Beginners Guide to Real Estate Investment in Nottingham, UK
Nottingham is strategically located within easy reach of most locations in the UK. This is one of the places you can move to for quality of life. The city has been undergoing significant regeneration and economic growth, making it stand out in the property market.
When you look forward to investing in the property market, you should have Nottingham in your mind. You can consult AVRillo property lawyers in Nottingham to help you with the legal process of purchasing a property. They are the leading property lawyers in London. Here is their website. Here is a simple guide to buying a property in Nottingham.
Nottingham property market
According to Rightmove, the average property price in Nottingham was £230,325 over the last 12 months. Detached properties in the city go for a fee of £347,219, and semi-detached properties go for £214,016. If you are looking for a terraced house, you can get this for as low as £169,193.
Property prices in Nottingham grew at 5.2% per year in 2019. In 2022 property prices are expected to continue growing because of the increasing demand for houses in the city. Nottingham is amongst the cities in the UK with a higher demand for rental property after Glasgow and Edinburgh.
While the property prices in Nottingham have increased, the city is still the most attractive location for investors in the country. The property prices in the city are the lowest in the Midlands, which makes Nottingham one of the best places to invest.
The property prices in Nottingham are lower than that of London, Oxford, Southampton, Cardiff, and other cities in the UK. Since Nottingham has one of the lowest property prices and increasing rental costs, those investing in the property market here can expect 6.65% on average yields.
What are the best areas to invest in Nottingham?
When buying property in Nottingham, there are places with the most yields that you should invest in. Here are some of the most popular sites where you should invest your money in Nottingham.
- Nottingham city center: The city centers continue to develop and grow economically. This makes it a property investment hub where most investors want to put their money. Here is a wide selection of flats and houses you can invest in, and expect high yields over time.
- Beeston: This is another place you should look forward to investing if you want to make money. Beeston is a commercial and residential center with one of the highest rental property demands in the city.
- Long Eaton: This town on the Nottingham border is another great place you should think of investing in real estate. The city is a popular commuter location that sits on the M1 and features a train connecting the East Midlands and a reliable bus.
- Mapperley: This is another famous residential location northeast of Nottingham. The town is home to many pubs, shops, cafes, and a large shopping center. This makes it ideal for the commuter population.
What you should do when buying property in Nottingham
Are you planning to invest in Nottingham real estate? These are some of the steps you should take to improve your chances of getting a good deal:
Step #1 - Research the property market
If you’re planning to buy property, you should research the market widely. You want to know where the most affordable houses are found in Nottingham and who the target markets are. You should also know whether the kind of property you want to buy is worth the investment.
Step #2 - Save and get a mortgage
Buying property in Nottingham involves a lot of cash. If you want to be on the safe side, it’s better to have some savings to pay the deposit out of pocket. With a good credit score, you can get a mortgage to finance the purchase of property in your preferred location.
Step #3 - Get a conveyancer
There are a lot of ups and downs involved in buying property in the UK. You need a conveyancing solicitor and an estate agent to help you. A conveyancer will help you conduct due diligence and local searches on the property you want to buy. This way, you lower the risks involved in the purchase and conveyancing.
When buying property in Nottingham, you should research the property market. Get a conveyancing solicitor to take you through the process to save money and time.