Price of ‘corporate residential properties’ give home buyers best chance to buy in Nottinghamshire

Home buyers are more likely than ever to be able to snap up that dream property in Nottinghamshire with new figures released today from property website whitehotproperty.co.uk suggesting that the price of a ‘corporate residential property’ in the city is on average more than £7,000 below the average property price.*

Nottinghamshire residents are finding that ‘corporate residential properties’ (properties being sold by companies, as opposed to private individuals), are approximately 5.5% more affordable than the regular market, meaning that city locals, including First Time Buyers, will be able to take advantage of lower house prices.

Corporate residential properties, which include repossessions and probate properties from mortgage lenders as well as part-exchanged properties from home builders, have up until now been the traditional preserve of professional investors. In the current market, however, their affordability and the absence of ‘sales chains’ have significantly increased their popularity with the standard buyer.

Owen Burns, director at whitehotproperty.co.uk, commented:

“Our statistics, which are based on actual sales of corporate residential properties in the East Midlands, indicate that there is, at last, a very real opportunity for First Time Buyers to take advantage of the low prices previously denied them because of the unavailability of mortgages.”

However, Burns warned that if buyers want to take advantage, they should do so soon:

“Our findings also show that for the past three months, corporate residential property prices have been rising; in clear contrast to the general property price which is continuing to fall – albeit more slowly recently. Soon these two prices are going to converge and buyers of corporate residential properties won’t be getting such a great deal.”

whitehotproperty.co.uk will be holding a property buyer’s event in the Victoria Centre in Nottingham on the weekend of the 3rd, 4th and 5th July.