Wondering where to buy in Nottingham?
There are many reasons why you should strongly consider Nottingham as your place to invest in property.
Located in the heart of England, Nottingham is a vibrant and truly modern city. With a population of over 350,000 people and home to the legendary Robin Hood, Nottingham is now classed as the ninth largest city in Britain! With vibrant neighbourhoods, friendly locals, a thriving job market, international cuisine and reasonable property prices – it’s not difficult to see Nottingham’s major appeal to renters and students.
There are a lot of positive reasons for landlords or property buyers to invest in Nottingham. But choosing the best area to invest within the city can be the hardest part – especially if you do not live in Nottingham yourself.
As an Award, Winning Letting Agent – and as property investors ourselves – we wanted to share our local knowledge with you. We also want to highlight the very popular / in-demand areas you should be considering if you are wanting to purchase a new buy to let property in Nottingham.
How much will it cost to buy a property in Nottingham?
Boosted by the city’s large student population and with two large city hospitals, universities and major, well known companies such as Boots Head Office, Experian, Speedo and Eon -to name just a few – it’s no surprise that the Nottingham rental market is performing well.
According to Zoopla, the average asking price of property in Nottingham is £246,920. This is across all property types ranging from self contained flats to detached houses. The average price paid over the last 12 months was actually less and stood at £201,728. This represented a 5.2% rise over the last year and a 42.5% rise over the last decade.
The graph below gives an idea of current asking prices across each specific property type:
What monthly rental payments can I expect?
According to Landbay’s national rent review, Nottingham experienced some of the largest annual rental growth throughout the UK in 2018 with an average of 4.62%.
Zoopla have also stated that average asking rents in Nottingham currently stand at £877 per month.
Further information on average rents can be found in the graph below:
Where are the best areas to invest in Nottingham?
There are various areas within Nottingham to chose from. But some areas are definitely more in-demand than others.
Before buying a property or determining the area of your rental property, you really need to make a decision on who you are aiming your property towards. Will you be wanting to let your property out to working professionals, young families or students? This is something you really need to think about before purchasing a buy to let property, as certain areas appeal to different people. For example, a young family would probably be looking for a semi/ detached house with a nice garden for their children to to play in and somewhere that has plenty of storage. Whereas as a student will mainly care about the location. How far away is it to the city centre, university and/or supermarket etc.
Some of you may not have a specific target audience in mind, and that is fine. If anything, it helps give you more leeway when it comes to finding the right property as you are not limited to a certain location.
In our opinion, these are the best 9 areas to invest in Nottingham, based on the current rental market in 2019:
With open green spaces, plenty of leisure facilities and friendly locals, West Bridgford is a very popular suburb. It is also only a mile away from the city centre and home to many excellent schools. This area is perfect for family life, working professionals and even students! It is also home to major sporting grounds including Trent Bridge, National Water Sports Centre and Nottingham Forest Football Ground.
West Bridgford can be classed as a ‘high end’ area to live within Nottingham. Therefore you will very quickly notice that house prices are a lot higher priced in comparison to other nearby areas. But with a lively buzz and plenty on offer to suit all, we can assure you that you will not struggle to let your property at a high rental figure.
Nottingham City – Hockley / The Lace Market
Steeped in history and with everything you need right on your door step, it’s very easy to see why so many young working professionals and students call this area home. The reasons for living in the city centre are obvious. You have great access to the buzz of the city whilst still being able to easily commute to any area or universities within Nottingham. With endless bars, clubs, shops and restaurants, you can be confident your rental property will let very quickly and at a high rental figure.
Rental properties within this area tend to let extremely quickly as the demand is always there.
This is a very popular and diverse area to live that is very much ‘up and coming’. With a wide range of shops, pubs, cafes, hairdressers and restaurants to chose from, working professionals and young families are really keen to live here.
Rental properties in this area over the last few months have let extremely quickly and at a much higher rental figure compared to properties let in 2018. And we are confident this will only get better over the next few months.
It is also situated less than 1.5 miles away from Nottingham City Centre.
Located to the west of the city, Lenton is most certainly in the ‘Uni of Nottingham’ student part of town. Sitting right between Jubilee and University Park campuses, this is known as one of Nottingham’s main student areas. It offers a wide range of pubs, bars, cafes and restaurants to keep students satisfied. Buying a student property / HMO property in this area, is definitely a good investment as the demand is always there every year.
Slightly more affordable than West Bridgford, Ruddington offers a more balanced lifestyle. It combines a village like feel but still within close proximity to the city centre and West Bridgford.
To completely get away from it all, local Rushcliffe Country Park is practically on the doorstep. This is the perfect space for walking, running, cycling and wildlife spotting.
This is definitely an area suited to families and working professionals. We tend to let properties very quickly in Ruddington – although rental properties in this area can be sparse.
This is a large area within Nottingham that has several distinct neighborhoods within it. This includes; Mapperley, Mapperley Plains and Mapperley Park.
All areas within Mapperley are extremely popular. You will notice that there are a wide range of different property types to chose from including detached family houses to single flats and multiple HMO house shares.
This is an ideal location for working professionals and families. Mapperley also comes with plenty of local amenities, pubs, bars, restaurants and country parks.
Located close to the River Trent, West Bridgford and Nottingham City Centre, the Meadows is also a very popular area for renters to live.
If you have previously researched areas in Nottingham, you will have noticed that The Meadows isn’t classed as the most ‘upmarket’ area to live within Nottingham. However, due to it’s location – it will always have tenant demand.
You will also find that property prices are significantly cheaper compared to other nearby areas. However monthly rental payments can still be quite high – especially in comparison to how much you have paid for the property.
Well-connected by transport links and nearby to many educational facilities. Beeston is normally very popular for both working professionals and students. Beeston town centre is populated with plenty of independent shops, restaurants and pubs which gives the town its distinct character.
It is also very closely located to Wollaton Deer Park, Nottingham City Centre and Beeston Marina which offers stunning rivers and waterways.
Let us help you…
Deciding on where to buy property can be an incredibly difficult decision. Especially in a market currently surrounded by uncertainty. On that basis we have developed structured 1-2-1 landlord consultation sessions whereby we cover the following topics:
- Your overall property strategy.
- Location – where to invest dependent on your proposed spend and tenant type.
- Property type – what type of property to look out for.
- Sourcing – where to source these properties.
- Anything else you wish to discuss.
The costs for the session are £97.00 (+vat) per hour and we offer sessions from 1 – 4 hours.
For those who opt for a 3 (or more) hour session there is also the option to visit some of our current rental properties. This is intended to help landlords get a real idea of the inner workings that we see first hand, every day.
If you want to find out more or to book an appointment call us today on 0115 981 9651.
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