The average house price in Nottingham fell by almost 3/4 of a percent in February 2024, according to new data from the Land Registry. The decline of 0.7% for February contributed to an overall trend where average property values fell 3.8% in the last 12 months.
These Land Registry figures show that the Nottingham property market is detached from the rest of the UK. The UK average house price rose 0.4% in February. Elsewhere in the East Midlands, prices rose by as much as 1.4% in the same month.
In the last 12 months, Nottingham’s property sale values have ranked 25th out of the 35 local authorities across the East Midlands. The typical sale price of a home in Nottingham was down £7,500 in the past year.
Where Is the East Midlands Property Market Faring Best and Worst?
South-west of Leicester, in Blaby, property values have experienced the highest annual rise in the East Midlands. Typical sale prices in Blaby were up 8.1% on average to £316,000. Meanwhile, at the other end of the spectrum, homes in Ashfield were down almost a tenth (9.5%), resulting in average values of £174,000.
Within Nottingham’s first-time buyer market, the latest Land Registry data says new homeowners spent £175,600 on average in February, down £7,300 less than 12 months previous. However, there is a stark contrast between pre-pandemic and post-pandemic property values, with fledgling homeowners paying £43,700 more in Nottingham today than in February 2019.
Given that property values in Nottingham have risen £8,740 on average annually over the last five years, it’s still important to reiterate that it’s not an easy market for first-time buyers to navigate.
With mortgage rates still considerably higher than they have been for more than a decade, buyers and sellers are increasingly having to meet in the middle. However, in some areas, supply is beginning to outstrip the stunted demand.
That’s why some sellers are having to get creative with new ways to either upsize for more space or downsize to reduce their living costs. Instead of using traditional estate agents, more homeowners are deciding to sell their houses fast in Nottingham via direct cash buyers. These services will generate a free cash offer within minutes, with the potential to pick a completion date and receive sale proceeds in as little as seven days. There’s the added bonus of not having to pay estate agent commission fees and sellers are ensured a competitive sale price that’s set by two independent RICS-certified surveyors.
Does the Nottingham Property Market Offer Comparative Value Right Now?
Even owner-occupiers are paying more to move house in Nottingham, forking out 19.3% more than first-time buyers, on average. Terraced house property owners experienced the biggest decline in property values in February, down a full 1% to £163,387. Semi-detached and detached homes in Nottingham saw values fall 0.6% in February, but the annual decline in semi-detached and detached properties in the city differs. Detached property values are down 2.8% annually, compared with 3.3% annual declines for semi-detached properties.
Overall, the Land Registry data suggests residential property in Nottingham is offering real value for East Midlanders. Buyers in Nottingham paid 21.3% less than the average sale price across the entire East Midlands.
