November 2023 Market Report for Nottingham

Twinkling lights are appearing everywhere and there is a chill in the air. Christmas is definitely on its way! We expect there to be a flurry of activity in the coming months as the drop in inflation boosts the mortgage market. Several mortgage lenders have already cut their rates in recent weeks. 

House prices rose in the UK for the third consecutive month. According to the Nationwide House Price Index house prices grew 0.2 per cent between October and November which is an excellent sign that the property market is starting to stabilise and return to normal. 

The Boxing Day Boom is on its way. Last Boxing Day visits to Rightmove rose by 54% compared to the previous week. There were over 51 million visits between Boxing Day and the first working day of the new year. If you would like to make sure that your property is market ready in time to take advantage of this please do get in touch. We’re now booking into the new year and have availability for a couple more clients. 

Before we turn our full attention to the festivities of the season let’s take a moment to take a look at what’s been happening in the property market around Nottingham during November.  

There are currently 3,315 properties available for sale in Nottingham, which is a slight drop from 3,541 last month. In the last two weeks, 259 properties have come onto the market.

The current average asking price in Nottingham is £307,153, down slightly from £312,820 last month. The median* asking price is currently £260,000. 

Properties in Nottingham had an overall average price of £254,221 over the last year.

The majority of sales in Nottingham during the last year were semi-detached properties, selling for an average price of £237,450. Terraced properties sold for an average of £183,635, with detached properties fetching £382,167.

Overall, sold prices in Nottingham over the last year were 2% up on the previous year and 14% up on the 2020 peak of £222,463. Buyers are no longer fearful of a major collapse in house prices. Instead, home buying decisions hinge on the financial ability and willingness of people to take on 4-5% mortgage rates. Real income growth is at last starting to appear, and this will support people’s desire to move home.

Let’s take a brief look at what’s been happening over the last month with the property market in the NG3 postcode area.

The NG3 postcode covers the Arboretum, Daybrook, and Sherwood Rise neighborhoods of Nottingham, as well as parts of Arnold and Sherwood. Notable attractions include the historic Arboretum Park, the Nottingham Playhouse, and numerous churches.With its close proximity to the city centre, the area has become highly desirable to both families and young professionals. 

In the NG3 area, there are currently 327 properties available for sale, with 18 of those new to the market in the last two weeks. 

The average price of properties in the NG3 area is £318,631. The median price is £275,000.   

Most of the properties available are in the £200,000 to £300,000 bracket, with 92 currently on the market. There are 35 properties on the market in the £500,000 to £1,000,000 bracket. 

Properties in the £400,000 to £500,000 bracket sell the fastest, only staying on the market for 107 days on average. Properties over £1,000,000 are taking the longest to sell, with an average time on the market of 251 days. It is important to be aware of how much time properties tend to spend on the market 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.