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It has recently been noted that Nottingham is one of the UK’s ‘buy-to-let hotspots’ and with the current house price and rental performance, it is easy to see how this could be true. If you’re looking to rent or buy a home in Nottingham, keep reading. The latest data does in fact show that Nottingham topped the charts in regards to price growth in 2020. Hometrack also reported a property price rise of 5.8% year on year. Additionally, the Land Registry data has also shown average prices in Nottinghamshire at £193,199, which is up 7% year on year. However, it is worth noting that this is just an average.
What can you afford?
If you happen to be an investor, you can actually find some excellent homes at excellent prices.
Flats and maisonettes can be purchased for an average price of £111,000.
Terraced properties are around £136,000.
Semi-detached homes can bring in prices of around £173,000.
Detached houses are what is boosting the average cost of homes in Nottinghamshire, going for anywhere around £281,000.
On the other hand, if you’re looking to gain a good yield on a rental property, you may find that Nottinghamshire is just the place for this. Some landlords have noted yields from 2.7% all the way up to 7.73%. Additionally, the Office for National Statistics confirmed that the East Midlands had the second-highest growth of 2.4% for private rental prices.
Why Nottingham?
One of the main reasons an area does well for investors is population growth. Nottingham and the East Midlands is known for having a greater population than any other English region, with a projected population growth of 7%, up 2% than the rest of England. Furthermore, Nottingham is known for its younger population, especially students from both The University of Nottingham and the highly ranked Nottingham Trent University, of which are much more likely to rent rather than buy. Here we can see why the private rented sector of Nottingham represents a whopping 26% of homes in the city. So, if you’re looking for an investment property in the area, it is clear to see the Nottingham property market is buzzing with potential.
We can help
At Twin Pine, we can help you if you want to invest in the Nottingham area. We specialise in helping landlords find a buy to let mortgage with bad credit.
If you’re looking for an investment property, speak with us today to discuss buy to rent mortgages.
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