Nottingham property market on boil as more homes are sold and prices rise

THE number of houses sold in Nottinghamshire has jumped 13 per cent in one year, according to new figures from the Land Registry.

Data shows that 905 homes were sold in March, compared to 800 the year before.

It also gives the average price for a house sold in May at £124,472 (up 5.1 per cent from £118,452)) and the average sale price for a detached property at £191,063, also up 5.1 per cent from £181,822 last year.

Figures from Experian's Property Index show that from 2013 to 2014, the number of homes that entered the market for sale in the East Midlands valued at over £500,000 rose by more than ten per cent. Houses for sale in the second highest price band (£250,000 to £500,000) increased by 20 per cent.

But the statistics also reveal that the number of homes entering the market for sale valued below £100,000 decreased by nine per cent.

Rob Clark, associate of Savill's estate agents in the city, said one of the reasons for an upturn in sales is because sellers have become more realistic about what their property is worth.

He said: "The market was certainly moving in the first quarter of this year and there was a short burst in new properties valued between £400,000 to £600,000 coming on to the market. I think people had more confidence in the market after it stabilised at the end of last year.

"I think there has also been an upturn in the sale of properties. One reason for this could be because sellers, who have had their property on their market for a year or more, are becoming more realistic about what their house is worth. When new and fresh houses come on the market, it makes it more competitive and sellers have to be in line with that in order to sell."

Dan Bennett, associate director of Chesterton Humberts in the city centre, said: "There have been a few more properties coming on the market valued at over half a million, and they have probably increased by ten per cent in the East Midlands. I think that is because the market is moving more quickly so it gives them more confidence to sell.

"However, from our experience in the past couple of months, we have felt there is a shortage of houses coming to the market in all sorts of price ranges. I think some sellers are holding back because they see the market going up and feel if they wait a bit longer the value of their house will rise more and they will get more money."

Source: Nottingham Post