Nottingham house prices rising twice as fast as other cities

Nottingham house prices rising extremely quickly

Home owners in Nottingham are seeing their house prices rise at twice the speed of the national average. This is according to the Land Registry.

In October 2018 the average property price in Nottingham stood at £144,416 which was up 5.6% on the previous year. The average price in the county of Nottinghamshire went up by 5.2%, from £169,838  to £178,641. This was an increase of over £8,000 in a single year.

The East Midlands as a whole is currently a property hot spot. Prices are rising quicker in this area than most others in the country. The city has also recently been ranked as the best for buy to let investments across the whole of the UK.

How much is your property now worth?

If you bought a property for £150,000 in 2017, it could now be worth £158,400; a rise of £8,400. If you bought a property for £250,000 in 2017 it may be worth over £264,000. This would be an increase of £14,000.

You can find out exactly how much your house may be worth by speaking to our sales team at Walton & Allen Estate Agents Nottingham. Call them today to find out over the phone on 0115 924 3304. You can also use the form below to request an on-site valuation.

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Nottingham 2019 House Prices

Nottingham House Prices: Our Take

Nottingham has seen a great increase in house prices over 2018. It ranked top in the UK for house price growth throughout many months in 2018 and will likely continue to do so in 2019.

Nottingham was also rated as the top city for buy to let investments on a number of occasions throughout 2018.

Nottingham 2018 House Prices

At the end of 2018 Nottingham house prices sit in 5th place for growth in the last 12 months. According to Hometrack which analyses house prices at city level rather than in regional averages, prices are up 6.1%. In front in fourth place was Birmingham with 6.2%, Manchester in third at 6.3%, Edinburgh in second place at 7.4% and Leicester in first at 7.7%.

Nottingham house prices also ranked 6th throughout the UK for price growth over the last three months. This stands at 1.8% at the time of writing.

House prices in Nottingham are in a good position currently. Many who are looking to sell are doing so now whilst prices are high and before a final decision has been made on Brexit.

What does this mean for your Nottingham House?

If you bought a property for £150,000 in Autumn 2017 then it could now be worth £159,150, an increase of over £9,000. A house bought for £250,000 at around the same time could now be worth over £15,000 more! Have you made around £10,000 more on your property? Find out how much your property is worth today by calling 0115 924 3304 or by using the form below.

Nottingham House Prices

A recent report by Rightmove suggested that house prices in the north will continue to grow in 2019. Those further south, most specifically London and the surrounding commuter towns will see a large drop by up to 4%. This is good news for Nottingham home owners who could potentially see a large profit if they are now looking to sell.

Impact of Brexit

The Bank of England governor, Mark Carney, has urged people not to worry too much about Brexit. House prices will always be up and down. “We are advising people to be prudent. If you are taking out a mortgage, at some stage during the life of that mortgage, conditions will be difficult.” He also stated that a property price crash is not going to -or even likely- to take place and therefore there is no need to panic.

So, this seems to mean that there is no evidence that Nottingham house prices will be hugely affected by Brexit.

Find out how much your Nottingham property is now worth

Considering the above, are you interested in finding out how much you could have made on your Nottingham property? Call 0115 924 3304 or alternatively use the form below.

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Best Buy To Let City: Nottingham Hits Top Spot

Best Buy To Let City is Nottingham

Totally Money have commissioned a survey across 580,000 properties in Britain. Their findings have produced a report which highlight the best cities across the country to purchase a buy to let investment property.

How did Nottingham rank for property investment?

Two Nottingham postcodes hit the top 5 spots for buy to let property investment, making it the best buy to let city in the UK. NG1 was hailed as the number one postcode in the UK, with an average rental yield of 11.99%. The NG7 postcode also made it to number 5 with an average yield of 8.89%.

Liverpool ranked in second place with the L7 postcode as well as in fourth place with L1. In third place was Cleveland with the TS1 postcode.

