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.
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.
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.
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.
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’.
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.
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.
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.
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.
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.
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.
Walton & Allen estate agents are selling property with every success in Woodthorpe, Nottingham.
Did you know? Walton & Allen are rated as one of the top 3 estate agents in Nottingham by ThreeBestRated. We have also been nominated as the best letting agent throughout the whole of the UK by the Negotiator Awards.
Recently we sold a property on Arno Vale Road which two other agents failed to sell! To top this off, the property achieved an offer within the guide price of £350,000, meaning the vendor got the best possible price for their property.
Why not book your free property valuation here? You can find out how we can sell your home in as quick a time as possible, for a top price. We’re a local, family run estate agency with your interests always at heart.
Arno Vale road is a prime area in Woodthorpe, close to Arno Vale Junior School, Ernehale Junior School and the recreation ground. It is also a short drive away from Woodthorpe Park, a huge open expanse of land with gardens and a pitch and put golf course. View a virtual reality 360 tour of this Woodthorpe property below. (If reading this article on mobile, please open in the YouTube app).
Woodthorpe is a really sought after area and property brought to market by our estate agency branch usually sells within weeks. Rightmove suggests the average property price in Woodthorpe is £219,939, which tends to be more expensive than nearby Sherwood, Mapperley and Arnold. We have also recently sold property in Woodthorpe on Longridge Road, Walsingham Road, Melbury Road and Springwood Gardens, amongst others.
Where is Woodthorpe?
See the map below.
So, why would you choose another estate agent?
We pride ourselves in offering more than any other local agent. You can find out more about how we sell homes differently here. We also offer every service under one roof, making the selling or buying process as quick and as easy as possible. This includes independent mortgage advice, helping you to compare the whole of market to find one of the best mortgage deals.
If you need mortgage advice in Woodthorpe, book an appointment by calling 0115 9243304 today.
Book a free property valuation
Considering selling your home in Woodthorpe? Our experts will be able to provide you with an accurate and up to date property valuation. Just call 0115 9243304 or use the form below. We’ll explain to you exactly how we can sell your home and continue to provide advice throughout the sales process. You’re in safe hands with us as an Estate Agent.
The most popular schools in Woodthorpe are Arno Vale Junior School, Woodthorpe Infants School and The Good Shepherd Primary Catholic School.
Woodthorpe has a number of public transport buses running across Mansfield Road. This includes Nottingham City Transport buses from Arnold, Calverton and Bestwood. An average bus journey from Woodthorpe to Nottingham city centre takes around 25 minutes, and a little less if going via car.
Most properties which sold last year in Woodthorpe were detached properties. These sold for an average price of £259,799. House prices were up 3% on the previous year and up 8% since 2005.
Flats sold for an average of £134,755 in the last 12 months according to Zoopla, whilst terraced houses in Woodthrope sold for an average of £132,849.
Spring is drawing to a close and Nottingham property prices are still growing.
We are still one of the top performing cities for property price growth across the UK and have been since last year.
Top 3 for property price growth
Hometrack have reported that Nottingham property prices have grown by 4.5% in the last 12 months. This puts the city in joint third place across the UK.
The cities placed higher in their report were Manchester (joint third), Liverpool and Leicester at 4.9% growth (joint second) and Glasgow at 5.1% growth.
Nottingham was also third for growth in the last 3 months. Prices rose by 2.0%, behind Oxford and Glasgow at 2.1% and Liverpool at 2.6%.
The Hometrack report also states that the average Nottingham house price is £154,500.
Market remains strong
In their latest blog, Rightmove have stated that buyer demand is extremely high. This is usually the case during spring, as more look to move in the spring and summer months than any other.
Political uncertainty also seems to be a thing of the past; The number of houses coming to the market are almost the same as last year. This means it is business as usual, despite talk of a no deal Brexit.
We are also seeing less time wasters looking to buy. People who do make offers are serious and want to move as quickly as possible. Fall through rates are dropping and the time it is taking from putting your property on the market to completion has dropped.
What does this mean for your property?
If you bought your property for £250,000 three months ago then you could have made £5,000 already!
How much is your property now worth? You can find out by booking a valuation. Call Nick and Richard on 0115 924 3304 or use the form below to submit a request.
Rightmove have reported that property prices have grown by over 1% in the last month alone. This rise is the biggest month on month for over a year. It is also the largest rise at this time of year since 2016.
This growth is particularly good news with the uncertain political climate.
2019 Nottingham Property Market
The Nottingham property market has been mixed throughout 2019. Property prices have continued to steadily grow but there has been a shortage of property coming to market compared to people looking to buy. This is no doubt due to delays and problems with Brexit.
The good news is that most are deciding that they cannot hold off any longer and the Nottingham property market is now looking more positive than ever this year so far.
What does this mean for the property market?
Miles Shipside, director of Rightmove says: “This extension could give hesitating home movers encouragement that there is now a window of relative certainty in uncertain times.”
He also stated that he would expect people to take advantage of “static property prices” and “cheap fixed-rate mortgages”.
Thinking of selling your property?
Want to make the most of this property market news? Talk to our estate agents today by calling 0115 924 3304 and get a free property valuation. You can also use the form below to get in touch.