Pound-stretching buyers 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 homebuyers 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 to first place from its position in fifth at the end of 2008, recording the greatest number of consumers logging on to find an estate agent in their local area.

Graham Miles, area manager for haart estate agents in Nottinghamshire, comments:

“Property prices in Nottingham have fallen substantially from their peak, returning to much more affordable levels and, as a result, we have seen a huge surge in buyer interest since the start of the year.

“First time buyers are returning and the resulting activity in the lower end of the market is gradually creating a ripple effect, reigniting families’ desire to trade up for a larger property that has seen a drop in price relative to the home they are selling. Investors are also showing a renewed interest, purchasing two and three bed terraced houses to rent out to families as well as to the student population.

“Nottingham is a vibrant city with two universities and an economy that remains relatively buoyant and its supply of affordable family homes is currently proving a strong attraction for homeowners from smaller towns in the East Midlands.”

Steven Lees, Head of Marketing at email4property.co.uk, comments:

“Affordability is the overriding issue in the current climate and Nottingham boasts some excellent bargains. As consumers look to stretch their cash to the maximum at a time when savings are paying little dividends, we are seeing many homebuyers now returning to the market. Falling prices and low interest rates have steered many savers towards property investment, with excellent value for money now the major driving factor for buyers.

“Availability of family homes is also of growing concern, with fewer new properties currently coming onto the market. Homebuyers and investors are starting to search out locations where supply of these homes remains high, keen to secure a bargain before supply dries out, while allowing them to benefit from strong future price growth.”

Email4property.co.uk - Top Five Locations

February 2009

Nottingham
Liverpool
Bristol
Cardiff
Birmingham

* Land Registry figures – January 2009
** SmartNewHomes.com New Homes Index - February 2009