What Now For A City Whose Property Market Had Been Booming?
To date this year, Nottingham city centre has seen record levels of demand and sales complete, propelled by the stamp duty changes, but with the decision to leave the EU, what is next for the city centre property market?
Over 60 sales have completed in the city centre this year to date, ranging from £85,000 for a one bed apartment to an impressive £350,000 for a two-bedroom penthouse suite. The strong start to the year was cemented further with 20 sales completing in just the last few days prior to the stamp duty increases at the end of March.
However, since the tax increase, despite concerns that the market would slow, demand has remained high from both owner occupiers and investors. Whilst there are apprehensions the momentum may waiver with BREXIT on the horizon, the city centre continues to be one of the most popular and in demand areas in Nottingham.
Oliver Marshall of FHP Living’s city centre sales team comments:
“Despite the uncertainty surrounding the confirmation of the Brexit vote, we have still received a good level of enquiries over the past week and over 25 city properties are in solicitors’ hands at present.
On average in 2016, FHP Living have been achieving 98% of the asking price and sale times have shortened but a main setback has been the amount of time leasehold properties are in solicitors’ hands once a buyer is found – an average of 15.39 weeks – which is due to a number of issues.
However, while interest rates are still low and are potentially set to fall even lower, it provides a good opportunity for owner occupiers and investors, so FHP Living expect the second half of the year to remain strong as both take advantage of this.
Nottingham city centre is an area we expect demand to remain high due to its popularity and vibrant retail, nightlife and social scene.”
Drapers Bridge has been one of the exemplary developments in Nottingham this year; what was an old haberdashery was renovated to become 23 stunning apartments, 21 of which have now been sold, and the development reflects the quality that applicants are seeking in the city centre.
If you have a property in Nottingham City Centre and wish to have a no obligation, free market appraisal please contact one of the city centre team on 0115 941 5920 or email firstname.lastname@example.org
Have a look at our website to see our latest city centre properties.