PropertyInvesting.net: property investment ideas, advice, insights, trends
Propertyinvesting.net: Property Investment ideas, advice, insights, trends

PropertyInvesting.net: Property Investment News

 Property News

more news articles...

Where in Notts are house prices rising the fastest


02-08-2017

House prices in an area of Nottingham have risen by three-fifths in a year. So, what's going on? Are we in the middle of an unexplained phenomenon?

Indeed, what is going on in and around Alexandra Park to make house prices rise by 60 percent?

Well, if you head over to the area you'll see a brand new development that will certainly have impacted on the headline figure.

In NG3 4, the median prices were up from £103,250 in 2015 to £165,000 in 2016. Around the time that Springfield Pastures made an appearance and homes at the new development began to sell. Today only two of the 15 brand new homes remain for sale but at prices of £875,000 and £695,000 for the four and bedroom bedroom homes you can see how the prices will have made an impression on those overall figures.

Springfield Pastures in Alexandra Park - two new homes remain for sale here priced at £695,000 and £875,000. For sale with FHP Living, 0115 841 1155

The next biggest rise was in NG2 3, a postcode that covers a diverse range of areas including Nottingham city centre, Sneinton, The Meadows and West Bridgford. Here prices were up by half (51 percent) in a year, from a median of £86,000 to £129,950. NG8 6 is again a broad postcode that covers Aspley, Wollaton, Whitemoor, Bilborough and Nottingham and this postcode saw prices rise by 29 percent to £124,250.

On the other side of the coin, the area with the biggest drop in prices was NG1 6, where the median price fell 46 percent from £257,500 in 2015 to £140,000 in 2016. Again, in contrast to the other postcode figures, NG1 6 covers only 256 households against a figure of about 4,049 in NG3 4 according to census figures from 2011, so the price difference could reflect the changes in the type of property being sold.

Postcodes which brought up the highest and lowest prices locally won't bring any surprises. NG12 4 had the highest median price locally, at £352,500 - NG12 4 includes Cotgrave, Radcliffe on Trent, Keyworth, and Rushcliffe - while the postcode with the lowest prices was NG7 3, where the median price was £74,500 - New Basford, Forest Frields, Hyson Green, Radford, Lenton and Nottingham - all areas with a good selection of terraced property.

 
Radcliffe on Trent, one of the postcodes that had the highest median house price


While on paper, the fluctuation in prices seems huge, the average house price in Nottinghamshire is still around £176,783, which looks more appealing when you compare some of the biggest price rise figures alone around areas of England and Wales in 2016. For instance, the area with the biggest price rise in England and Wales in 2016 was W1U 5, around Marylebone, in Westminster which saw median prices jump 294% from £990,000 in 2015 to £3.9m in 2015, mostly due to a number of new build flats being sold at 24 Paddington Street. The area was the most expensive postcode in England and Wales with five or more sales.

The postcode with the lowest median price was SR8 4, around Horden in County Durham, at £25,000.

The area with the biggest price fall in England and Wales in 2015 was SW1X 7, around Belgravia and Knightsbridge, which saw median prices


fall 62 percent from £5.8m in 2015 to £2.3m in 2016, although this is likely a return to a more normal trend, after a £17m flat sold at One Hyde


Park in 2015 - the median price in the area was £2.1m in 2014.

back to top

Site Map | Privacy Policy | Terms & Conditions | Contact Us | ©2018 PropertyInvesting.net