. The majority of sales in Nottingham during the last year were semi-detached properties, selling for an average price of £234,387. Detached properties sold for an average of £378,070, with terraced properties fetching £180,767.
Overall, sold prices in Nottingham over the last year were 6% up on the previous year and 13% up on the 2020 peak of £222,191.

Let’s take a brief look at what’s been happening over the last month with the property market in the NG7 postcode area.

The NG7 postcode covers New Basford, Forest Fields, Hyson Green, Radford, Lenton. In that area there are currently 183 properties available for sale with 23 of those new to market in the last two weeks.

The average price of properties in the NG7 area is £253,681. The median price is £180,000.

Most of the properties available are in the £100,000 to £200,000 bracket, with 93 currently on the market. There are 16 properties available under £100,000.

Properties in the £100,000 to £200,000 bracket are selling the fastest. They are only on the market for an average of 115 days. Properties on the market in the £300,000 to £400,000 bracket are taking the longest to sell. They stay on the market for an average of 237 days.

Three-bedroom properties currently have an average price of £219,133 and are the fastest movers, staying on the market for an average of 129 days.

One-bedroom properties are the slowest movers, staying on the market for an average of 162 days. This is another example of how selling property can take longer than people often imagine. If you’re looking to upsize from your first home or are an investor looking to change your portfolio, please bear this in mind when planning.

If you’re thinking of selling your property, feel free to contact us. If you’re thinking of buying a Nottingham property, please don’t hesitate to get in touch. You can call 0115 8240235 or email enquiries@robinsestates.com