Experts predict that the property market bubble is about to burst
Homeowners across Nottinghamshire could see house prices plummet in the next few months as housing experts predict that the property market bubble is about to burst. It comes as a recession threatens the UK along with the rising cost of living and soaring mortgage rates.
Some areas of Nottingham are still reading as 'hot' on the list including parts of Beeston which recorded 63% with predictions that properties would 'be quick to sell in this area' although the 'market is cooling'. Sneinton was also predicted to be 'very hot' as it scored 60 on the temperature predictor.
He said: "There has been a lot of demand for property at all levels with people looking to upsize larger properties as families expand and people work more from home. Families also want to be closer together now for support network reasons and first-time buyers are looking to get in on the property ladder due to increasing rental prices.
Paul highlighted that interest rates have fallen slightly from the media predictions of 6% as it remains just under 5%. Although this is an increase from 1.5% to 2% during the summer, there is still demand for housing in the city and further afield.
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