Current house prices in Nottingham
According to Land Registry figures, the average property price in Nottingham in January 2015 was £89,767. By November of 2015, the average property price in Nottingham had risen to £91,872. The average property price, while having risen slightly over nearly a year, has remained pretty constant, although this is perhaps a reaction to 2014 when the property prices in Nottingham rose sharply. Many who missed the opportunity to buy in early 2014 felt that they had missed a great opportunity to invest in Nottingham.
As you would expect from a property market, there are periods of rapid movement (in either direction) and there are periods of stability, with 2015 being regarded as a period of stability for many property areas in the city of Nottingham.
There has been a small rise in property prices in Nottingham in 2015
The average price of detached properties in Nottingham stood at £160,048 and experienced a moderate rise to £163,801 by November of 2015. The average property price of semi-detached properties in Nottingham in January 2015 stood at £89,645 and by November of 2015, had risen to £91,747. The average price of terraced properties in Nottingham in January of 2015 stood at £64,027 and by November 2015, the average price was £65,528. For flats, the average property price in January 2015 was £130,528 and in November 2015, the average was £133,589 seeing a further rise.
Flats have a greater average price than many other property types in Nottingham
The rate of increase in average property prices has been standard across the different property types in Nottingham although some people will find it interesting that the average price of flats is greater than the average price of semi-detached properties and terraces. This is a scenario that can be seen in a number of major cities which have experienced a strong level of development with respect to city centre flats and apartments. These provide an opportunity for stylish city-centre living, ideal for young professionals, and they represent a different sort of accommodation option than some of the more traditional flats that people may expect in a town or city.
When it comes to the current asking prices for property in Nottingham, the difference between certain areas and postcodes can be seen quite quickly. The NG1 postcode, which covers the city centre, has an average asking price of £144,750. However, the NG2 postcode area, which covers some of the city centre but also areas like Sneinton, The Meadows and West Bridgford has an average asking price of £222,641. The NG3 postcode area is another affluent area of Nottingham and the average asking price of property is £213,465. Other areas and the average asking prices are:
- NG4 £186,943
- NG7 £176,377
- NG8 £204,079
The diversity in and around Nottingham ensures that there are opportunities for many people, regardless of their overall budget and aims. This makes Nottingham a sound investment area for many people.