78.6% of Nottingham Properties have 3 or more bedrooms – Problem or Opportunity?
The orthodox way of classifying property in the UK is to look at the number of bedrooms rather than its size in square metres (although now we are leaving the EU – I wonder if we can go back to feet and inches?). It seems that homeowners and tenants are happy to pay for more space. It’s quite obvious, the more bedrooms a house or apartment has, the bigger it is likely to be. The reason being not only the actual additional bedroom space, but the properties with more bedrooms tend to have larger / more reception (living) rooms. However, if you think about it, this isn’t so astonishing given that properties with more bedrooms would typically accommodate more people and therefore require larger reception rooms.
In today’s Nottingham property market, the Nottingham homeowners and Nottingham landlords I talk to are always asking me which attributes and features are likely to make their property comparatively more attractive and which ones may detract from the price. Over time, buyers’ and tenants’ wants and needs have changed. In Nottingham, location is still the No. 1 factor affecting the value of property, and a property in the best neighbourhoods, say West Bridgford, Edwalton or Beeston can command a price nearly 50% higher than a similar house in an ‘average’ area. However, after location, the next characteristic that has a significant influence on the desirability, and thus price, of property is the number of bedrooms and the type (i.e. Detached/ Semi/Terraced/Flat).
In previous articles, I have analysed the Nottingham housing stock into bedrooms and type of property, but never before now have I cross-referenced type against bedrooms. These figures for the Nottingham City Council area make fascinating reading. It shows 78.6% of all properties in the area have 3 or more bedrooms
|Detached||Semi-detached||Terraced (including end-terrace)||Flat|
|5 or more bedrooms||1,378||990||520||61|
I was genuinely surprised at the low numbers of one and two bed properties, especially 2 bed semis detached houses, especially as tenants like the smaller one and two bed properties in Nottingham. You see, it might interest the homeowners and landlords of Nottingham, that there has been a change in the numbers of properties on the market and the split in bedrooms on the market over the last 12 months
- 12 months ago, 212 one bed properties were for sale in Nottingham, today 197, a drop of 7%
- 12 months ago, 971 two bed properties were for sale in Nottingham, today 857, a drop of 12%
- 12 months ago, 1,443 three bed properties were for sale in Nottingham, today 1,114, a drop of 23%
- 12 months ago, 657 four bed properties were for sale in Nottingham, today 604, a drop of 8%
- 12 months ago, 315 five + bed properties were for sale in Nottingham, today 249, a drop of 21%
For several years Nottingham buy-to-let investors have been the only buyers at the lower end (starter homes) of the market, as they have been enticed by high tenant demand and attractive returns. Some Nottingham landlords believe their window of opportunity has started to close with the new tax regime for landlords, whilst it already appears to be opening wider for first-time buyers. This is great news for first time buyers … but one final note for Nottingham landlords … all is not lost … you can still pick up bargains, you just need to be a lot more savvy and do your homework .