Highest house price rise in 16 years

House Prices

New figures released by Nationwide reveals house prices are increasing year on year by 3.7 per cent and in the last month alone by 2 per cent. This means that the annual rate of increase has more than doubled since the Coronavirus lockdown.

This is the highest monthly property price rise since February 2004 and has pushed the average UK house price from £224,123 to £220,935.

One of the main contributing factors for this is likely to be that demand for property is currently outstripping supply. Some home owners are still reluctant to put their house on the market even though they wish to move. So, as more buyers fight for the same property, offers are rising.

Nationwide state that they feel momentum has fully returned to the housing market and they feel that it has recovered fully from the Covid-induced downturn.

From Walton & Allen’s point of view, almost every one of our available sales properties have been snapped up quickly since coming to market. We had record sales figures for the months of June, July and August and we expect this to continue for a much longer period.

Mortgage Applications

Mortgage brokers across the country have reported a record number of applications post-lockdown.

Due to this, lenders have increased interest rates slightly to try and deter new applications. The lenders hope that this should help to reduce demand and will provide them with more time to get through their backlog.Interest rates could continue to rise so we would advise to act now if you’re looking for any form of mortgage, whether it’s a first time buyer mortgage, buy to let or remortgage.

How much is your house now worth?

It’s very likely that you will have made money on your current home in the last few months. If you’re considering moving and want to know more you can find out how much your house is worth in several ways.

Either call our Senior Valuers, Richard and Joe, on 0115 924 3304 or email salesteam@waltonandallen.co.uk.

If you would prefer to simply find out how much your property is worth online, you can use our estate agency online valuation tool.

Nottingham Property Market 2020

The property market is booming.

Since the lifting of Coronavirus lockdown restrictions we have seen a huge influx in sales and lets agreed.

Many estate agents across the country are running out of stock as there are more buyers and renters coming to the market than actual properties.

This has also pushed up sales and rental prices. An increase in demand means that prices are rising.

We need more property

The current surge in interest has seen us sell and let property faster than in the last several years. Buyer and renter demand is outstripping stock by a long way.

Are you considering selling or letting a property? Talk to us today on 0115 924 3304.

New stats from Rightmove

Don’t just take our word for it! Rightmove have released some stats to back this up.

Sales are on the up

  • The average asking price of property has hit a record month; up 2.4 per cent since pre-lockdown and the highest increase since December 2016
  • Year on year buyer enquiries up by 75 per cent
  • 44 per cent of properties which were listed in May have sold already (compared to 34 per cent the previous year)
  • Number of monthly sales agreed up 15 per cent
  • Some low deposit mortgages are now being introduced again for first time buyers

Record rents outside of London

  • Asking rents have achieved a record average price of £845 per month outside of London
  • Demand for rental property is 40 per cent higher than the same time last year

Nottingham Property Market

Hometrack have released their latest report on UK house prices. Nottingham now stands at the top across the whole of the UK for property price growth in the last 12 months.

Nottingham prices rose by 4.3 per cent over the last year. In second place was Manchester with 3.9 per cent growth and in third place was Leicester with 3.5 per cent growth.

How much is your property worth?

How much have you made on your property post COVID-19? Find out by calling us on 0115 924 3304, email salesteam@waltonandallen.co.uk or use the form below.

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Stamp Duty Cuts 2020

Chancellor of the Exchequer, Rishi Sunak, has announced a ‘holiday’ on stamp duty up to 31st March 2021.

This is part of a Coronavirus recovery package to kick start the housing market following the lockdown period.

Stamp duty will be axed for any property purchase below £500,000. This is to be kept in place for the next eight and a half months and starts immediately from 8th July 2020.

Until now, home buyers pay zero stamp duty on the first £125,000 of the property value. They then pay the tax on two per cent of the value of the home up to £250,000 and five per cent on the next £675,000.

First time buyers are already exempt from stamp duty up to £300,000 outside London and £450,000 in London.

This could potentially save home movers and property investors thousands of pounds.

Considering your next move or a buy to let purchase? Have a look at our property for sale or call our estate agents on 0115 924 3304.

2020 Covid UK property prices remain unaffected

Property prices in the UK are still yet to be affected by the COVID-19 Coronavirus. This is despite the country grinding to a halt during the lockdown period and government recommendations which advise against moving home.

