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Watch our experts discuss how the Nottingham and Lincoln property market is performing.
Values, trends and forecasts for Nottingham and Lincoln's residential property market
A snapshot of the Nottingham and Lincoln property market
Two beautiful and historic cities in the East Midlands, Nottingham and Lincoln are steeped in magnificent architecture, heritage and culture, all while blending the vibrance of busy, modern city living.
Both places are truly special places to live, with stories of their history etched into their streets; from the home of Robin Hood in Nottingham, to the Medieval castle in Lincoln built by William the Conqueror over one thousand years ago.
But asides from their historic pasts and ancient remains, at the heart of both cities, is a rich array of city life, from delicious pubs and restaurants, to museums, art galleries, theatres, weekly markets, boutique shops and fantastic nightlife.
Away from the hustle and bustle, the two cities are bordered by the surrounding nature of the Lincolnshire Wolds, or the historic Sherwood Forrest which stretches for over 30 miles through Nottinghamshire. With such beautiful wildlife on the doorstep, locals really do enjoy the best of both worlds.
Thanks to their charm, both Nottingham and Lincoln attract buyers from all over the UK. In Nottingham, there are now a number of stunning new riverside developments along the banks of the River Trent, offering an alternative to the highly sought-after suburban lifestyle in West Bridgford.
Over in In Lincoln, many have been upsizing, looking for properties with offices for home working, while at the same time, there’s also been a trend towards downsizing, with those looking for more economical and environmentally friendly houses to suit their budget.
Research and insights
Property values across Nottingham and Lincoln.
It’s been well documented that the Covid-19 pandemic sparked a lifestyle change among many home buyers. There was a desire for more space and a separate room to work or study due to more flexibility around working patterns. For some buyers, proximity to local services, family and place of work was a priority.
These trends have also played out across the prime markets of Nottingham and Lincoln and their surrounding areas. Here, demand has been driven by those wanting to move to a larger property, with many relocating from other parts of the UK and abroad.
However, new stock coming onto the market was unable to keep pace with strong demand levels and so this imbalance led to strong price growth. We’ve seen prime prices across Nottingham and Lincoln increase by 10% and 12% respectively since the start of the pandemic in March 2020.
But more recently, economic uncertainty, rising living costs and higher interest rates has led to some caution among buyers as their spending power has come under pressure from disruption in the mortgage market. And whilst the prime housing markets tend to be more driven by equity than debt, they aren’t completely immune to these pressures.
Specifically for Nottingham and Lincoln, around two thirds of Savills buyers since the beginning of the pandemic have used cash or equity so this could go some way in insulating these markets against these pressures.
Nevertheless, demand across Nottingham and Lincoln has softened and there has been no movement in prime prices in recent months. There is more availability and choice for buyers, however underlying demand for well-presented and appropriately-priced family homes remains.
Looking ahead, though the prime market is less dependent on mortgage debt than the rest of the UK housing market, we expect further rate rises to impact buyer sentiment.
Coming at a time when more stock has been brought to the market, this is likely to result in price adjustments and transactions reducing over the period of the next 12 months as market conditions soften.
Going forward, some sellers may need to respond to the change in market conditions by adjusting their price expectations and realign with buyers who are now exercising more caution in their budgets and price offers.
That said, the prime markets of Lincoln and Nottingham will remain resilient as the value gap and good transport connections means there’s more capacity for growth and we expect the markets here to be the strongest performing region over the next five years.
Sold | HORSLEY HALL, HORSLEY
A grand, substantial country home set upon 17 acres of land
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Horsley Hall is vast and impressive country residence set upon 17 acres of gardens, woodland and paddocks, and boasts beautiful views over the Amber Valley. Arranged over four storeys, the property has seven generous bedrooms – six of which are ensuite - a reception hall with a wonderful log burner, a drawing room that overlooks the garden’s Koi pond, and a magnificent orangery which takes full advantage of the sweeping countryside views.
In addition to its swimming pool, steam room, wine cellar and three stables, the home also has a well-appointed two storey Coach House, offering an excellent second home with 1100sq ft of living space.
Because of the commanding nature of the property, it attracted numerous viewings from buyers all over the country within days of marketing. As a result, it received multiple competing bids and achieved over the asking price.
Sold | CROFT ROAD, EDWALTON
An outstanding contemporary architect-designed residence in a prestigious residential location.
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This fantastic, modern 7-bedroom property is situated in one of the most prestigious residential locations in the county. The home, which was designed by an architect, has a bright and airy kitchen and dining room featuring a wood burner and French doors that open onto the garden, six bathrooms and the added luxury of underfloor heating. Outside, the professionally landscaped garden enjoys a paved sun terrace for al-fresco entertaining, as well as a charming ornamental pond.
After testing the property with a local agent, the owner instructed Savills as they were keen to expand its appeal to the national and international market. The sale of the property agreed close to the guide price.
Sold | OLD RECTORY, BUCKNALL, WOODHALL SPA
A stunning Grade II Listed five bedroom former Rectory sold for in excess of £1.1m
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This magnificent Grade II Listed five bedroom family house, set upon beautiful mature grounds five miles from Woodhall Spa, has been finished to the highest standard throughout.
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With fabulous, grand proportions at every turn, an impressive entrance hall, complete with an early eighteenth century staircase, vaulted ceilings, log burners and over five thousand square feet of accommodation, the Old Rectory really is a property of luxury.
Outside, the gardens have been beautifully landscaped, with avenues of trees, manicured lawns, a reflection pond, a walled kitchen garden and York paved terrace.
After 45 years, our client decided that it was time to downsize now that their children had flown the nest. The property attracted offers in excess of £1.1m, selling to buyers that were new to the area and that had unsurprisingly fallen in love with the house.