Much of the reporting we read about property prices tell us what is happening ‘on average’ across England and Wales. As this data includes the performance of London, which is completely different to somewhere like Nottingham, it’s useful to see what’s happening at a local level and how different areas in our own region are performing.
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The Land Registry data for May 2015 shows that average property prices in England and Wales are just under £180,000 and property prices have increased year on year by 4.6%. This is, unsurprisingly, a better performance than we have locally as it includes the performance of prices in our international capital city: London. Prices have almost recovered to the heights seen prior to the recession, which is good news for sellers who may have been in negative equity.
In the East Midlands region, in comparison, the average property price for May 2015 is £133,901 and property prices have increased year on year by 3%. Although it is good news to see increases in prices, they still remain 9% lower than they did eight years ago, so at this rate of increase it could take three or more years for prices to recover to their previous peak.
Nottinghamshire isn’t far behind with average property prices of £128,953, nearly 30% lower than the national figure and 4% lower than that of the East Midlands, suggesting the area has properties which are ‘on average’ good value for money. Property prices are performing nearly as well as England and Wales and the East Midlands, up 4% in 2015 versus 2014, and although rising, prices are still nearly 10% lower than in 2007/8.
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When it comes to living in the city centre, properties are still extremely good value for money, this is unlike most other cities across England and Wales are now. The average property price is just £89,299 and versus last year, they are just 3.9% higher, so not increasing at the same high rate as prices in Nottinghamshire and the East Midlands when it comes to long term price changes.
From a buyers perspective, having a property market which is steadily rising is good news, especially if you are buying and selling a property. It means the property you are selling continues to rise in value which will help you afford the property you want to buy, which of course will hopefully also be going up in value.
If you are selling, then a rising market is good news too, mainly as it gives buyers an incentive to make offers before property prices rise by too much, so helps to sell your property quickly. Remember though if you get an offer within a few weeks of marketing the property, you should have your legals ready and an idea of where you want to move to.
Read - First time buyer quick guide checklist
The only people that don’t tend to win out of a steadily increasing market is investors. It is difficult to secure a property at a bargain price if properties are selling within a matter of weeks.
If you are having any problems buying or selling your property, then do contact me directly on enquiries@designsonproperty.co.uk or call 07585 897128.
