07 Jan 2025
According to recent analysis, Nottingham has seen one of the sharpest declines in homeownership affordability over the last decade.
The average price of a home has nearly doubled from £95,500 in 2013 to £186,000 by 2023, while median incomes have only increased by 19.5% during the same period. This steep increase means the average house price now stands at 6.17 times the median income, a sharp rise from 3.79 times just 10 years ago.
These trends mirror similar affordability struggles in parts of London, where house prices have soared to more than 100% of income growth in boroughs like Barking and Dagenham. 1
As housing becomes increasingly out of reach for many in Nottingham, prospective homeowners are turning to alternatives like Shared Ownership.
Shared Ownership offers a more accessible path to homeownership, allowing buyers to purchase a share of a home and pay rent on the remainder.
Through Shared Ownership, the average full market price of a new home is £282,000. However, buyers can purchase a share for an average value of £96,000. This significantly lowers the upfront deposit needed, providing relief to those unable to afford a home outright.
Buyers also have the option to increase their ownership share over time through staircasing, making Shared Ownership a flexible and affordable route.
Sabina Cox, Marketing Manager at Platform Home Ownership, said: “With Nottingham's house prices soaring, it's becoming increasingly difficult for local residents to afford a home outright.
“Shared Ownership developments offer a lifeline, allowing buyers to step onto the property ladder at a fraction of the cost.
“We are proud to offer high-quality homes that are accessible, affordable, and set within thriving communities.”
Platform Home Ownership has a variety of developments available and coming soon in Nottinghamshire, including Edwalton Fields, Middlebeck, Fernwood Meadows, and Trentside.
Edwalton Fields is uniquely positioned, giving new residents the intriguing blend of a bustling town and the tranquil settings of the Nottinghamshire countryside.
Just five miles from Nottingham, with West Bridgford, Beeston and Clifton also nearby, Edwalton is surrounded sought-after amenities, with larger settlements not too far afield for commuters.
The development is also near to a number of quality schools for all ages, as well as being well connected to the East Midlands road and rail networks, meaning Yorkshire, East Anglia, and the South East are all easily accessible.
A limited number of homes remain available, including The Apple, a three-bedroom semi-detached home available for £129,500 at a 35% share. Buyers are encouraged to act quickly to avoid missing out on these final opportunities to join this sought-after development.
Prices start from £124,250 for a Shared Ownership home*, please visit https://www.platformhomeownership.com/development/edwalton-fields, for more information on homes available at Edwalton Fields or call the team on 0333 200 7304.
For more information on homes available at other Platform Home Ownership developments in Nottinghamshire, please visit https://www.platformhomeownership.com/properties.
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For press information, contact Ryan Clayton on 0116 366 7337 / ryan@unsworthsugden.co.uk and Hannah Elwell on 0116 247 1777 / hannah@unsworthsugden.co.uk.