August 2023 Market Report for Nottingham
More lenders, including Nationwide, Leeds, TSB, Virgin, and Clydesdale, have been reducing their rates on some of their mortgage products. This is despite the predicted rise coming the next time the base rates are reviewed.
Hopefully, this is showing some confidence by lenders in the stability of the market and encouraging those who are sitting on the fence about moving home or buying property at the moment.
This stability can be seen in the national data. 42% of properties were sold (subject to contract) within 30 days of first being listed in July, compared to 43% in June and 57% in July 2022*.
Sellers and agents that are adjusting to the market will get properties sold. Those that do not price correctly will just sit on the market and go stale. This is true of any market, but especially now when market conditions are more akin to those of 2017/8.
There are currently 3,276 properties available for sale in Nottingham, with 339 that came to the market in the last two weeks.
The current average asking price in Nottingham is £321,005, and the median asking price is currently £269,950**.
Let’s take a look at the annual figures. Properties in Nottingham had an overall average asking price of £326,323 over the last year. This is down a mere 4% compared to the same time last year. Hardly the property market crash the media keep predicting.
Particularly when you look at the data for achieved house prices, not just the asking prices. These are a few months behind as the Land Registry publishes them later. In June 2022, the average sold house price, across all house types, was £244,331 and in 2023, it was £260,711. This is a 7% increase. Terraced houses have seen a 6% decrease in achieved sale prices but all other property types have seen an increase.
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, Radford, Lenton, and The Park Estate. In that area, there are currently 221 properties available for sale, with 19 of those new to the market in the last two weeks.
The average price of properties in the NG7 area is £273,381. The median price is £200,000.
Most of the properties available are in the £100,000 to £200,000 bracket, with 101 currently on the market. There are five properties on the market with an asking price of over £1 million.
Properties over £1 million sell the fastest, only staying on the market for 101 days on average. They are only on the market for an average of 89 days. Properties under £100,000 are taking the longest to sell, with an average time on market of 229 days.
Properties priced from £100,000 to £500,000 take on average 154 days to sell. This is approximately 5 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 in the UK.
Here’s a breakdown of prices and time on market by number of bedrooms per property.
No. of properties Average price Median price Average ToM
- One bedroom 17 £102,938 £90,000 283 days
- Two bedrooms 74 £178,815 £150,000 175 days
- Three bedrooms 59 £249,659 £190,000 164 days
- Four bedrooms 35 £354,571 £300,000 111 days
- Five bedrooms 17 £546,176 £340,000 117 days
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
*Data via Opening The Gates
**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.
