How much would it cost to buy all the houses in Nuneaton?
This fascinating question was posed by the 14-year-old son of one of my Nuneaton landlords when they both popped into my office.
The very next weekend, I sat down and calculated what the total value of all the properties in Nuneaton are worth … and just for fun, worked out how much they have gone up in value since his son was born back in the autumn of 2002! I used information from the latest census, land registry and the ONS.
So, here you are…
In the last 14 years, since the autumn of 2002, the total value of Nuneaton property has increased by a staggering 98.7%. Interesting, when you consider the FTSE100 has risen by 68.9% and inflation (i.e. the UK Retail Price Index) rose by 38.7% during the same 14 years.
When I delved deeper into the numbers, the average price that homeowners usually pay when buying a house in Nuneaton stands at 158,621, and depending on your financial situation, you could be required to look into getting a home loan to help you cover the total cost, especially if it is set at a price like this. A loan could be of great help because expenditure does not just end with buying a suitable property. It takes money to make the place more livable. For instance, after paying approximately 158, 621 Nuneaton homeowners might still have to incur costs of decorating the newly-bought dwelling–there is a myriad of things that a homeowner might have to do in order to make the house a home, starting from changing the window blinds, to adding neon signs (which, by the way, can be bought from Neon Mama and its likes), and repainting the exteriors. However, these are just a few examples of what individuals might want to do in order to decorate their house. There are more to the list! So, opting for a loan could be a wise decision.
That said, even if these prices might differ for low-deposit options like one of New Homes in Kelowna from the 500s or similar ones in other areas, it would still be more feasible to consider taking the help of loans. Remember that different properties would require different amounts of money and that can be determined through some research. So, in order to keep my readers more informed, I split the property market down into individual property types in Nuneaton; the average numbers come out like this ..
Nuneaton Property Market:
Average Value of a Detached Property: 252,606
Average Value of a Semi-Detached Property: 153,797
Average Value of a Terraced/Town House Property: 123,336
Average Value of an Apartment: 87,498
… yet it got even more fascinating when I multiplied the total number of each type of property by the average value. Even though detached houses are more expensive, when you compare them with the much cheaper semi-detached houses, you can quite clearly see detached properties don’t fare much better in terms of total pound note value of the semi-detached houses.
Total Value of Nuneaton Detached Properties : 3,224,262,984
Total Value of Nuneaton Semi-Detached Properties: 3,122,232,897
Total Value of Nuneaton Terraced/Town House Properties: 1,745,944,416
Total Value of Nuneaton Apartments: 595,773,882
A GRAND TOTAL OF…. 8,688,214,179 !!
So, what does this all mean for Nuneaton? Well as we enter the unchartered waters of 2017 and beyond, even though property values are already declining in certain parts of the previously over cooked Central London property market, the outlook in Nuneaton remains relatively good as over the last five years, the local property market was a lot more sensible than central London’s.
Nuneaton house values will remain resilient for several reasons. Firstly, demand for rental property remains strong with continued immigration and population growth. Secondly, with 0.25% interest rates, borrowing has never been so cheap and finally the simple lack of new house building in Nuneaton not keeping up with current demand, let alone eating into years and years of under investment – means only one thing – yes it might be a bumpy ride over the next 12 to 24 months but, in the medium term, property ownership and property investment in Nuneaton has always, and will always, ride out the storm.
I called the interested boy to tell him my findings… “Oh” he said, “That’s a lot of money…!”
If you have any bizzare wonderings about the Nuneaton property market that you would like answered, drop us a call or and email and we’d be happy to help you get some answers…and maybe even make an article out of it.
Or, if you want to be part of the statistics in a similar article in the future and wish to sell your Nuneaton property, please feel free to give us a call on 02477674545 or visit our website for more information and arrange a free valuation http://www.qthomes.co.uk/