NN3 Property Market Update

It has been an odd few months in the property market. What started off as a potentially record-breaking year for transactions in NN3 was quickly stunted by Covid-19. During lockdown the housing market as good as shut up shop. Even with virtual viewings, 360 tours and endless zoom calls, for many it was a case of damage limitation with a doom and gloom forecast. However, I am pleased to tell you that hasn’t been the case, demand is back and it’s booming! This post lockdown boom has again been boosted by the temporary freeze on stamp duty on purchases under £500,000 intended to be used as a main residence. This combined with a fantastic mortgage market, making money cheaper than ever to borrow, the forecast is somewhat more optimistic.

Anyway, onto the juicy bits! Properties in NN3 had an overall average price of £253,610 over the last year. The majority of sales in NN3 during the last year were semi-detached properties, selling for an average price of £225,547. Detached properties sold for an average of £362,057, with terraced properties fetching £190,947. Overall, sold prices in NN3 over the last year were 3% up on the previous year and 10% up on the 2017 peak of £231,347.

If you want to know more about the local housing market give me a call on 01604 603433.