The East Midlands Property Market
After some serious house price decline and stagnation in recent years, the East Midlands property market is enjoying an almost unprecedented period of growth. An article on the Leicester Mercury website recently revealed that property values in the East Midlands region are expected to soar by up to 20.5 percent over the course of the next five years.
According to a report carried out by property group JLL, the current average house price of around £136,000 in the East Midlands is expected to reach around £164,000 by 2020. While this is fantastic news for people who own a home in the region, this figure does fall slightly short of the 22.8 percent growth being predicted for house prices across the country.
Houses for sale in Leicester (see our guide) are in very high demand, which is why they are spending far less time on the market in 2015 then they were just a year ago. Leicester is also experiencing high levels of house price growth – so much so that the city has been identified as a potential property hotspot for the future by the Thisismoney website. A range of investment projects and major improvements to transport links are expected to drive up the average price of a home in Leicester beyond £164,000 within five years.
The property market in Derby has experienced mixed fortunes over the last year or so. According to the Home website, the average selling price of homes in the city actually fell by one percent during the year to September 2015. However, there was a marked increase in the average selling price of flats – some 23 percent. This would suggest that wages are struggling to keep pace with rising asking prices. Median house prices Derby rose by an average of 10 percent, however.
The demand for residential property in the city of Nottingham has been growing for some time now, and a relative dearth of new homes in the area is fuelling a sustained period of house price growth. According to an article on the Nottingham Post website, research from the Centre for Economics and Business Research suggests that house price rise growth in Nottingham will be higher than in London in 2015. And further evidence of Nottingham’s burgeoning housing market was provided by the Nottingham Post website, which revealed that Nottingham house prices rose by ten percent in 2014 – the biggest rise in a decade.
It is clear that houses for sale in Nottingham are being snapped up very quickly at the moment, and this trend will continue as long as the economy remains strong and property remains in relatively short supply.