Why did Nottingham rank highly?

Totally Money have calculated that the cities with the highest rental yields are usually large university cities. Nottingham of course has two universities, Nottingham Trent University and the University of Nottingham. Over 37,000 people study at these institutions which makes it one of the largest student populations in the UK. Around 1 in 8 people living in Nottingham are students.

Our take on this investment news

Whilst this sounds like great news, we would always advise buy to let investors to be cautious when purchasing new property. Nottingham rental yields have been some of the best in the UK for a long time but not all will produce a high 11.99% yield. When looking to buy, why not talk to our sales or investment teams on 0115 924 3304? They will be able to advise on potential rental values and great areas of Nottingham to buy in. You can also use the form below to ask any questions.

New and existing Nottingham Landlords

Are you getting the highest rental values for your properties? Walton & Allen Letting Agents Nottingham will conduct a rental review for you free of charge by calling 0115 9243304. Alternatively you can use the form below to receive more information.

Get in touch with our letting agents

Use this form to ask any questions about the best buy to let city in the UK, or to talk to us about our sales and lettings services.

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Where do other cities rank for investment?

The below chart shows where other cities rank in the UK for buy to let investments.

#PostcodePostcode TownProperties for RentAverage Monthly Rental ValueProperties for SaleAverage Asking PriceYield
1NG1Nottingham44£1,525169£152,63111.99%
2L7Liverpool149£94179£115,3989.79%
3TS1Cleveland185£54396£68,9259.45%
4L1Liverpool116923404£118,7549.33%
5NG7Nottingham240£1,187168£160,2698.89%
6NE6North East540£834216£118,7898.43%
7NE1North East357£1,095157£161,0358.16%
8S2Sheffield238£853117£125,4838.16%
9SS1Southend-on-Sea100£2,736207£409,2338.02%
10BD1Bradford153£439130£65,8898.00%

Mortgage Approvals for Buying Increase Dramatically

Mortgage approvals for those buying houses have hit the highest level since January 2018. This is according to The Times.

Bank of England data shows that in October banks approved 67,086 home loans. This is up 2% on a monthly basis.

Previously remortgage levels had dominated the market but these remained fairly flat at 49,399. This highlights the fact that more first time buyers are also looking for properties.

How does this affect those looking to sell?

Despite uncertainty with Breixt, these figures show that property purchases remain fairly unaffected. If you were waiting on Brexit to put your house on the market then there may now be no reason to wait at all.

Along with mortgage deals going up, Rightmove also report that property sales agreed are also up by 1%. People are still looking to buy and deals are still going through.

In addition to this, house prices in Nottingham are also up 3.7% on this time last year.

Find out how much your property is worth and how quickly you can sell

Interested in knowing the facts about selling before the end of 2018? Call us now on 0115 924 3304 or use the form below to ask any questions.

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We also have an instant valuation tool to find out how much your property is worth.

Nottingham Additional Licensing for HMOs

Nottingham Additional Licensing

Find out everything you need to know on Nottingham Additional Licensing

The new Additional Licensing Scheme for HMOs will begin on 1st January 2019. Additional Licensing will apply to HMOs (house in multiple occupation), shared houses and flats which have 3 or 4 occupants from multiple households. This means that they are not part of the same family. The scheme also applies to converted flats, ie. A house which has been converted into several flats or apartments.

Do you need help or advice with your Nottingham Additional Licensing? Call 0115 9243304 now and speak to our team, or use the form at the bottom of this page.

Which licence do I need for my Nottingham property?

You may need to apply for one of three licences issues by Nottingham City Council. The type needed will depend on how many tenants are living in your rented property and their relationship with each other.

additional licensing nottingham

Selective Licensing

Selective Licensing is needed if you rent a property with up to two tenants and the address falls within the Nottingham City Council Licensing boundaries. Read more about Nottingham Selective Licensing.

Additional HMO Licensing

Needed if you rent a property to between three and five tenants who are from more than one household. (ie. Not members of the same family)

Mandatory HMO Licensing

This is a national scheme but controlled by your local council. You will need this licence if your rental property has more than five tenants living there, from more than one household. This includes student houses.

What are the conditions of the Additional HMO Licence?

The Council will ask you for information on your property to ensure you are compliant. This includes:

  • Details on how many people live in each bedroom
  • Relevant safety certificates including Gas, Electric and EPC (Energy Performance Certificate)
  • Proof of PAT testing for any portable electronic devices left for the tenants
  • Details of fire detection systems, smoke alarms and emergency escape lighting
  • Details of carbon monoxide alarms
  • Details of how you deal with maintenance issues
  • Details of your security arrangements for the property
  • Details of how often you inspect the property
  • An explanation of how you deal with rubbish and how you notify the tenants of this
  • Proof you provide tenants with move-in information packs
  • Details on how you manage the tenancies
  • Details on how you deal with anti-social behaviour
  • Proof of relevant Landlord training which must be undertaken every 3 years

You can read more about the HMO licensing conditions on the Nottingham City Council website.

How much does Nottingham Additional Licensing cost?

The total standard fee for an Additional HMO Licence is £1330. You pay £890 up front and £440 when your application is approved.

Those Landlords who choose to be ‘less compliant’ (don’t follow all Council recommendations) will pay a total of £1720. This breaks down as £890 up front and £830 when your application is approved.

DASH or Unipol accredited Landlords will pay a total of £990. This is a cost of £615 and £375 respectively. You can find out more about DASH or Unipol on our Licencing Discount page.

All fees apply to properties with a maximum of 9 bedrooms.

Extra Nottingham Additional Licensing Fees

You may also have to pay extra fees. These are:

Extra bedrooms fee: £25 per additional bedroom where there are more than 9 in the property*
Finders fee: £150 if the Council find you have not applied for an Additional HMO Licence when you should have previously*
Fee to change from Selective to Additional Licensing (or vice versa): 25% of the new licence application fee*
Missed inspection fee: £50 if you fail to attend a previously arranged inspection on your property
Extra correspondence: £30 if the Council have to go above and beyond the usual licencing application communications
Extra copy documentation: £30 if you require duplicate copies of paperwork
Paper application request: £30 if you choose to apply using traditional paper methods instead of online
Paper application processing: £65 for the Council to undertake extra work in processing the paper application
Housing Act 2004 enforcement action: £350

*These fees are applicable when you make your first application payment

What if I don’t apply for an Additional HMO Licence?

If you do not comply Nottingham City Council can fine you up to £30,000, or a prosecution with an unlimited fine. As well as this, a record of non compliance with Housing Law may affect your ability to obtain any licence in the future.

Need help with your Additional Licensing?

If you are confused about Nottingham Additional Licensing or if you would like us to process the application on your behalf and help you apply for a license then please get in touch. You can call us on 0115 924 3304 for some advice, or use the contact form below.

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Netherfield Selective Licensing: What You Need To Know

Netherfield Selective Licensing Nottingham: What you need to know

Gedling Borough Council have now introduced a Netherfield Selective Licensing Scheme, just after the introduction of the same scheme across the Nottingham City Council boundaries.

Whilst the City Council introduced their scheme across almost the whole of their sector, Gedling Borough Council are for now just focusing on the Netherfield area.

The deadline when applying for a Netherfield Selective Licence was 1st November 2018. You must apply for this as soon as possible if your privately rented property is within the Licencing area.

Don’t panic though. We can help you with your application if you are struggling. Please call 0115 924 3304 immediately or use the form at the bottom of this page.

What is Netherfield Selective Licensing?

The aim of the Selective Licensing scheme is to ‘raise the standards in the privately rented sector and to ensure that all tenants living in them are able to enjoy a safe, comfortable and well managed home’. A landlord will need a licence for every property they own within the affected areas.

