Resurgent East Midlands property market

Seven months of sustained growth emphasises the scale of buyer optimism that has returned to The Nottingham's heartland markets.

The East Midlands property market is likely to continue growing for the foreseeable future, according to one of the region's biggest estate agency networks.

Revealing a 300% year-on-year growth in completed sales up to November 2009 - and a 28.33% increase in the last month - NPS operations manager, Graham Lang, said he believed the resurgent East Midlands market will continue to be buoyed by buyer demand for ‘realistically priced' homes.

"The second half of the year has seen a welcome resurgence in the property market, with all areas of Nottinghamshire, Derbyshire and Lincolnshire reporting improved sales and increased demand," said Graham Lang.

"We have seen seven months of strong growth, which at the present time shows no sign of cooling off."

Areas such as Arnold, Hucknall, Wollaton and West Bridgford remain strong in Nottinghamshire, with strong sales also reported in Grantham (Lincolnshire), and Ilkeston (Derbyshire).

First-time buyers and renters who are now looking to purchase have been some of the key drivers behind this sustained growth.

"There are lots of properties available that meet the key requirements of First-Time Buyers, but a high average deposit of typically more than £13,000 remains a restraining influence," Commented Graham Lang.

The availability of The Nottingham's First Time Buyer mortgage with just a 5% deposit has meant that The Nottingham has been able to help first time buyers to find a home and get on to the property ladder

Long-term renters who are now keen to buy are also continuing to have a significant impact on the market - with almost 1-in-5 properties selling to this increasingly influential group.

"We are seeing many renters and those currently living with their parents becoming increasingly active locally and regionally, and over the last six months they have accounted for nearly 20% of the business that's coming through our door," commented Graham Lang.

"The relationship between seller and agent is of critical importance. We understand this and are constantly evolving the service we offer in our 15 estate agency branches to reflect this.

"Today, more and more sellers are using us to provide important selling advice, whereas in the past we were merely a vehicle to achieve a sale".