Pound Stretching Homebuyers Make Nottingham Number One
POUND-STRETCHING HOMEBUYERS MAKE NOTTINGHAM NUMBER ONE
Nottingham has become the number one city with home searchers, according to email4property.co.uk, the largest online network of estate agents, receiving more enquiries than any other UK city in February.
While Nottingham has not always been a favourite with property purchasers from outside the local area, it is now drawing a significant amount of external attention from those looking to take advantage of some of the country’s most affordable city centre prices. In January 2009, the average price of a property in Nottingham stood at £91,336 - down 13.1% annually, and over 40% less than the national average*.
The decreasing supply of family homes throughout the country has been another discerning factor supporting increased homebuyer interest in Nottingham. The East Midlands has among the highest new supply of larger housing out of all the UK regions. In February, Detached and semi-detached homes comprised 47% of the new homes added to the market in the East Midlands, compared to just 20% in the South East.
Nottingham has now leapt from its position in fifth place at the end of 2008, for the number of consumers logging on to find an agent in their local area.
Steven Lees, Head of Marketing at email4property.co.uk, comments:
“Affordability is the overriding issue in the current climate, as consumers look to stretch their cash to the maximum at a time when savings are paying little dividends for the majority. Falling prices and competitive mortgage rates have steered many savers towards property investment, and top value for money is now the major driving factor for buyers.
“Availability of family homes is also of growing concern, with fewer and fewer new properties coming onto the market at the moment. Homebuyers and investors are starting to search out locations where supply remains high, in order to achieve a bargain before supply dries out, and benefit from strong future price growth.”
Email4property.co.uk - Top Five locations
Rank -
No. of Visits | 1st | 2nd | 3rd | 4th | 5th | | November 2008 | Liverpool | Bristol | Sheffield | Nottingham | Newcastle | | December 2008 | Bristol | Liverpool | Sheffield | Leeds | Nottingham | | January 2009 | Liverpool | Bristol | Nottingham | Cardiff | Birmingham | | February 2009 | Nottingham | Liverpool | Bristol | Cardiff | Birmingham |
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