In the past two years, the average property in Nottingham has increased in value by a quarter. It is one of a constellation of cities across the Midlands whose property markets have been soaring, bucking the pandemic-fuelled urban exodus.
Of the 10 English cities with the biggest house price rises in the past two years, half were in the Midlands. Nottingham came top, followed by Leicester and Birmingham, according to estate agency Hamptons.
The Midlands has long been the engine of house price growth in the UK, in part because of the relative affordability of homes there. Gráinne Gilmore, of property website Zoopla, said: “Even after strong price rises over the past year, average house prices in Birmingham and Nottingham are a third lower than the UK average, and are still 16pc lower in Leicester, indicating the relative affordability in these markets.
“The mix of stock in these cities also contributed to price growth, with the pandemic ‘search for space’ pushing prices of semi-detached homes up particularly strongly, which is especially the case in Leicester.”
The rise of flexible working has driven workers in the capital northwards in a quest for value for money. The stamp duty holiday particularly helped these buyers, as lower house prices meant they could save a higher proportion of the value in tax.
The region has also been helped by huge amounts of investment being poured into regeneration, as well as big infrastructure projects promising smoother commuting, such as HS2.
Property prices in the East Midlands are forecast to grow at 4pc and in the West Midlands at 3.5pc in 2022, according to Zoopla, which is among the highest in the UK.
These are the Midlands cities with the fastest-growing house price rises and the hottest property markets, where families and investors alike are piling in.
Nottingham
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