With the cost of living crisis and talk of the economy entering a protracted recession, it would be easy to think that the housing market is heading for a challenging period. However, some areas of Nottingham look to be bucking the trend and continue to have a fast-moving property scene. Many property professionals locally would argue that the picture for the Nottingham housing market remains positive, despite predictions made by others.
Hot or not?
The team at Propcast use a wealth of data to create a ‘weather report’ which shows the level of buyer demand for housing in any given area. Put simply, a hot market is one in which you could expect your property to sell relatively easily, and in this sort of area, as a buyer, you would need to ensure you have a good conveyancing team such as Sam Conveyancing ready to act quickly and efficiently on your behalf. No matter how keen you are to secure a particular property in a hot market, it is still vital to ensure a home buyers survey is carried out, to avoid any costly mistakes. A hot market favours sellers, and a cold market favours buyers, but either way choosing the right conveyancer and survey provider is vital for a smooth transaction.
The outlook for Nottingham
Nottingham, according to Propcast, overall is one of the worst-hit areas nationally in terms of seeing a decreasing demand in the housing market, with a 13% drop based on data taken from June to September. That said, there are some areas which are still experiencing high demand and it remains easy to sell properties in these postcodes. Beeston (NG9) and Sneinton (NG2) are still showing as ‘very hot’ markets using the temperature scale scoring system devised by Propcast. However, the data does also give the warning that the market is cooling. Lenton and Eastwood are two more areas with more demand than many other parts of Nottingham. Estate agents also mention Clifton as being another more popular area.
What do estate agents think?
Not all estate agents agree with the assessment that Nottingham has seen such a fall in demand, even outside of the areas mentioned above as hot spots. People will always need to buy and sell houses in order to move for work and family reasons. Some estate agents believe that rather than a fall in prices and demand, what the market is currently showing is that people had been over-valuing their homes based upon the previous property boom during the stamp duty holiday, and have had to reduce their asking price to a more achievable and realistic level. On paper, this would suggest a fall in demand and prices but many would argue that the situation is much more complex, with a continuing need for expert conveyancing and a home buyers survey in Nottingham. Homes with good transport links and near to highly regarded schools will always be in demand.
Overall, there will always be a supply of, and demand for, property. Potential buyers and sellers must continue to select leading professionals to ensure their transactions and chains process smoothly. There is certainly room for cautious optimism in the Nottingham property market for both buyers and sellers!