Data released by Nationwide shows that house prices increased annually by 3.7 per cent in April. It is important to note, however, that this data is based on mortgage approvals and many were submitted before Coronavirus took hold of the nation.

Of course, we are still living in uncertain times and property prices could change for the short term in the coming weeks. However, our own data also supports the positive statement released by Nationwide.

Here at Walton & Allen estate agents in Nottingham, we have seen little change in the market apart from an obvious slowdown. We are still receiving enquiries every day, agreeing sales and letting properties to tenants. People still need to move and our email inboxes certainly prove this point!

This suggests that as soon as lockdown restrictions are lifted, property transactions should return to normal fairly quickly. If the demand to buy property remains similar to the start of the year then we should see little reductions in prices across the UK property market as a whole.

Estate Agent Virtual Video Viewings

Walton & Allen Estate Agents Nottingham are producing virtual video viewing tours to keep the property market moving.

We have produced over 25 video tours so far for both sales and lettings and will continue to produce more over the coming weeks.

If you are interested in any of our available properties, either to buy or to rent, please check with our team to see if a video is currently available.

Some are unlisted on YouTube for privacy and will only be made available upon request.

Video viewings

Here are a sample of our video viewings below.

Cavendish Road in Arnold, Nottingham

Hardstaff Road in Sneinton, Nottingham

What happens after viewing online?

If you have viewed a property online via video tour we are still accepting offers and reservations. Please get in touch with either our sales or lettings team to take the next steps to securing your dream property.

Sales can be contacted on salesteam@waltonandallen.co.uk.

Lettings can be contacted on lettingsteam@waltonandallen.co.uk.

Help To Buy scheme may be extended

The Help To Buy scheme is set to be extended once the Cornavirus lockdown ends.

The scheme currently helps buyers or new build homes by providing them with a 20% property value equity loan. This was due to be phased out between Spring 2021 and 2023.

The idea behind the extension is to boost market confidence once the COVID-19 isolation period has ended.

Help To Buy has been a great help for many first time buyers. It has enabled many to move into better quality homes than they originally would have been able to buy with their savings alone.

Advice for first time buyers

Those looking to purchase their own first home this year should continue to look for their dream property during the pandemic. Walton & Allen are still receiving buyer enquiries and sales are still being agreed. We would encourage everyone to act now to avoid disappointment.

Many of our sales and lettings properties are available to view via video tour. Please email us for more details whilst our offices are closed.

Properties with Help To Buy

Walton & Allen Estate Agents in Nottingham have stock available to buy now which is eligible for Help To Buy. Contact us today to find out more on salesteam@waltonandallen.co.uk.

Nottingham Housing Market Update 2020

How is the current crisis effecting the housing market?

Everyone has an opinion on the housing market, whether or not they work in the estate agency industry. Well, my experience over the last 25 years is that most predictions get it wrong. There seems to be a habit of talking down the market whether it be Brexit, a national vote or referendum or indeed a global pandemic. The past few decades show the market has its ups and downs but the general overall trend is the market goes up and prices go up in the long term.

With the country now in lockdown and many agents temporarily closing, it is almost impossible to get to view a house. Everything is on hold. Yet Rightmove are reporting a significant increase in traffic on its website. Why? Well it would seem there are some obvious factors. We are all at home and have access to the internet. Those of us that share a house with friends or relative, wish we had our own place, those of us with kids wish we had more space. Some wish they had less space and less would like to downsize, and some want to be closer to family. We would all love an independent income that an investment property provides.

The crisis, whilst terrible at the moment, will come to an end and when it does, the temporary halt on the market which has led to a build up of frustrated interest will boom.

Lets face it we have less to spend our money on. This could this mean people have the opportunity to save for a bigger deposit? The only thing that could change this is the mortgage market. The mortgage lenders appear to have suspended their deals at the moment, understandably so. But will this change when the crisis is over? It has never been cheaper to borrow, the bank of England base rate is at a record low, surely the lenders will take advantage of the current crisis and reboot their mortgage deals. We still do not have enough houses nationally and we are still not building enough to satisfy this demand.

So, despite everything and the doomsayers talking down the market, here’s my prediction. Once the current situation is finished there will be increased demand for property. Both residential and investment. Mortgage lenders will offer fantastic mortgage deals and people will want to move. So get looking, use this time to short list that ideal property and once the crisis is over get buying, prices are going to rise. There’s one thing to be sure, ‘We live in interesting times’.

