Regional Property Market Update Autumn 2020: East Midlands

It is estimated that nearly two million people own buy-to-let property across the UK (Resolution Foundation 2019), with property being regarded as a ‘safe-haven’ asset. At 5.1%, the gross yield on residential property across the East Midlands is attractive.

Nottingham is currently the strongest performer in the region offering a gross yield of more than 7%, yields across Corby and Boston are currently over 6%.

Average gross yields on residential property are attractive, with positive rental and house price growth

east_midlands_regional_property_market_report_autumn_2020

Strongest housing markets across the East Midlands

At 4.5%, annual property price growth across the East Midlands was the strongest of any region of the UK as the housing market reopened in June. Corby is currently the strongest performer in the region. Activity across the market has been brisk. Nationally the average time taken to sell a property fell to 53 days in August, down from 62 days in August 2019. Sensible pricing remains crucial, as correctly priced properties are nearly twice as likely to be sold ‘subject to contract’ within four months of listing than those that have had their asking price reduced. Homes in the East Midlands are selling, on average, in 54 days.

east_midlands_regional_property_market_report_autumn_2020

Craig Bees, from Bartram & Co, comments on the market in South Northamptonshire:

“The market in South Northamptonshire is booming. The market here seemed to take a little longer to ‘kick start’ after the stamp duty holiday was introduced in early July, however, after the first couple of weeks, the activity really began and there seems to be no end to the increased number of valuations, instructions and sales at the moment.

“We do have a ‘micro’ market in Towcester, with new developments being built at pace, creating many chains and insulating us a little from the bumpy road that many other areas are experiencing. With year-on-year sales over 20% higher in the last quarter, we have everything crossed that the increase in activity continues into 2021. Let’s hope the conveyancers can keep up!”

Properties for sale in the East Midlands

East Bridgford, Nottinghamshire, 5 bedrooms

This magnificent period cottage in the heart of the highly regarded village of East Bridgford has been tastefully renovated throughout and boasts a wealth of accommodation, blending contemporary with traditional interior styling, in a generous open-plan kitchen and dining room with utility, a separate family room, a sitting room and five bedrooms.

The beautiful family home also enjoys a westerly-facing courtyard garden and offers the potential for an annexe facility for family members.

Reepham, Lincolnshire, 6 bedrooms

This unique Grade II Listed six-bedroom detached home with a wealth of historical and period features is positioned in the sought-after village of Reepham. The property benefits from a farmhouse style kitchen and dining room, plenty of parking in the driveway and garage, a range of outbuildings and a pretty cottage-style garden.

Melton Mowbray, Leicestershire, 4 bedrooms

Located on the edge of Scalford village surrounded by countryside is this individual charming cottage with a sizeable, gravelled driveway, timber workshop and mature gardens wrapping around all four sides of the property.

This village home has recently been comprehensively refurbished and updated, providing the comforts of modern living, whilst retaining its original charm with exposed stone walls, fireplaces and wood flooring.