Hello there, neighbour! David Lilley-Brown here. It’s a beautiful July day in our corner of the world, and I’ve been crunching some numbers that I think you’re going to find fascinating.
What if you had a magic piggy bank sitting in your hallway in Nether Langwith, and every morning you woke up, it had a few more pounds in it than the night before? It sounds like a fairy tale, doesn’t it? But if you’ve owned a home in the NG20 postcode over the last few years, that is essentially what’s been happening while you’ve been sleeping!
Rewind to this time seven years ago. The world felt a bit different, and the price tags on our local houses certainly did too. Back then, the average home around here cost about £145,949. Today, that’s climbed to £159,169. That is an extra £13,220 in the pockets of local homeowners just for living in their own four walls.
The Great NG20 Price Gap: Who is Winning?
Did you know that not all houses grow at the same speed? It’s a bit like a race at school sports day. Some types of homes have really put their trainers on and bolted ahead!
If you’re looking to buy your first home in Shirebrook or Warsop, you’re probably looking at terraced houses. These have been the "sprinters" of the market. Seven years ago, a terrace cost about £105,844. Today, they are £119,333. That’s a jump of 12.7%—the highest growth of any house type!
Compare that to a big detached house. In places like Warsop Vale or Church Warsop, a detached home averages about £246,550. While they are worth more in total, they’ve grown by 8.2% over seven years. So, while the big houses are the "heavyweights," our terraced homes are the "growth champions."
In the middle, we have semi-detached houses at £158,792. The difference between a terrace and a semi right now is about £39,000. To put it simply, that’s the price of a driveway, a bit more garden, and perhaps that extra "zoom room" for working from home.
Why is this happening? (The "Big Boss" in London)
You might wonder why terraced houses are doing so well. It’s all down to the "Big Boss"—the Bank of England. They set the "Base Rate" (the cost of borrowing money), which is currently at 3.75%.
Because prices for things like milk and petrol have been rising (that’s inflation!), the bank keeps the cost of borrowing a bit higher to keep things steady. This means people can’t always borrow as much as they’d like. Because of this, everyone is rushing to buy the more affordable homes—the terraced houses and the semis. When lots of people want the same thing, the price goes up faster!
What does this mean for you?
- For First-Time Buyers: If you’re looking in Langwith, a terrace is your best friend. It’s the most affordable way onto the ladder, and historically, they’ve grown in value the fastest here in NG20.
- For Upsizers: If you’re moving from a semi to a detached, the "gap" hasn't actually grown as much as you might think. It might be a better time than you realise to make that leap.
- For Owners: If you’ve owned a semi-detached home for seven years, you’re sitting on about £14,427 more than you paid for it. That’s a lot of kitchen renovations!
Looking ahead to the next year, I expect the NG20 market to stay nice and steady. With earnings growing nationally by 4.6%, people have a bit more in their pay packets to help with moving costs. Our local market is "balanced," which is a fancy way of saying there’s a fair amount of choice for everyone.
If you’re walking the dog past a "For Sale" sign in Warsop this week, just remember: that house isn't just a roof; it's a growing piggy bank!