Author: Benwell Daykin

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Coronavirus Update for Benwell Daykin

Following new government guidance, our office will be reopening on Monday 18th May 2020. We will be operating reduced trading times whilst we adjust to the changes outlined by the UK government, in the interest of health and safety.

We are also still conducting valuations over video call. Please do not hesitate to get in touch if you are considering putting your property on the market immediately.

You can still call us on 0115 990 2007 or email info@benwelldaykin.co.uk.

Most viewings will still be conducted via video call or YouTube until further notice.

These are unprecedented and difficult times and we hope to be back assisting the community with all their property needs in the not to distant future.

Stay Safe. – Benwell Daykin Estate Agents

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Coronavirus and UK Property Prices

After the UK general election in December 2019 the property market picked up. More properties came to market and property prices began to climb at the fastest rate in two years.

The average UK property price rose to £312,625 in February 2020, according to Rightmove.

Property market uncertainty

Now the market faces some uncertainty with the development of Coronavirus or Covid-19.

We do not know the full extent of what is to come with the virus. We do know, however, that those who are unable to work currently can ask for mortgage holidays. This means they can defer having to make monthly mortgage payments for a set period of time.

Currently it is business as normal for us.

Good news for property

Property prices are still currently holding and despite the mild panic we are still seeing enquiries on all our available properties. This is for both sales and lettings.

For now, it’s business as usual at Benwell Daykin estate agents.

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Bank of England Interest Rate Cut

The Bank of England has today announced that interest rates will be cut from 0.75 per cent to 0.25 per cent. This has been introduced as an emergency measure to keep the economy moving, following the outbreak of coronavirus.

This news means that borrowing costs are down to the lowest level in history.

History of interest rates

Interest rates were increased in August 2018 from 0.5 per cent to 0.75 per cent. This announcement is the first cut since August 2016.

From 2008 to 2016, interest rates were at a steady 0.5 per cent.

Mortgage rates

Mortgage rates are likely to change slightly although this will not be immediate.

If you are on a Variable Rate mortgage then you may soon see a reduction in your monthly mortgage payments. If you are looking for a new mortgage deal then you may have to wait some time for these changes to happen.

It is unlikely that there will be significant drops in monthly mortgage payments as interest rates were already at a very low level.

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Huge Increase in Nottingham House Prices

UK house prices

As we enter 2020 we take a look at how house prices have increased over the last decade.

UK House Prices

London property prices saw the biggest increase. Prices rose by over 72 per cent! This was more than double the UK average. As we enter the new decade, prices are beginning to fall slightly, back in line with the rest of the country.

The UK wide average house price increased by 27 per cent over the last 10 years which equates to £47,647.  The overall average UK property price now stands at £233,00.

Nottingham House Prices

Regionally, house prices in Nottingham and the East Midlands increased by 37.2 per cent from 2009-2019. The average price in the East Midlands is now £216,600.

The highest price growth across the county was in Corby. House prices increased by 65 per cent! The lowest increase was West Lindsey at just 22 per cent.

Ruddington House Prices

The average Ruddington house price is currently £289,532. The majority of house sales in the Ruddington area were semi-detached properties. These sold for an average price of £246,704.

Detached properties sold for an average price of £447,512.

The next decade

Over the next five years, prices are predicted to rise by another 15.3 per cent. This means that the average Ruddington house price could reach £333,830.

The East Midlands as a whole should grow even more, by 18.2 per cent.

Find out how much your property is worth

Do you have a property in Ruddington or Nottingham? Find out how much your property is worth by giving us a call on 0115 9902007.

Benwell Daykin are your local, professional estate agents in Ruddington. We provide property sales, lettings and mortgage advice across the whole of Nottinghamshire.