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East Midlands Chamber News

House prices \rocketing\ in East Midlands

Ian MarriottAn acceleration of national house prices is being felt particularly in the East Midlands.

FHP Living’s Ian Marriott has reacted to the new figures released by RICS UK’s Residential Market Survey.

He said: “I have 26 years’ experience as an estate agent and have been working in the West Bridgford area for more than 17 of those years.

“This house price rise is due to a lack of housing stock. There’s a lack of supply and the demand is outstripping that, driving up house prices – so it’s certainly a good time for anyone thinking about putting their property on the market to do so.

“In the West Bridgford area we’ve noticed an increase in house prices in the region of 10% over the past year – this has been mainly due to a stimulated bar and restaurant culture in the area, making it a desirable location in which to buy.

“Location has also been a huge factor in the market’s change this year - being within walking distance of the centre has become increasingly popular with buyers. I’ve particularly noticed this in the quarter mile radius of Bridgford Park where in some cases house prices have risen by up to 20% in 12 months.

“FHP Living has agreed the sales of a number of homes in the luxury home market but also in the £250,000 to £850,000 market – we’ve seen a big increase of interest in this zone.

“The people buying the higher priced housing stock are upsizers, families or those already living in the area looking to trade up. I’ve also seen a large number looking to trade down – those moving from properties around the £1m mark into £600,000 to £500,000 homes.

“The advice I would give to those thinking of moving in the next six to eight months would be to commit to putting your house on the market as soon as possible. The best situation to be in would be to have a buyer already secured who is prepared to wait so you can buy your ideal home.”