Nottingham had a lot of press last week with Prince Harry and his new fiancé Meghan Markle visiting on Friday.
Nottingham isn’t only getting a lot of attention though from the Royals – it also continues to be an attractive place to live and invest.
The East Midlands have seen the highest increase in property prices and rental increases in the last 12 months in the whole of the UK and we see this trend continuing for the next 5 years.
House prices in the region, which includes Nottingham, Leicester and Derby, went up by 7.5% in the year to the end of July.
The region also saw rental prices rise by 2.8% in the year to August – the fastest in Britain – the Office for National Statistics (ONS) said.
The slowest property price growth was in London, marking a big change from the house price surge in the capital in recent years.
The average cost of a home was still much higher in London, at £489,000, compared with the typical price of £185,000 in the East Midlands.
Jonathan Hopper, managing director of Garrington Property Finders, said: “It took less than two years for London’s booming property market to slide from permanent front-runner to also-ran, to flat last.
“Of course the capital’s double-digit rates of annual price growth were always going to be unsustainable. So it’s reassuring that the new crop of best-performing English regions are well shy of this level, posting more froth-free gains of 7% over the past 12 months.
“Across the UK a degree of calm is returning to the market. Crucially these price rises are being driven by pragmatism rather than exuberance. The chronic shortage of supply has placed a floor under prices, while demand has been underpinned by a combination of cheap mortgages and a resilient jobs market, which so far has shrugged off the growing inflationary threat.”
Research from Savills forecasts that while average UK house price growth is expected to slow to 14 per cent over the next five years, there will be marked differences between and within regions and the East Midlands will surge at double the rate of London.
In London, average house prices – at £479,100 in August 2017, according to the Land Registry – are 12.9 times the average individual’s earnings. The capital’s market has therefore become increasingly accessible only to more affluent, dual-income households, which will restrict potential future growth in the capital, and in turn act as a drag on its commuter belt.
While in the East Midlands the average house price is only £177,825.
Chris Charlton, head of residential sales at Savills Nottingham, said: “The predicted five year increase shows the continued strength of Nottingham and the wider East Midlands market. Over recent years we have seen more buyers moving to the area from London and the south east as the excellent transport links into London from the likes of Newark and Grantham make it possible to live in the Midlands and work in the south.”
And these increases are showing no signs of slowing – in fact the market continues to motor on, with the latest data released by the Land Registry showing that house prices increased by a huge 2.6% between August and September this year – the equivalent of over 25% on a per annum basis.
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NOTTINGHAM CONTINUES AS UK HOTSPOT
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