May 2023 Market Report Nottingham

May passed in a glorious haze of spring sunshine, pomp and ceremony. The three bank holiday weekends gave homebuyers plenty of opportunities to view properties, and this certainly had an effect on the number of sales agreed!

The lovely weather looks set to continue into June, enticing more buyers out and giving sellers the opportunity to show off their properties in the always flattering sunshine. This is always a busy time of year for the property market, so if you are considering putting your property on the market, you couldn’t choose a better time than now.

There are currently 2,929 properties available for sale in Nottingham, which is up ever so slightly from 2,882 last month.

Of the 2,929 properties that are currently available, 415 came on the market in the last two weeks, which is an increase of 3% compared to last month.

The current average asking price in Nottingham is £330,382.

Let’s take a look at the annual figures. Properties in Nottingham had an overall average price of £256,318 over the last year.

The majority of sales in Nottingham during the last year were semi-detached properties, selling for an average price of £239,882. Terraced properties sold for an average of £183,785, with detached properties fetching £389,001.
Overall, sold prices in Nottingham over the last year were 7% up on the previous year and 15% 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 NG8 postcode area.

The NG8 postcode covers Wollaton, Bilborough, Aspley, Cinderhill, and Beechdale. In that area, there are currently 229 properties available for sale, with 30 of those new to the market in the last two weeks.

The average price of properties in the NG8 area is £320,680. The median price is £285,000.

Most of the properties available are in the £100,000 to £200,000 bracket, with 69 currently on the market. There are only 2 properties available under £100,000.

Properties under £100,000 are selling the fastest. They are only on the market for an average of 63 days. Properties on the market in the £500,000 to £1,000,000 bracket are taking the longest to sell. They stay on the market for an average of 261 days.

One-bedroom properties currently have an average price of £265,000 and are the fastest movers, staying on the market for an average of 12 days.

Five-bedroom properties are the slowest movers, staying on the market for an average of 368 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