The fabled city of Nottingham has long been viewed as an affordable place to live. But it’s not short of areas with expensive houses. Keep reading to learn more about house prices, where houses are most expensive, and why Nottingham could be the place for you.
What’s the average price of a house in Nottingham?
According to Rightmove data, Nottingham properties had an average price of £251,378 over the last year. Rightmove includes some of the areas surrounding Nottingham as part of this, including Hucknall to the north and Long Eaton to the south. So, keep in mind that the average price of properties within Nottingham will be a bit lower than this. In fact, HM Land Registry puts the Nottingham city average at £198,080.
Let’s put these numbers into perspective. As of March 2023, the average asking price for a property in the UK was £365,357 according to Rightmove. Nottingham falls well below this figure, so the city clearly presents excellent value to buyers.
How have house prices changed over time?
We’ve all been feeling the effects of the cost of living crisis in our day-to-day lives. And the economic turbulence behind it has also impacted the housing market. That’s why house prices fell for the first time in years in 2022 and the reduction continued into early 2023.
Why did this happen? For one, interest rates went up. This made it harder to get approved for a mortgage. Many people have also struggled to save for deposits in the current economy. The dip in demand was evidenced by a drop in house viewings throughout the UK during this period.
After years of unsustainable rises in house prices, the market was due for a correction. Since 2012, Nottingham house prices have more than doubled according to most house price indexes. During that time mortgage interest rates were very low and there was even a stamp duty holiday for all buyers from June 2020 to July 2021. This created a house-buying frenzy during the pandemic.
But the good news is that now as we’re in spring, house prices are rising once again which indicates growing demand in the market. Rightmove says the market is now cautiously returning to pre-pandemic levels.
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What are the most expensive areas?
Nottingham is no different to any other UK city in that it has expensive and easily-affordable areas.
Those with higher budgets may be drawn to West Bridgford, The Park Estate, Wollaton or Edwalton. Houses in each of these areas are highly sought after. They’re all close to good schools and peaceful, quiet areas that are ideal for families.
On average, a house in West Bridgford will set you back £399,783 according to Rightmove data from the last 12 months. It’s known to be quite difficult to buy a house here, though. When a house is listed it usually isn’t on the market for long.
The Park Estate is one of Nottingham’s most exclusive areas. Despite sitting on the doorstep of the city centre, it’s still extremely quiet. Most of the houses here are detached with large gardens. In the last 12 months, they sold for an average of £336,869.
Wollaton is another popular area with high house prices. And for good reason. It’s an idyllic suburb tucked beside the renowned Wollaton Park. It’s in the catchment of several top schools. Average house prices are £352,481.
Edwalton is a desirable suburb further afield from the Nottingham city centre. Suited to those looking for a slower pace of life, Edwalton is something of a suburban paradise. The average house sold for £842,024 in the last year and detached properties usually sell for more than £1m.
Is Nottingham a good place to buy a property?
Nottingham is a good place to buy property because it has something to offer everyone, including residents and investors. Beyond the expensive areas we’ve mentioned, there are many other suburbs where you can find excellent value on properties. Beeston, Sherwood and Mapperley just to name a few.
A huge perk of Nottingham is its low costs of living. Of course, it’s not exempt from the price increases we’ve seen in the last year. But Nottingham is still far cheaper than the nation’s capital in terms of the average cost of utilities, food, rent and much more. According to data from the cost of living database Numbeo, consumer prices in Nottingham are 18.4% lower than in London. It’s also comparable to cities that are famous for their historically low living costs like Liverpool and Newcastle.
Advantages of Nottingham
If you’re looking to move to Nottingham, you have a lot to look forward to. As well as low costs of living, you’ll have access to an abundance of green spaces. Nottingham also boasts a world-class public transport system that makes it easy to get in and around the city. For commuters, it’s also an ideal location due to the M1 sitting so close by.
If you’re looking at Nottingham for investment opportunities, it’s well worth paying attention to. Although it’s not often thought of as one of the major cities in the UK, it actually has one of the largest student populations of any city. Combined the University of Nottingham and Nottingham Trent University bring over 60,000 students into the city. All these students need housing. So, for investors, there’s a massive market to tap into.
Nottingham’s student-heavy NG7 postcode area is ranked as the 5th more profitable in all of the UK in terms of rental yield in 2023. In 2022, it was ranked 1st. Another busy student area, NG1, is ranked just outside the top 10.
The rental market is also boosted by the number of young professionals in Nottingham. The job market is very strong and the city’s economy has been growing for years. Investors have ample opportunity in this east Midlands city – check out our Nottingham insights for more information.