Understanding the Housing Market: Market Conditions
Before getting into details about housing, it is important to look at the "big picture". You are entering the housing market, maybe for the first time, and whether you are living in university of private sector accommodation, the main determinants of what you can rent will be decided by:
- How expensive is it to live in Nottingham?
- If there an accommodation surplus or a shortage?
- Is there enough good quality rented housing?
These answers to these questions will determine when you should look for housing, how much you can be expected to pay and how much you can negotiate and what you can expect to rent. It is not good trying to drive a hard bargain with a property owner if they can let the property to others that afternoon and it is no good paying a high rent when there are plenty of cheaper, comparative properties available.
To give you some idea of the housing market here are a few indicators:
The number of students housed directly by the institutions in Nottingham is over 11,000
The number of students housed in the private sector is around 30,000
The current state of the housing market in terms of supply and demand is that there is a significant surplus (this will vary according to the time of year because there is never a housing shortage at the beginning of the letting year)
The Unipol Accommodation search web has up to date information on:
- The number of properties and bed spaces we are advertising in the different types of accommodation (e.g. large development, studio flats and shared houses)
- The average rent for shared student houses
Nottingham has a number of properties in the Unipol DASH Code. You are advised to give preference to properties that are accredited. Accommodation in Nottingham is of a variety of quality and standards. You are advised to use the property checklist and make sure you are not pressured into a decision you do not want to make.