June 2023 Market Report Nottingham

It was the hottest June since records began in 1884, according to the Met Office. While the country basked in the sunshine, the UK property market was heating up too. House prices rose by 0.1% in June, confounding economic forecasts and increasing the average cost of a home in the UK to £262,239.

Summer is always a busy time for the property market, with buyers and sellers mindful of the need to start the ball rolling soon in order to be able to move in time to be settled in their new home for Christmas.

There are currently 3,043 properties available for sale in Nottingham, which is up 3.9% from 2,929 last month and up 5.59% from the month before.

Of the 3,043 properties that are currently available, 383 came on the market in the last two weeks.

The current average asking price in Nottingham is £330,762, and the median asking price is currently £275,000.

Let’s take a look at the annual figures. Properties in Nottingham had an overall average price of £257,929 over the last year.

The majority of sales in Nottingham during the last year were semi-detached properties, selling for an average price of £241,988. Terraced properties sold for an average of £184,304, with detached properties fetching £392,839.
Overall, sold prices in Nottingham over the last year were 7% up on the previous year and 16% up on the 2020 peak of £222,416.
Let’s take a brief look at what’s been happening over the last month with the property market in the NG9 postcode area.

The NG9 postcode covers Beeston, Stapleford, Lenton Abbey, Chilwell, Trowell and Bramcote. In that area, there are currently 443 properties available for sale, with 50 of those new to the market in the last two weeks.

The average price of properties in the NG9 area is £355,725. The median price is £300,000.

Most of the properties available are in the £200,000 to £300,000 bracket, with 171 currently on the market. There are only two properties available under £100,000.

Properties in the £300,000 to £400,000 bracket are selling the fastest. They are only on the market for an average of 89 days. Properties on the market for over £1,000,000 are taking the longest to sell. They stay on the market for an average of 238 days.

Three-bedroom properties currently have an average price of £306,503 and are the fastest movers, staying on the market for an average of 96 days.

Two-bedroom properties are the slowest movers, staying on the market for an average of 150 days. This is another example of how selling property can take longer than people often imagine. If you’re looking to downsize or are an investor looking to change your portfolio, please keep 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