You can find out more about Selective Licensing here.

Is my Netherfield property affected?

To find out if your privately rented property needs a licence, you can view a map on the Gedling Borough Council website. If you rent out your property to tenants within this area then you will need a Licence.

How much does Netherfield Selective Licensing cost?

The price to apply for a Netherfield Selective Licence is £640. The Licence lasts for 5 years and after this you will need to reapply. You are asked to pay £475 on application and the further £165 once your Licence is approved.

If you cannot apply online then the costs increase slightly. The total cost for the Licence will be £700, where you pay £535 up front and £165 later.

Are there any discounts?

You are eligable for a discount if you are DASH accredited. This is a third party who are responsible for inspecting privately owned properties. There are fees involved which you can view here. If you are not already DASH accredited then it is likely that you will not be able to apply in time before you have to apply for a Netherfield Selective Licence.

The discounted fee for current DASH accredited Landlords is £490. You must pay £360 up front and £130 once the application is granted. If you are not applying online the cost will be £550. This breaks down as £420 up front and £130 once the application is granted.

What if I want to sell my property?

You may be able to apply for a TEN (Temporary Exemption Notice) although you must prove that your house is for sale. Approval for this is at the Council’s discretion. You can read more about TEN notices on the Nottingham City Council website.

Don’t want the hassle of monitoring the licencing conditions?

Walton & Allen are commuted to monitoring licencing conditions for properties which are fully managed by us. We also offer discounts when applying for a licence on your behalf. Call us today to find out more on 0115 924 3304. You can also use the form below to get advice.

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Netherfield Selective Licensing Documents

These documents below will provide you with more information on Netherfield Selective Licensing.

Proposed Licensing Conditions
Proposed Licensing Fee Structure
Map of the Netherfield Selective Licensing Area

Compare the Best Mortgage Deals

Compare the best mortgage deals and rates with our recommended brokers

Are you looking to compare the best mortgage deals? We have a highly qualified team of recommended mortgage brokers who can compare the whole of the market for you. This means they should be able to find one of the best deals available to you, based on your own finances.

How does comparing the best mortgage deals work?

Our recommended mortgage brokers will have a quick initial chat with you. This should last no longer than 10-15 minutes and is free of charge with no obligation to use their services. During this time they will ask you about your current finances, including your average monthly income. You can talk to them over the phone, in person at our Estate Agency branch or in the comfort of your own home. Just call 0115 924 3304 or use the form below.

How do our mortgage brokers compare the whole of the market?

Our recommended mortgage brokers will be able to compare almost every mortgage deal available using their dedicated system. They may also have some special unique mortgage deals only available to brokers which could save you some money. They will help you choose a deal which could benefit you most and should be able to save you money over the whole mortgage term.

Do I need to have found a property before I receive mortgage advice?

Absolutely not! Most buyers come to us before they have really begun their property search. The advice given by our mortgage brokers will help you find your maximum affordable purchase price. You can also receive an Agreement in Principle which will help you prove to an Estate Agent that you can afford to buy the property you make an offer on.

What if I have an existing mortgage?

We can also help you with finding one of the best remortgage deals. We would always advise to shop around before you agree to stick with your existing mortgage lender. Talk to us today to see if we can save you any money. Just call 0115 924 3304.

Compare buy to let mortgage deals

If you’re looking to get a buy to let mortgage then we can also help you compare deals. Whether you’re buying your first investment property or looking to increase your portfolio, we can help! Buy to let mortgages are perfect for those looking to rent their property out, although you are likely to need a higher deposit. Whilst you are looking for buy to let mortgage advice, why not chat to our Lettings Team? They will provide you with advice on the maximum monthly rental figures you can achieve.

Get mortgage advice today

Call 0115 924 3304 and ask to speak to our broker, or arrange an appointment. Alternatively you can use this form below.

