Housing demand in Nottingham remains 'very strong' despite a 'crazy' year and the cost of living crisis, according to estate agents. Amidst rising mortgage rates and warnings of a recession it has been feared that house prices could drop significantly going into 2023.
Despite families being squeezed by inflation and the Bank of England increasing interest rates by 0.5 per cent to 3.5 per cent, estate agents said demand for homes and rental properties had not noticeably dropped, as they explained what they expected next year.
Phil McGrath, the owner of Smooth Moves Estate Agents in Mapperley, said: "It has been a crazy year. To be honest there is still a lot of demand and there's a lot of people in the rental market, so if we put anything on the market we get a huge amount of demand for anything at any price.
