The Office for National Statistics report annual price growth in the 12 months to December 2021 was 10.8%. The average UK property value has risen in value by nearly £27,000 over the course of 2021.
What have we seen in Bingham? House Prices in NG13…
The ONS reports that in Rushcliffe the average price of property sold in the year to December 2021 was £356,325 an increase of 22.2% from the year to December 2020 which was £291,678.
Have Bingham properties seen an increase twice that of the UK as the Rushcliffe figures seem to suggest? Increased availability of lending and the pandemic have created the perfect environment for the increase of house prices, but can that be demonstrated in Bingham?
I looked at some recent sale price data for areas such as Mallow Way where a 3 bed would expect to achieve £235,000 in today’s market and had sold in 2016 for £205,000 – a 14% increase over 5 years.
A 2-bedroom apartment in the heart of Bingham is currently advertised for £155,000. Properties in this development have sold for £134,000 back in 2017, £145,000 in 2020 and if it sells for the current asking price these would have seen a 15.6% growth in their value since 2017.
3 bed properties in Wharf Gardens in Bingham have seen an average of 8% increase in value from 2017 to 2021.
It looks as though Bingham house prices have continued to rise over the last 5 years in excess of the national average.
Speaking to buyers the lack of properties coming onto the market are limiting their options and this increases the pressure to make a quick decision for the fear of losing out. Looking on the portals it is easy to see how few properties are for sale in NG13.
So many homeowners are put off listing their property for sale as they are concerned they will not find a property to buy which compounds the problem. When properties do come onto the market it means those that do will garner a lot of interest.
To maximise the value of your home in today’s market we are finding properties that do not require work are selling quickly. Undertaking work on a home can be daunting and expensive, especially as contractors are so busy at the moment and materials are increasing in price.
If you would like to know more about what your home could achieve we would be happy to visit and undertake a full market appraisal. Contact Alex Morrell to book an appointment
01949 714101 alex.morrell@belvoir.co.uk
