July's Market Update for the East Midlands
Each month we aim to bring you the very latest insights into the property market by sharing our expert knowledge of Nottingham
House prices in the East Midlands.
A recent study by KPMG has predicted that house price growth in our area will surpass many regions of England including London with average annual growth between the years of 2018 and 2022 of 3.4%.
The reason for this growth can be put down to many things including more spending on local infrastructure, we have seen this in Nottingham with the extension to the Nottingham Express Tram which now runs through some of our local region to the Park and Ride Toton/Stapleford border. We are also seeing the regeneration of one of local towns Beeston where a multi-million-pound town centre redevelopment to include a cinema complex is planned.
We are also seeing first-time buyer’s confidence level at a record high, with good levels of local employment young couples and families are keen to make our area their permanent home. In the west of Nottingham, we have three good towns, Beeston, Stapleford and Long Eaton, all with their own blend of shops and services and schools for all ages with high Ofsted ratings. Transport links are also important and the A52 passes close to these towns and suburbs which link Nottingham, Derby and J25 of the M1.
In the future we may well see the HS2 coming to the area, it is a long way off, and whatever your views it will bring more investment into the area bringing with it more employment, and house prices will respond.
Latest Mortgage Rates
Interest rates remain at a very low level and it is a very competitive mortgage market out there. If You are a first-time buyer with 5% fixed rates start at 2.55% and some lenders offer cash back which can help when setting up your first home. If you are moving home and you have built equity into your property you can find fixed rates as low as 1.14%.
There is always speculation around interest rates especially now with the confusion over Brexit. Fortunately,
there are some attractive fixed rates for 2, 5, 10 years or more for those who want stability and what may be uncertain times ahead.
We have experienced mortgage advisors in all of our branches who can advise on a full spectrum of mortgage products from over 80 lenders to make sure you are getting the right mortgage for your needs.
Is now a good time to move?
Traditionally springtime was when many property owners put their home on the market, but in recent times we have experienced an active market all year round. Whether you are buying for the first time, selling and buying, you will know when the time is right. It may be down to a job move or better job prospects, having your first child or having more children and need more space, or the kids have flown the nest and you fancy downsizing you will know.
With the growth in first-time buyers and those who were now selling for the first time, it is never been more important than now when considering an estate agent. At Robert Ellis we will be celebrating our 30 Anniversary next year, since we started in 1989 we have sold more than 25,000 homes locally. We employ over 50 members of staff, all of them live locally and many have worked for the company for over 20 years, some 27! Our experienced team is there to help and guide sellers and buyers through the home moving process.
Our marketing strategy using high profile branches, all the recognised property websites, proactive mailing lists and social media campaigns we are passionate that it is important to be on the high street and online to cater for needs of all seller and buyers.