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70 Years On – How Homes Looked When the Queen Was Crowned
The UK has been putting out the bunting to celebrate Queen Elizabeth’s Platinum Jubilee over this long weekend.
Her Royal Highness took the throne back in 1952, and in this article, we look at what homes were like during that decade.
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Nottingham Property Market
to Crash in 2022?
• According to some newspapers and pundits, the property market boom could soon be over with the increasing interest rates and inflation.
• In this article, I share the 3 fundamental economic reasons why things are different to the last property market crash.
• The insider’s way to find out if there will be a property crash.
• … and 4 reasons why buy-to-let landlords are coming back into the Nottingham rental market to protect their wealth and hedge against inflation.
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Nottingham Rental Homes Nightmare
• Nottingham needs 1,087 additional private rented properties per year to keep up with current and future demand from Nottingham tenants.
• Yet over the last 5 years, Nottingham has lost 1,936 private rented homes.
• What are the 5 reasons the supply of private rental properties in Nottingham are falling? What does this mean for tenants and landlords in Nottingham?
There has been a rise in demand for rental properties and an 8.9% fall in the number of Nottingham private rented properties, which has caused Nottingham rents to rise by 5.1% in the last year, a new all-time high.
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As Unemployment Hits 7.7% in Nottingham,
What Effect Will This Have on the Nottingham Property Market in 2021?
12 months ago, the unemployment rate in Nottingham stood at 4.1% of the working population, yet with Coronavirus hitting the UK, what impact will this rise in unemployment have on the Nottingham property market?
As I have discussed a number of times in my articles on the Nottingham property market, this summer saw the Nottingham property market do exactly the opposite of what was expected when Covid hit.
The Stamp Duty holiday added fuel to pent up demand for people to move to property with extra rooms (to work from home) and gardens. This prompted a brief hiatus in the number of people selling and buying their home in Nottingham over the last summer and autumn.
Yet, insecurity around rising unemployment, led to many mortgage companies becoming more cautious in the later months of summer, predominantly when lending to the self-employed or first-time buyers borrowing more than 85% of the value of the home (as they wouldn’t want to lend money to someone that could not afford a mortgage due to an insecure income or not having a job).
Back in the late spring, economists were predicting that UK unemployment would rise to a peak of 6.5% in Q3 2020, returning back to the 2019 levels (3.4%) by 2022.
As we speak
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It is amazing to see that, despite the pandemic, the average UK house price ended the year 7.3% up on the previous year (Source: Nationwide). And there is still a lot of heat in the market - with record property portal activity on Boxing Day being 70.5% up on last year! (Source: Zoopla). You might expect that tougher Covid-related restrictions and our formal departure from Europe at the end of last month would have seriously damaged the property market, yet the opposite seems to be true.
Certainly, the government’ SDLT (Stamp Duty) concession, which can save buyers up to £15,000, has played its part in increasing both transaction volumes and prices. As estate agents, we have been run off our feet for months, and any break over Christmas was short-lived, as activity has continued unabated.
Some commentators have suggested that over 250,000 sales agreed could potentially fall through or, more likely, have price reductions if they don’t complete before the SDLT concession is withdrawn on 31st March. There has also been the suggestion that mortgages might become increasingly difficult to obtain if lenders are worried about employment stability.