Auction properties in Nottingham
Buying auction properties in Nottingham, England
A vibrant cosmopolitan city in the heart of the countryside, it is no wonder that buying auction properties in Nottingham is becoming more and more popular. The UK’s ninth largest city (with a population of around 300,000) was traditionally known for its lace-making and textiles industries.
However, it has made the transition into a modern employment hub with a sound reputation for scientific research (the home of ‘Boots’ and BioCity) as well as opportunities in the creative and digital sector. Whatever type of property you are looking for, buying auction properties in Nottingham is quick, easy and can save you a great deal of money on the purchase price.
Property prices in Nottingham
Like many other cities, Nottingham has a mix of both affluent and less well-off areas. The most expensive neighbourhood is located in the environs of Nottingham Castle. The Park, the former castle gardens, is the most sought-after area. A Victorian house along one of its tree-lined avenues has a starting price of £380,000. Other inner-city affluent areas are Standard Hill, the Lace Quarter and Hockley (also known as the Bohemian Quarter).
The cheapest neighbourhoods in the city include former council estates like The Meadows or Sherwood where a terraced house can cost as little as £70,000.
The average property prices in Nottingham are:
- Detached house: £380,000
- Semi-detached house: £216,000
- Terraced house: £159,000
- Flat: £152,000
Where should you look for auction properties in Nottingham?
Our top recommendations for neighbourhoods in which to buy an auction property in Nottingham are:
Situated 6 miles from the city centre, Beeston is a green neighbourhood which contains Wollaton Deer Park and Beeston Marina. There are good local transport links to other parts of Nottingham as well as easy access to the M1 for those residents wishing to commute. Beeston appeals to many different types including students, academics, professionals and those with young families. Close to Beeston High Street, the vast majority of the housing stock consists of terraced houses but as you move further out, you will be able to find a greater mix of property types.
Located south of the River Trent, West Bridgford is the most popular of Nottingham’s suburbs. However, this popularity is reflected in its property prices which are some of the highest outside the centre. Only a mile from the centre, West Bridgford has a wide range of leisure facilities and is the location of Nottingham Forest FC, the National Water Sports Centre and Trent Bridge cricket ground. The UK’s largest free summer festival, the Riverside Festival, is also held here. There is a greater range of property types here than other parts of the city and includes a mixture of classic detached houses, post second-world war semi-detached homes as well as terraced houses and mixed-use properties.
Located 5 miles from the city centre, Ruddington appeals to people who would like to get away from the city or who wish an affordable alternative to West Bridgford. Although now a part of Nottingham, Ruddington retains the charm of the village it used to be. Its centre has a few shops and a community centre, but its lack of amenities is made up for by the close proximity of Rushcliffe Country Park and the friendliness of its inhabitants. Apart from the usual mix of urban properties, this is the ideal area if you wish to buy a quirkier property of non-standard construction such as cottages and converted barns.
The Lace Market
Just south of the Bohemian Quarter (Hockley), the Lace Market is popular among young professionals. The centre of Nottingham is only a short walk away, so all the retail and entertainment facilities are on your doorstep. Very few properties in this neighbourhood have a garden so it is not suitable for families with young children. Most of the housing stock here consists of flats, many of which have been converted from former warehouses. With their exposed redbrick work and original Georgian windows, these apartments are unique.
Mapperley (including Mapperley Plain and Mapperley Park)
Mapperley has the widest range of property types in Nottingham ranging from large detached family homes to terraced houses. Many of the former Victorian townhouses have been converted into HMO buildings so this area is popular with single professionals and students. Located in the north of the city and with easy access to the countryside, Mapperley is one of the most affordable areas to buy property in Nottingham. It also has a range of local amenities and prides itself on its strong sense of community.
Auction Properties in Nottingham FAQ
How can I find auction properties in Nottingham?
Forthcoming property auctions in Nottingham and the surrounding area are usually advertised about 3-4 weeks before the auction. Although you could order a catalogue, most of the information about houses sold at auction are available online on the websites of regional and national auction houses.
How much are auction properties in Nottingham?
£180,000-£220,000 for the average property sale. However, cheaper auction properties can be found in less desirable areas or because the property needs to be renovated. It is also well worth considering outlying areas around Nottingham as these offer great value for money at auction.
Which areas are best to find auction properties in Nottingham?
