Estate agents working in the city have recorded a 100% viewing increase in properties costing above the average of around £200,000.
Potential buyers used to come to Nottingham to make the most of the cheap house prices. Once an area has started to decline, property becomes more reasonable, so those looking for cheap social housing are attracted to the area. According to local estate agents, however, there is an growing number of people relocating to the East Midlands, driving the prices up.
Also, there is the anomaly of the less desirable areas of the city, such as Hyson Green being snapped up by landlords for student lettings, again driving prices up. A landlord who buys a five bedroom terrace house for £220,000, could make it back in eight years, then make £25,000 a year in rent once you’ve broken even!