Nottingham – What to look for in houses for sale?

Whenever looking for a house for sale in the UK or in Nottingham, it is vital you look at the market trends and house price fluctuations in the wider area of Nottinghamshire too. House prices of houses for sale can change even among different streets very close to each other so, as a landlord, it would be a good idea to be familiar with the area of Nottingham.

In this article, we will be looking at the city of Nottingham in detail so you know how to navigate the area and have a better understanding on where to invest.

Why you should consider the average rental yield when searching for houses for sale in Nottingham

What is the growth in the housing market of Nottingham?

Before committing to Nottingham to make a housing investment, an investor should always ask the question, what is the growth like in the area?

So take a look below at the growth patterns of the previous years displaying the percentage of new houses being built. This will help you understand how the number of houses for sale will evolve in the future.

Whether housing growth actually changes the price of a house depends on if the city in question is outstripping demand with the supply of new housing. You’d have to do some more research on what rate Nottingham is building housing to find your answer.

If you’re buying a house for investment rather than for the reason to live in the house over time and use the house as a place to stay in the long term, there is a need to look at the rental yield figure to see if the house for sale you are considering to buy is a good investment or not.

This figure is usually looked at by investors as well as the rental income of the area, the sale turnover and the rent turnover.

The table below represents this data and compares Nottingham to Nottinghamshire and the broader suburb of the UK; East Midlands.

Let’s assume you want to sell the house you’re looking to buy in Nottingham for profit in the future, in this case, looking at the data for the number of houses sold per month in Nottingham would give you an idea of whether the area is actively getting new investors. This figure is 47.

It is vital you be careful with this figure however as the data can suggest something that isn’t true in Nottingham. To give an example, a lot of people buying new houses could also indicate there are a lot of new first time buyers in the area which would in fact drive down the rental yield.

The more people there are interested in renting, rather than buying, the more likely that area of the UK has high rental yields and hence investors like these areas to invest in to create a large amount of cash flow.

In Nottingham, what do houses for sale tend to sell for?

In Nottingham, the average sale price of a house for sale is in fact £166,713. This is dependent on the 10 year population growth of Nottingham being 12%. Growing populations are more likely to inflate the prices of houses for sale in the city of Nottingham.

The list below is able to inform you of what these prices are. Giving you an accurate estimate of whether a landlord is likely to accept your offer based on the prices of the houses for sale in Nottingham.

Evidently, certain types of houses for sale will have different types of demand and this will be reflected on the final price.

On average, the cost of a house for sale per square foot works out to be £2,190. This means if you are just looking out the houses sold in Nottingham in general and didn’t take into consideration the type of build. For example, a new build.

What are the demographics like in the city of Nottingham?

How much do people in Nottingham earn?

By and large, a higher household income in a population can have positive effects on the crime rate and the quality of space. This is due to the fact that higher earners tend to buy houses where there are better schools and more desirable amenities that impact the quality of life someone has.

In Nottingham, the average income is £36,650. Measuring this figure against the average household income for the UK of price34,000 should tell you if the city is higher or lower earning.

When buying a house, use this statistic with other factors when making a decision too like the crime rate or the social grade score of 22% to decide on what the demographics are like in the area.

What’s a social grade score and how does it relate to Nottingham?

Most of the time, the social grade score of a city is what it takes to determine what the economic levels are like as this score refers to what type of jobs the people of the area generally work as. So, from highly skilled, managerial roles, to the manual labour workers of the UK, how does Nottingham compare?

At the highest end of the scale (A) jobs that are managerial administrative or professional are all lumped into this category. On the other hand, there is the lowest grade (E) where workers who are on benefits, state pensions or work casual jobs fall into.

In Nottingham, the percentage of people who work in the two highest skilled categories of this scale (A and B) is 22%.

So you can compare this data, here is the estimated grouping of the social grades of the UK for the general population. Adding the two highest categories of A and B and comparing this percentage to the high social grade score which combines A and B should give you a good comparison.

Nottingham in the county of Nottinghamshire is notable for its specific demographics and has individual characteristics.

For localised cities and the bigger areas of the UK there are wide variations in the demographics that shape an area so the same is also true for the wider region Nottingham is located in; East Midlands.

Below, these demographics are talked about in headings that explain how the city has grown, what the education levels are like in Nottingham, what the social grade score of the city is like and if the green space matches the recommended levels people living in the UK should have.

In Nottingham, how educated are people in general?

In the city of Nottingham, 30% of people have degrees. In general, as the number of people who are highly educated goes up, the more likely they are to have the ability to buy houses as their annual household income goes up too.

So you can see for yourself, the average income for the people of Nottingham is £36,650. This generally goes up with the education level of the area. Additionally, looking at the difference between the proportion of people with degrees and the UK average for this statistic (22.6%) should give you an idea of the affluence and education of the city.

A higher education level can therefore tell you if the house prices are likely to be high as the higher income level often results in people buying a bigger, more valuable house.

Having said this, whale education level can be a good factor to go by, there are also things like the rental yields, the population growth and social grades scores that can impact the value of a house and whether it will go up in value as time goes on.

Have the people of Nottingham grown in numbers?

Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Nottingham if 61,685 and in the below heading how this population has changed will be broken down.

Like most data to do with houses, all data has to be considered holistically with multiple variables to determine if the population growth actually impacts the statistics that matter to you as a landlord in Nottingham such as rental yield or house appreciation.

How has the population size of Nottingham adjusted in the last 5 years?