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Mortgage and Protection advice is provided through our association with the mortgage brokers at Premier Mortgage Services (Nottingham) Ltd. Depending on your circumstances a fee of between 0 – 1.5% of the loan amount may be payable.  A typical fee is £350.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

A Brief History of Mortgage Rates

When looking at a new mortgage deal it is easy to forget that interest rates used to be a lot higher. It has been almost 10 years since rates dropped massively from 5.5% in 2007 to 0.5% in 2009.

We take a look at historic interest rates and the factors which affected them.

18th and 19th century mortgage rates

Interest rates stayed at around 4% or 5% throughout most of the 18th century. As we moved into the 19th century there was a bit more volatility. Interest rates moved anywhere between 4% and 10%. This was also similar to the beginning of the 20th century.

1979

Margaret Thatcher’s government raised interest rates to a whopping 17%. This was great for savers but not good for those with mortgages. The reason for this was to try to combat inflation. Interest rates lowered a large amount throughout the start of the 1980s but started to rise again towards the end of the decade. This was mainly due to rising house prices.

1997

After a landslide victory for the Labour party, Chancellor Gordon Brown made the Bank of England independent from political control. Interest rates began to dip from 7.25% down to 4% by 2002.

The mid 2000s

Interest rates were raised once more amongst fears that the economy was over inflating. Mortgage rates rose from 3.5% in 2003 to 5.75% by 2007.

2007 to 2018

The global financial crisis saw the base interest rate drop to the lowest point in 300 years. Rates fell to 0.5% in March 2009 and then fell even lower to 0.25% in August 2016.

2017

The base rate rose for the first time in almost 10 years, back to 0.5%. This affected many who were on variable rate or tracker mortgages. Those who were or still are on fixed mortgage deals were not affected at the time.

Looking toward the future

Interest rates are still very low compared to previous years. They may stay the same for a while or could increase slightly. Many people looking to get new mortgage deals are looking for longer fixed rate deals which will secure their interest rate for 2, 5 or even 10 years. This means that whatever happens their mortgage payments should stay the same for this term.

We would always suggest talking to a mortgage broker as some deals may be better for you than others, based on your financial circumstances.

You can talk to our trusted mortgage brokers by calling 0115 924 3304. Alternatively, you can use the form below to get some free initial advice.

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A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Full list of interest rates

Below is a full list of mortgage interest rates throughout previous years.

Bank of England base rate 1979-2017

Bank rate at year end (%)*
197917
198014
198114.375
198210
19839.0625
19849.5
198511.375
198610.875
19878.375
198812.875
198914.875
199013.875
199110.375
19926.875
19935.375
19946.125
19956.375
19965.9375
19977.25
19986.25
19995.5
20006
20014
20024
20033.75
20044.75
20054.5
20065
20075.5
20082
20090.5
20100.5
20110.5
20120.5
20130.5
20140.5
20150.5
20160.25
20170.5

 

 

Mortgage Advice Arnold, Nottingham

Walton & Allen offer mortgage advice Arnold

Are you looking for mortgage advice in Arnold, Nottingham? Perhaps you are looking to buy a house in Woodthorpe, Daybrook, Bestwood, Mapperley, Sherwood or other surrounding areas?

Walton & Allen offer free initial mortgage advice which compares the whole of the mortgage market. This means the mortgage brokers we work with can look at almost every deal available, based on your financial circumstances.

You can contact our mortgage advisors by calling 0115 9243304 or by popping into our offices in the Lace Market, Nottingham.

How does mortgage advice in Arnold work?

So, how does our mortgage advice Arnold work?

An initial appointment with our mortgage brokers is free of charge. You can chat to the broker over the phone, at our Nottingham office or in the comfort of your own home.

By providing our trusted mortgage broker with a small amount of information they can compare the market. They will then be able to recommend a suitable one for you personally. This recommendation may be down to the monthly payments, the deposit amount available or perhaps your credit score.

Once you choose a deal that suits you we can help you apply for this and follow it through to completion. We’ll always be around to advise you along the way and will provide you with updates as and when we receive these from the mortgage lender.

What will you need for your mortgage  advice appointment?

It would be ideal if you can provide our mortgage broker with 3 months payslips to begin the process. We will also need to know if you have any credit card debts or loans. Another key thing lenders like to know is your average monthly spending.

Get your mortgage advice today

Based on this information, why not call us today on 0115 9243304? Alternatively you can use the form below to request your advice. At the same time, why not look at available properties for sale in Arnold?

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EmailTelephone

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Mortgage and Protection advice is provided through our association with Premier Mortgage Services (Nottingham) Ltd. They have decades of combined experience working to find some of the best mortgage deals available to you.

What do we offer with our mortgage advice in Arnold?

We cater for almost every mortgage need, including, but not limited to:

  • Self employed mortgage advice
  • First time buyer advice
  • Remortgage advice
  • Buy to let mortgage advice
  • Help to buy
  • Limited company mortgage advice
  • Any complicated situations

However easy or complicated your situation is, our mortgage broker will do everything they can to try and help. You may still be able to get a deal whether you are free of debt or if you have a CCJ or credit card debt.

First time buyer mortgage advice in Arnold

We are very happy to help if you are a first time buyer looking to buy your first home. If you have no idea how to apply for a mortgage then our mortgage brokers will explain everything to you, and run you through the whole process. There’s no need to worry about a thing. They’ll then look at some of the best options for first time buyers and for you as an individual (or couple). Whilst you’re chatting about your first time mortgage, why not chat to our sales team about first time buyer schemes and see which first time buyer properties we have available to buy?

Nottingham Selective Licensing Training Course

We are preparing Nottingham Selective Licensing training courses for Landlords

Walton & Allen are very pleased to announce that we have submitted over 250 Nottingham Selective Licensing applications to the City Council. This is on behalf of our Landlord clients and means they are all now fully compliant. As a result, we will continue to monitor compliance over the 5 year period for those properties where we are acting as Licence Holder.

We are now preparing training courses for Landlords who have opted to be the Licence Holder themselves. This is for both our current clients and those who have not had dealings with Walton & Allen before.

Why do I need Selective Licensing training?

There are many licensing stipulations and rules set by Nottingham City Council. As part of the 5 year licencing scheme, Landlords must have relevant training. This ensures they are legally prepared to let out their property. They must also provide evidence to Nottingham City Council.

We are preparing Selective Licensing training which will cover:

  • Tenancy agreements
  • Inventories
  • Registering deposits in a legal scheme
  • Right to Rent checks
  • Referencing
  • Ensuring a landlord has relevant safety certificates
  • Property inspections
  • Managing maintenance issues and any tenant problems
  • Tenant safety
  • The process of ending a tenancy
  • A recap on responsibilities as a Selective Licence Holder

The training course will last half a day and will take place at a venue in Nottingham city centre.

How do I apply for training?

Walton & Allen are currently accepting enquiries from those who are interested in attending Selective Licensing training. Please fill in the form below where we will update you when we have some available dates.

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Need to know more about Nottingham Selective Licensing

If you are yet to get a Selective Licence for your investment property then you can read more about the scheme on our Selective Licensing Hub. It was introduced on 1st August 2018 and applies to most properties which are rented out within the Nottingham City Council boundaries. Secondly, the licensing cost is £780 and it lasts for 5 years. If you do not have a Selective Licence for a property which requires one then you could be fined.

About Walton & Allen

Established in 2000, Walton & Allen are estate and letting agents in Nottingham. We provide property sales, lettings and mortgage advice. We manage approximately 400 buy to let properties for our Landlord clients. In addition, we provide a tenant find only service if Landlords prefer to manage a buy to let property themselves. Talk to us today on 0115 924 3304 if you would like to find out more about any of our property services.