Things to do in Nottingham
Eddison Wells is privileged to have an office in Nottingham. As as a Nottingham Mortgage Broker we value the opportunity to
Despite the fact that the growth in the UK house prices has dawdled down remarkably, to many market watchers surprise it still remains at an all high 5% with much faster growth being seen outside London. More so in areas such as Birmingham, Manchester, and Nottingham which registered an 8.0%, 7.1% and 6.9% increase in the last year alone.
But enough about the UK. Nottingham, in particular, has had quite the adventure in as far as house prices go. In fact, some would say that Nottingham has been on quite the roller coaster over the past 2 years. And rightly so especially with the city taking third place within a period of 12 months with a 6.9% increase and basically taking the lead in as far as the figures go within the past 3 months alone with an all-time high increase of 4.0%.
As a matter of fact, according to the latest data released by the Land Registry, the Nottingham property market is looking pretty good in as far as the future is concerned. More so as the house prices continue to surge on upwards to much greater heights as time passes by. And although national and local property experts were previously worried that a number of external factors on the market including the uncertainty in the economy as in regards to the Brexit decision and the increase in stamp duty and how they may affect the performance, the Nottingham property market still seems to be booming despite it all
So why have the prices continued to soar on upwards despite the consistent doom-mongering and the election?
Well, among other things, the Nottingham property experts believe that the paucity of enough stock to meet the growing demand is one of the reasons as to why the house prices seem to be on the rise every so often. And though alarming more so for the property buyers, Su Snaith who is an estate agent at The Nottingham Building Society urges buyers not to be alarmed at all as Nottingham has an excellent yield on rental properties and more so for investors.
Additionally, the first time property buyers also seem to have had a hand in boosting the current housing market in the United Kingdom as well. How so? Well, first-time buyers were apparently responsible for a third of all the sales in the month of October 2016 which is a 9 per cent rise compared to the figures registered in the month of September of the same year. A trend that has continued to rise over the past couple of months to magnanimous heights.
What does this mean for you?
Well, this fundamentally implies one of two things depending on which side of the divide you lie. If you are looking to sell your house or even rent it out to someone then it goes without saying that the time is nigh for you to do so. For the obvious reasons that you could make a bigger return on your original investment. However, if you are a buyer looking to purchase a piece of property or just want to rent a piece of property from someone, then it is advisable to brace yourself for the inevitable. Which is the large sum of money you are going to part with so as to get your hands on your dream house. Even so, that is not to say that you should not invest in the property. Certainly not. As a matter of fact, many experts will tell you that a house is one of the very best investments you will ever make in your lifetime. And rightly so especially seeing as it unburdens you of having to pay rent every single month. And although you are probably asking yourself how it is going to be remotely possible to pull it off with the house prices going up every so often, the fact that they have gone up does not mean that you can't get one that is well within your budget without having to break a sweat.
How about the future? Is it looking murky or somehow bright?
Well, I would hate to burst your bubble but as the UK economy goes from strength to more strength following Brexit, house prices will also continue to soar on upwards over the next four years or so.
In fact, according to authoritative figures, values will surge by almost a quarter by the time we get to the year 2021 which is an average increase of £ 52,000 from 2017 as customer confidence in the UK property market remains sturdy. This means that an average home will be worth about £ 272,000 which is a rise of about 23.6 per cent.
Is there anything that can be done to remedy the situation?
When it is all said and done, we know full well that there is a lot that needs to be done and can be done in as far as the current housing situation is concerned. For instance, it would be great if the government changed the rules of the game right?
If it was remotely possible for them to introduce a fresh new way of building homes that significantly reduced the colossal cost of land and more to that gave a little bit more power to communities to deliver high-quality, yet affordable homes that so many people are longing for, would not it be superb? Your guess is as good as mine. It would certainly be life-changing for so many people. Because now owning a house would no longer be a fantasy that most people only imagine of but a reality for hundreds if not thousands of people.
I guess all we can do at this point is wait and see what the future holds and hope that somehow things pan out to everyone's advantage. Both property buyers and property owners.