In advance of our upcoming Property Surgery on Saturday 14th January (9.30am – 4.00pm), Phil Wardle, Sales Manager at GO Property Services gives his views on the outlook for 2012.

At the end of the 2011, homeowners across the UK were pleased to hear that mortgage lender, Nationwide, reported a ‘surprisingly resilient’ year on year increase of 1.1% across the UK, pushing the average house price up to £163,822. 9 out of 13 UK regions reported house price increases in 2011, with the East Midlands, seeing a 0.6% increase.     

Simon Rubinsohn, chief economist at the Royal Institute of Chartered Surveyors (RICS), recently emphasized that house price valuations are likely to continue to be supported by a shortage of supply. He commented that ‘the lack of supply in the market is likely to prevent any house price declines. As a result of this, the lettings market will remain firm which means that rents are likely to increase further, albeit at a slower pace than in 2011’.

In Nottinghamshire, the limited stock of housing means demand for property is likely to remain strong throughout the year.  With this in mind, at GO Property, we think house prices in Nottingham will continue to remain steady throughout the year.  Our landlords are likely to see rent increase gains as demand remains strong, particularly for well presented, centrally located properties.

If you want to discuss selling or letting your property in 2012, give me a call at the office on 0845 226 0345 or come and see us at our Property Surgery which is being held at the office on Saturday 14th January between 9.30am and 4.00pm.