The best areas to find houses sold at auction in Nottingham are West Bridgford, Hockley, the Lace Quarter, Beeston and Mapperley. Flats are more common in the central parts of Nottingham, so take your time and browse through the auction catalogue carefully. Be pragmatic when it comes to selecting areas of the city to bid on property.
Can I buy repossessed properties at auction in Nottingham?
There are repossessed properties sold at auction around Nottingham, but normally repossessed properties are sold via local estate agents. If you want to find out about any repossessed properties in nottingham which may be available at auction, try contacting local banks or finance companies as these firms have often provided the initial property loan.
|Buying property at auction to become a landlord?|
|Get your free UK TENANCY AGREEMENTIncludes many useful legal documents for property in England, Scotland, Wales and Northern Ireland|
What kind of auction properties in Nottingham are available for sale?
There is a full range of residential, commercial, industrial and mixed-use properties put up for auction in Nottingham. There is enough variety in terms of location and property type to suit every taste and budget. Our recommendations for those interested in an auction property in Nottingham are:
Mixed-use properties in Nottingham
Nottingham has two large shopping centres situated in the centre of the city: Broadmarsh and Victoria Centre. However, each individual neighbourhood and suburb has a row of local businesses laid out like a traditional British High Street. Many were built in the 1950s and 1960s and have one or more flats above the commercial property. Depending on the neighbourhood, a mixed-use property costs around £50,000-£120,000. This is ideal for someone who wishes to set up their own retail business in Nottingham as well as buy residential property. Alternatively, the flat above could be rented out to bring in some additional income. It is worth looking at areas such as Lenton, Mapperley and Sherwood.
More upmarket commercial properties can be found in the centre (Hockley, Trinity Square and the Lace Market) and in suburbs like West Bridgford while the most expensive retail areas are along Bridlesmith Gate and the Exchange. The expense of the initial purchase must be offset against the higher rent yields and future customers who will be prepared to pay higher prices for goods and services.
Industrial properties for auction in Nottingham
If you are interested in setting up business in Nottingham, industrial or manufacturing premises cost £200,000-£2.5 million depending on the footage. The city has been keen to encourage creative and digital start-ups and the Tech Nottingham campaign has done much to attract new businesses to the city. Projects located in The Creative Quarter are ideal for would-be entrepreneurs as the area encourages co-working and the city has a large pool of graduates who stay on in the city.
Cheap auction properties in Nottingham
There are properties put up for auction in Nottingham which can be up to a third cheaper than similar properties elsewhere. The main reasons are location and condition. Areas to look out for a bargain auction property in the city include The Meadows, Sherwood and Dunkirk. When buying a cheap auction property, it is crucial that you carry out a full survey and have its legal pack scrutinised by a solicitor.
Resources for property buyers in Nottingham:
Council tax in the Nottingham area from Nottingham Council
Information on the city of Nottingham and surrounding area
5 good reasons to buy auction properties in Nottingham
Sporting amenities in Nottingham
Nottingham has been awarded the ‘Home of Sport’ title by the VisitEngland website. From cricket to football and ice skating to water sports, Nottingham has a wide range of sports facilities that is the envy of cities twice its size.
The greenery and countryside surrounding Nottingham
About 20% of Nottingham is green space so there are plenty of places for its inhabitants to enjoy outdoor activities. Apart from the world-famous 450-acre Sherwood Forest, Nottingham is very close to the Peak District National Park for day trips away from the centre.
The public transport network in Nottingham
The city of Nottingham is compact enough to be negotiated on foot. For journeys out to the suburbs, it has an excellent public transport system of trams and local buses. So well-run that it has been awarded the title of the least car-dependent city in the UK.
The central location of Nottingham
Because of its geographical location in the East Midlands, 89% of the UK is within a 4-hour drive of Nottingham while London is only a 90-minute train journey away. Whether travelling for a staycation or commuting, Nottingham’s residents enjoy easy access to most parts of the country.
Raising a family in Nottingham
Factors such as good junior and secondary schools, a safe environment and a range of leisure facilities are some of the reasons why Nottingham is an ideal city for families. In fact, it was voted the sixth best city in the UK to bring up children.
Our conclusion about buying auction properties in Nottingham
Learning how to buy auction properties in Nottingham area is simply a question of attending a couple of auctions beforehand – either in person or online – to familiarise yourself with the procedure. Nottingham is a beautiful city with lots of growth potential, so it makes it ideal for anyone seeking a lower cost property at auction who wants to renovate or possibly move into the buy-to-let market. Overall, Nottingham is a safe, vibrant and productive city that should be high on your property list.