An Insight into the Nuneaton Property Market-00-4070

Low Times in the UK Property Market

During a period of relatively low inflation in most other commodities, the decade leading up to this present crisis witnessed a boom in property prices, fuelled by the twin fires of low supply in new house construction and high supply of money to buy housing. Added to this was the long-term British preference to buy rather than rent, based in part on the high cost and equally limited stock of rental properties. Today, the average price of property for sale in Nuneaton (population about 78,500) is almost 159,000. Perhaps the more telling figure is the average of 163 days to achieve a sale, which is almost six months, but houses to rent in Nuneaton as well as those for sale are beginning to pick up speed.

Nuneaton Today

The town has many modern facilities including a new swimming pool and sports centre but no cinema - although the nearest is only four miles away. Ropewalk Shopping Centre opened in 2005 to compete with larger shopping centres in the nearby cities and there is also the more established Abbeygate Shopping Centre. Nuneaton also has a pleasant country park called Hartshill Hayes for local outdoor recreation. Like other urban areas in the Midlands, there is a substantial but well integrated ethnic minority population, mainly from the Indian subcontinent, with one mosque and a couple of Sikh temples.

On the other side of the coin, today's buyer in Nuneaton has to stump up around 31,800 plus stamp duty of about 1600, fees from lawyers and building societies plus removal costs that will take their total beyond 35,000 for the average house. And that's before doing any carpets, curtains or possible repairs, and before those payments of over 600 per month for a mortgage of 124,000 kick in. Also, one salary will need to be about 35,000-40,000 plus a partner's income to qualify. First time buyers are more likely to be looking at flats with a current average price of 84,735 in Nuneaton but they may well be paying for this out of a single income.

First Time Buyers in Nuneaton

So, with Nuneaton's property prices still high in relation to average wages, a readjustment was probably overdue and eventually should provide opportunities for first time buyers to enter the market when the banks finally start lending without such tight restrictions on deposits. At least 14 estate agents cover the Nuneaton area and their books are well stocked with a range of properties for sale. The multitude of modern facilities and a range of decent schools in the area make it an attractive place to live for families. There are also many parks and the high street is lined with a choice of takeaway shops and convenience stores.

Private rentals might prove the better choice for some people looking to move into Nuneaton. For instance, a shared house currently has a single room for 50 per week near the town centre while a two-bed mid-terrace house is 325 per month. As a rail hub, the town is well situated for commuting as well, with London an hour away by train and Coventry only 10 minutes down the line, and many of the town's residents find work elsewhere after the general decline in its textile industry and manufacturing. Proximity to the M6, M42, M69 and A5 provides further transport possibilities for commuters, while the Coventry Canal is best left to walkers and fishermen.