In the previous five years there has been a change in the number of people of Nottingham by 6%. Analysing this figure is a great way to tell if there is new demand for housing or not as a decreasing figure reduces the number of people who want to buy houses. Read more here

To compare this figure over a greater period of time, you could look at the figure for the 1 year population too and compare them. This way you can see if the population has changed recently or if this 6% change has historically occurred before. Click here to know more on the UK population trends.

Over the last 10 years, how has the population size adjusted in Nottingham?

In the last decade, the population of Nottingham has been adjusted by 12%. This growth may be as a result of factors like new industries employing people or emigration and immigration balancing out to create this population change.

A precedent that shows population change in this way over decades is the region of Greater London. The capital city has grown by 27% in the past 20 years. Population growth has caused house prices to go up to price523,666 on average.

In general, do people commit a lot of crime in Nottingham?

In Nottingham, for every 1000 people, there is currently a crime rate of 412. This can be compared to the national average of 79.52 for every 1000 people.

Low crime rates are desirable for your safety as a homeowner. Even if you don’t tend to leave the house too often and tend to not mind living in a slightly more dangerous area. Things like burglaries are always a possibility which could harm your ability to pay for home insurance and also may force you to install additional security in your home that can cost you further.

Having said this, you can look at the crime rate on a deeper level to find out what the threats are exactly. It could be the case that a proportion of these crimes (412 for every 1000 people) come from things like anti-social behaviour rather than more serious crimes like violence and sexual offences.

If this is the case you may be more willing to look over a high crime rate within the areas you’re looking to buy a home.

Are the people of Nottingham deprived?

The deprivation levels of the UK can vary quite a bit. High deprivation levels signal a particular area has people who are struggling to make ends meet and pay for basic living expenses. For Nottingham, in particular, the deprivation levels are 25%.

This figure can be contrasted with the deprivation levels of the UK of 33% to see if the levels are below or above average.

In the city of Nottingham, how much green space remains for residents?

Providing the right amount of green space for people in the UK is a difficult subject because there are clear benefits for human health but at the same time, it is hard to make sure all areas of the UK can get enough greenery. This is a result of land being already in use in cities where most people live.

In Nottingham, 10.8 is the amount of acres of outdoor space there is for every 1000 people. Charities such as ‘Fields in Trust’ recommend there to be at least 6 acres. This should allow you to conclude whether this green space is sufficient for you if you are interested in buying in Nottingham.

In Nottingham, what is the asking price in general for a house for sale?

The average asking price for the houses for sale in the city of Nottingham

Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£1,235) for houses for sale with this table to get a good idea as to whether Nottingham is the right area to buy a house in for you.

As you go ahead and make offers on a house for sale, it is sometimes best to know what other people are offering for the same type of house for sale so you know what to offer yourself to get a good deal. So you should know, the average asking price of Nottingham is £210,229.

Even though the asking price is not what the eventual price the house is sold at, making a note of the averages for the city of Nottingham is useful when negotiating and knowing what to expect for every type of house for sale.

Invest in houses for sale in Nottingham with the right professional advice

Are you considering other cities with houses for sale?

See here below a list of cities in the same UK region of Nottingham which is East Midlands. You might want to consider these as alternatives for your next real estate investment:

• Kirkby-On-Bain in East Midlands
• Balderton in East Midlands
• Dalton in East Midlands
• Adwick-Upon-Dearne in East Midlands
• Brinsworth in East Midlands

Or, visit our dedicated page on the houses for sale data for the whole of the UK – houses for sale in the UK.

A house for sale appropriate to your needs

Find here below a list of criteria that we suggest you consider before looking for houses for sale in Nottingham

• affordability – the UK gov website comes in helpful when you want to understand (see what house for sale you can afford)

• Geographic Location – the county and region across the UK you are considering to invest in are crucial factors to consider when browsing houses for sale.

• Transport network of the house for sale – Hopefully, the pandemic stays in the past. Therefore, working from home may become less predominant than a couple of years ago. Check the commuting time of the house for sale you are considering buying.

• Bedrooms in the house for sale – are you looking for houses for sale for yourself, for a couple or for the whole family? This condition will narrow down the number of houses for sale relevant to buy.

• EPC of the house for sale – today more than ever, the energy performance of the properties for sale on the market should be one of the first things you check.

• Broadband speed – having a good internet connection is crucial nowadays. Always check the available subscriptions available for the areas of the house for sale you want to purchase

• Are you a car owner? – if yes, you will have to check for parking availability of the house for sale. Does it come with a garage included in the price?

• Conservation areas – when browsing for houses for sale, we suggest you take a look at the National Heritage list. When a house for sale is included it means that it is not possible for the future homeowner to make changes to the property, both inside and outside.

• Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.

Who should you talk to while going through the process of making an offer on a house for sale?
Several experts specialise in giving advice to property investors or to first time potential buyers.

Since the process of finding the right house for sale can take months, you have all the time to consult with the experts you might need.

Find here a list of those you should contact to get professional guidance and assistance when purchasing a house for sale:

• Lender – This practitioner can lend you money to finalise a house purchase
• Insurer – Insuring companies will provide you with the insurance policy you need to protect the house for sale you want to buy
• Legal representative – This professional is usually there to handle all the legal tasks associated with purchasing a home for sale.
• Surveyor – Carries out and independent valuation on the house for sale based on its conditions. It is very useful to understand the correct price before making an offer
• Mortgage specialist – Mortgage advisors works on commissions. They will get a cut from the bank and will guide you with offering the best deals given your financial situation
• Energy assessor – We strongly suggest you to invest in a professional assessment of the Energy Performance of the house for sale you want to purchase