International buyers are increasingly looking to buy houses in a Nottingham suburb. House prices in Rushcliffe are rising at an average of £96 a day and potential homeowners are snapping up properties in West Bridgford without even viewing them. The average house price in the area increased from £308,171 to £343,068 in a year.
Local estate agent Royston and Lund says they have seen positive rises in house values across Rushcliffe with some areas up by 7-8% and some over 11%. They say houses in the surrounding area of The Meadows have gone up towards 20%.
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Alex Harding, one of the directors at Royston and Lund, said: "The house rises are nothing new to the Rushcliffe market. We have seen the property market rise 10% each year in 2015 and 2016 and the rises only slowed in 2017, 18 and 19 with the increase in new build properties at sites like Edwalton Park, and Wilford Fields balancing the demand with upwards of 1,500 new homes being available to buy alongside the second hand market.
"Such is the demand for the outstanding local primary and secondary schools. There is also Central Avenue, local coffee shops, culture, shops and facilities that Bridgford and Rushcliffe has to offer."
He added: "Stats show us that 80% of people move within a 10 mile radius, so most of our buyers are still local, however, we have seen rises in international buyers and people moving up from the south."
Regarding whether demand outweighs supply in the area, Mr Harding said: "There are little signs of prices slowing at the moment. People's affordability in the market is still good and if they are coming from out of the area they find house prices reasonable compared to other similar areas of the country. Demand is high due to the lack of properties available on the market.
"While demand is high and houses limited, the house values will continue to rise. People want to live in Rushcliffe as it’s a very sought after location. Unless we see a drop in buyers or a flood of houses to the market we don’t expect much to change."
Homeowners in West Bridgford are pleased they have a property in such a sought after location. Eddie Spencer, 28, from West Bridgford said: "Owning a house around here is good. It is good if you have one and not good if you do not. I am very pleased because we have a house here."
Maureen Carnill, 70, who has lived in West Bridgford for 50 years, said: "It makes me pleased. It is not good for the people who want to get onto the property ladder. You do not get value for money in Bridgford, the houses are very expensive."
Another West Bridgford resident said: "I moved into my flat in 1985 and I had to take out a mortgage of 13.5% which was high. I feel sorry for those people who struggled to get a property before stamp duty went up again. They do not stand a chance.
"I would never leave Bridgford, I could but Bridgford is where I live. People are desperate to move here and they would pay whatever. It has always gone on that way."
UK average house prices increased by 9.8% over the year to March 2022, down from 11.3% in February 2022. The average UK house price was £278,000 in March 2022, which is £24,000 higher than this time last year. The East Midlands was the region with the highest annual house price growth, with average prices increasing by 12.4% in the year to March. This was up from a growth rate of 11.6% in February.
The lowest annual house price growth was in London, where average prices increased by 4.8% over the year to March 2022, down from 7.8% in February 2022. In Nottinghamshire, Gedling is the area which has seen the second highest rise where prices are now up £30,270, or an average of £83 a day.
House prices in the area have seen a 14.3% rise in the year to March, going from £211,618 to £241,888. There’s also been a 14.6% rise in house prices in Ashfield, or a £23,559 increase over the year (£65 per day). The average home now costs £185,364, compared to £161,805 a year before.
Nottinghamshire house price figures from the Office for National Statistics
- Rushcliffe - average house price 2022 £343,068, average house price 2021 £308,171
- Gedling - average house price 2022 £241,888, average house price 2021 £211,618
- Nottinghamshire - average house price 2022 £223,933, average house price 2021 £200,141
- Ashfield - average house price 2022 £185,364, average house price 2021 £161,805
- Bassetlaw - average house price 2022 £196,345, average house price 2021 £173,674
- Mansfield - average house price 2022 £174,385, average house price 2021 £154,963
- Newark and Sherwood - average house price 2022 £224,273, average house price 2021 £205,079
- Broxtowe - average house price 2022 £227,566, average house price 2021 £211,240
- Nottingham - average house price 2022 £177,187, average house price 2021 £162,316
