Member Article

Nottingham’s performing strongly despite Spring RICS report

In light of new figures from the Royal Institution of Chartered Surveyors (RICS) claiming that there has been a fifth consecutive monthly decline in housing supply nationally, a Nottingham based property consultancy has revealed that the Nottingham market is seeing signs of improvements.

PWR Property Consultants with offices in Nottingham and Mansfield, states that despite the findings revealing that demand for new homes being the lowest since June 2012, it has seen the local Nottingham housing market outperforming the national trend.

The report stated that because of combination of record house prices (£186,512 in April 2014) and greater restrictions on bank lending for house purchases, many first time buyers have been priced out of the property market, creating a lesser demand.

Simon Perkins, Partner at PWR Property Consultants, said: “Over the last twelve months we have added a sales service to our existing lettings business. Many of our landlords have decided that now is the time to sell, after many years firmly in the rental market, and we are now getting more demand from both first time and seasoned buyers.

“Landlords in Nottingham are looking for new investment properties, especially those in areas close to the city, and many are keen on taking the new tram infrastructure into account when making such buying decisions.”

The RICS survey was positive about the future outlook of the property market, and claimed that house price gains were still strong across all parts of the UK, and the sales to stock ratio stands at 39%.

Simon added: ‘Despite the RICS painting a rather dismal picture overall nationally, here at PWR, we are seeing positive signs of change, especially for the cash buyer, or those able to obtain finance.’

For more information, please visit http://www.pwrresidential.co.uk/

This was posted in Bdaily's Members' News section by Poppy-PR .