Latestottingham Propertyews with Kate Faulkner - BBC Radioottingham

In Kate's property special with Frances Finn on BBC Radioottingham, aumber of property topics were discussed, these included property prices; 1930's properties; key issues in the market; focus on Southwell; fastest sales; sellers and self build.Property PricesLatestationalews from the Land Registry shows our average house price is £158,377 only 5% down year on year (albeit based on an appalling 2008). The East Midlands average house price is £125,185 and down byearly 6% whileottingham’s average house price isow £120,000, but stillearly 10% down year on year, so double the fall of theational average. This isn’t really a surprise as most of the ‘goodews’ is coming from ‘down south’ in London and due to prices being so high, it can quickly skew the average. However, be happy you areot in ‘Neath, Port Talbot’ in Wales, they were the worst performing region and average prices are down by 19% Sellers are receiving offers at around 93% of asking price, on average selling after 11 viewings and taking approximately 8-9 weeks to sell. Focus on 1930s PropertiesIt’s often difficult comparing property prices from one region to another, so we thought we’d concentrate on a popular property type to compare differentottinghamshire areas: 1930s semis and detached Here is a comparison of 1930 semis property prices across theottingham region (3-5 beds):-Cheapest sold in Retford at Auction for around £87,000, most expensive was £217,000 in Loughborough. Other areas:- ewark, wide range from £90,000; £130,000; £147,000 right up to £175,000 Worksop – few selling, but a semWe recently sold for around £142,000 Radcliffe – around £175,000 Beeston – around £198,000 For detached, probably looking at around £250k in places such as Beeston and Radcliffe on Trent. Key Issues in the MarketVery much still finance. Lenders requiring large deposits andow seeing problems for buyers who are self employed. Case with one buyer, very small mortgage but was self employed in construction market,o real risk at all to a lender, can’t get a mortgage even with a massive deposit Have been picking up problems with lenders coming back with offers ten thousand less than the buyer/seller have agreed. However this is only happening sporadicallyow, whereas it seemed ‘rife’ earlier in the year. However, it is still an issue if the buyer offers more than the property was originally marketed for, lenders aren’t keen to offer the ‘extra’ money in these cases. Come on lenders, you haveo reason to be so mean, it’s essential that 5-10% deposits come back into play to move the market forward.  You’ve overreacted to the market situation, inter-bank lending is starting to settle, HSBC and Barclays made huge profits, soo excuses Finally, still a shortage a properties on the market, so if you really doeed to move but are holding back, it might be worth chatting to your local agent to see if they have buyers on t

Latestottingham Propertyews with Kate Faulkner - BBC Radioottingham