Will COVID-19 affect the property market?

During these uncertain times relating to COVID-19, we are being asked a lot about how the property market will react.

Walton & Allen estate agents in Nottingham expect the following to happen over the coming weeks.

Property prices will not fall

We expect the property market to stall for a little while whilst we all self isolate and stay safe. We are still agreeing sales but obviously not as many as is expected for this time of year.

We do not expect to see a drop in property prices as a result of COVID-19. In fact, our experience shows that prices are still going up.

Online property views will increase

The majority of Nottinghamshire residents are currently sitting at home for most of the day and night. With not much else to do, they are likely to browse Rightmove, Zoopla and On The Market to find their new home or a new investment property.

The same happens on Boxing Day every year when families are staying in with little to do other than watch TV.

Sales will slow

We have suspended all in-person viewings until further notice. This is likely to be mid-April at the earliest. We are still conducting some video viewings where we can.

Less viewings means less sales, unfortunately. We are still actively pushing properties where we can but most buyers are unlikely to put an offer forward without seeing the home they want to buy first.

We are still agreeing sales

Despite everything that is happening in the world, we are still agreeing sales. We are still getting offers through over email on a daily basis and our inboxes are filling every day with enquiries.

Viewings are also being booked for April.

Now is still a very good time to be on the market if you want to get your property seen.

Properties are still being listed

We are still conducting valuations. People still need to move and get the wheels in motion despite the current situation.

We can provide a property valuation either over email or through video call.

Visit our property valuation page to book yourself in.



House prices increased by 37.2% in the last decade

The last decade saw a large up and down movement with property prices across the UK.

London saw the highest rise across the UK with property prices increasing by 72 per cent – more than double the UK average. However, this is now slowing down and property prices are beginning to dip in the city.

The average house price across the whole of the UK increased by 27 per cent. This equates to £47,647. The overall average is now £233,000.

East Midlands property prices

Looking locally within the East Midlands, house prices increased by 37.2 per cent over the last ten years. According to Rightmove, the average price now stands at £216,600.

The highest price growth in the East Midlands was Corby with an increase of 65 per cent. The lowest was West Lindsey at 22 per cent.

Low interest rates

This decade has also had very low interest rates which has helped keep mortgage payments down for many people. This has helped first time buyers are those looking to upsize.

Looking to the next decade

House prices are forecast to increase by another 15.3 per cent over the next five years.

The East Midlands is actually thought to grow more than this, with an average increase expected of 18.2 per cent.

How much is your property now worth?

Considering selling your property in 2020? Find out how much your property is worth by calling 0115 924 3304 or by using the form below. There is no obligation to use our estate agency services.

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All information and figures sourced from This Is Money.

Independent Estate Agents

Walton and Allen are one of the leading independent estate agents in Nottingham. We are also rated as one of the top 3 estate agents in the city by Three Best Rated. Here’s how we work for you.

Free Property Valuations

Need to know how much your house is worth? Our expert Senior Valuers are on hand to visit your property to value your property at the best possible price. Just get in touch to arrange a visit your home, at a time convenient to you.

You can call us to arrange a valuation on 0115 924 3304 or use the form below.

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Experienced sales team

Our sales team have over 50 years combined experience working in the Nottingham property industry. Once you instruct us they will will begin to market your property, book in viewings and negotiate offers. They will be in constant contact to ensure you receive expert advice, every step of the way.

You can reach them any time by calling our office or emailing salesteam@waltonandallen.co.uk.

Marketing your property

As estate agents we are always proactively looking to enhance property views for our clients.

Walton & Allen has a modern, digital approach to marketing. This is why we use window touch screens to showcase all of our stock. We also offer 360 virtual reality video tours. These are just some of the reasons why we are head and shoulders above our competition!

Best estate agents in Nottingham

Walton and Allen have been rated as one of the top 3 estate agents in Nottingham by Three Best Rated. We have been chosen for this award because of our value for money and excellent customer service.

About us

Walton and Allen are estate and letting agents in Nottingham. We provide property sales, lettings, property management and mortgage advice.

Walton and Allen Property Management collects rental payments and manages maintenance for our Landlord clients. Our block management division also maintains blocks of flats and residential estates.