Is now the right time to sell your Nottingham property?

With the property market stabilising after the peaks and troughs it endured during the pandemic, many Nottingham residents have been enquiring about the best time to list their property for sale. With this question in mind, we’ve explored the latest property trends, weighed up whether you should sell or buy first, and looked at the future of the property market in Nottingham, so you can make the most informed decision about selling your home this summer:

 Nottingham property trends, supply and demand

Although listing your property for sale sounds simple in theory, there is a science to finding the ideal time to optimise your property listing. With more homes coming onto the market, it’s crucial that you list your Nottingham property at a time where it can stand out from the rest, and get sold fast. Thankfully, it’s still a seller’s market despite the significant uptick in stock levels, with demand matching the increase in supply.

This increase in demand for new properties – a trend that is showing no signs of slowing down – allows sellers in Nottingham to put their properties on the market for a premium price. Market research is showing astonishing price increases in and around Nottingham, with detached properties in the city soaring in price by 14% over the last year alone. Whereas other cities nearby – namely Coventry and Lincoln – are experiencing price stagnation for flats when compared to houses, Nottingham bucks the trend, with flats in the region increasing by a comparable 13% over the last twelve months.

Luckily for those selling in Nottingham, it seems that 2022 will see a resurgence in popularity for city living, with Grainne Gilmore – head of research at Zoopla – suggesting that a return to office working, even on a part-time basis, will see people moving closer to central city business hubs.

 Sell to Buy?

The age-old debate regarding buying your onward purchase or selling your home first can prove difficult for many home movers to navigate. However, with over 50% of those upping sticks listing their existing property prior to securing their next one, it seems that selling to buy is becoming the most popular mode of moving.

What’s more, the vendors of your next home are likely to take you much more seriously if your existing property is listed as ‘Sale Agreed’, and indicates that you are ready to proceed. Thankfully, Centrick’s impressive track record in Nottingham and beyond ensures that your estate agent has the experience and knowledge to get your current property SSTC, leaving you to the exciting stuff: exploring the depths of Rightmove and Zoopla for your next home.

This leads to our next piece of advice – don’t delay your search for an onward purchase. Although juggling your sale and your purchase sounds counterintuitive, house prices are soaring at a rapid rate, meaning that you’ll get more for your money if you purchase swiftly after selling. House prices increased by 9.6% from 2021 to 2022, and this upsurge is showing no signs of dramatically slowing down. With our extensive selection of listings, we’re confident that we can source our sellers their next home, whether it’s a convenient new build development or characterful resale property.

Investing in Nottingham

Thankfully, Nottingham is a city experiencing a renaissance due to masses of regeneration and investment, making it an increasingly popular place to live and work. Developers are quick to snap up any plots that could make prime candidates for regeneration, such as the Broadmarsh Centre. Having secured a massive half a billion pounds worth of investment, the Broadmarsh Development is a clear signal that Nottingham is a city worth moving to and investing in, and is sure to bring swathes of job opportunities (and potential purchasers) to the region.

The new HS2 station will connect Nottingham to the rest of the UK, putting it within just 57 minutes of London, and 26 minutes of Birmingham. This £10 billion investment in the East Midlands will open up the region as a viable place to live for commuters across the country, and signals great faith in the ever-developing region. Furthermore, the East Midlands Freeport is set to bring even more business into the region, which bodes well for those considering selling their home: there will be no shortage of potential purchasers coming into the region to start their new jobs at these important sites. Better yet, with the number of tenants actively searching for their next home at an all-time high, letting your property with Centrick whilst you source your next abode is a fantastic move for those still weighing up their options.

Thinking of selling your Nottingham home?

Here at Centrick, we’re proud to be your local property connoisseurs and resident experts on everything Nottingham. Whether you’re looking for a valuation of your home, advice on when to list your property, or a friendly chat about the market in your neighbourhood, our team is here to help.

Find us on Queens Road directly opposite Nottingham Train Station, or contact us using the form below: