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Nottingham house prices: Houses rise whilst flats fall

22nd Feb 2017

Category: Local property news

Tagged:House Prices, property investment

Less houses and flats are selling, but houses are selling for more whilst flats sell for less...

March 2016 saw a huge spike in house and flat sale volumes.  This is simple to explain, it was the last month before the Stamp Duty rates increased for investors.  Investors rushed to purchase or sell, before the cost of buying increased by the additional 3% Stamp Duty now charged on investment houses.

The number of sales in NG postcodes in November 2016 were down by 20% versus November 2015, 1,484 sales versus 1,840 sales.  What is interesting, is seeing what the impact of less sales has had on the prices.

Houses performed well, flats faltered...

The average price in November 2016 was 5% higher for all sales in NG postcodes.  However, when you look at the detail, houses were up and flats were down.  More recently the average flat sold for £112,000 whilst a year earlier the average sale of a flat was £118,000. Down 5%.

A detached house has on average sold recently for £270,000 vs £256,000 a year earlier. Up 6%.

A semi-detached house has on average sold recently for £152,000 vs £146,000 a year earlier. Up 4%.

A terraced house has on average sold recently for £118,000 vs £115,000 a year earlier. Up 3%.

Comfort's Opinion...

Traditional houses, may be the best type of investment at the current time.

Phil Ashford

Partner MEng(Hons) FCA MARLA

An experienced Chartered Accountant and a Founding Partner of Comfort Lettings.

Connect with me on Linkedin


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