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Nottingham Amongst Top 3 Cities for First Time Property Buyers

Thu 10th Aug 2017

by Lauren Wilson

Move to Nottingham and spend £395,000 less on buying your home when compared to London prices, according to data collected by Online Mortgage Advisor.

Life News

“The stats from this survey evidence the sentiment that we’ve recognised in our own customers over the past couple of years. The number of first-time buyers coming to us with enquiries about mortgages on properties outside the capital is on the rise, and we expect to see this continue as more and more people consider themselves to be priced out of London and start considering regional cities such as Nottingham.In light of these results, we’ve created a tool called “Is The Grass Greener?”, which compares every single UK city as well as London boroughs, to help first-time buyers discover where they can get the most for their money and a quality of life that suits them. We’ve analysed both government data and national statistics on a number of factors including house price, crime rate, schooling standards and even the price of a pint”

David Bird, a director at Online Mortgage Advisor, who commissioned the survey

“While it's affordable for first time buyers, the Nottingham property market remains competitive - especially in the city centre - and we, therefore, see the majority of first-time buyers looking to purchase properties in the surrounding countryside. Areas such as Radcliffe-on-Trent and Bingham are growing in popularity - with first-time buyers wanting to be as close to West Bridgford as possible - but this also means that these areas are growing in price, too. Carlton and Sneinton are also on the more affordable end of the spectrum.First-time buyers can get even more for their money by buying on the outskirts of Nottingham - a property of the same specifications and built by the same developer is £70,000 cheaper in East Leake than in Edwalton, for example. Fortunately, Nottingham has fantastic public transport, which makes it easy for first-time buyers to make a daily commute into the city centre for both work and play.”

Aaron Cambden, owner of Fairview Estates - a Nottingham based estate and lettings agent

“Choosing Nottingham as the base for my agency was easy. Having studied in Leeds, I’d seen how inward investment was driving the city’s growth, and similar things are happening here in Nottingham. I believe Nottingham to be on a similar trajectory to Leeds; we are already seeing the fruits of our decision in the fast growth of our business.House prices certainly have an effect. Especially in the digital industry, places like London, Leeds and Manchester are well known and it’s easy to see how graduates and those looking for a digital career might choose to go to those cities. But with prices here in Nottingham well below those of the like of London, not just for house prices but for general living expenses, we’re seeing more recruits moving into the area, making for a bigger and better talent pool.We’ve recently recruited a team member from Leeds, who cited house prices amongst his reasons for choosing Nottingham.”

Aaron Dicks, Impression

“Being based in the Creative Quarter of Nottingham has done wonders for my video business. Much of the work we do comes via word of mouth recommendations, and being surrounded by so many creative businesses means that we’re always meeting new people with whom we can share new leads and collaborate on new projects.The price of housing in the city is certainly a draw. We’re seeing it already with the growing number of graduates who choose to stay in the city after finishing university. They could go down to somewhere like London, but actually, soaring prices in the capital mean for many of them, it’s just not a viable option.“It’s great to see Nottingham being promoted on a national scale once again. It’s not just house prices either; we pay far less for rent in Nottingham than we would in somewhere like Brighton or Bristol, and that means we have been able to equip ourselves with a large studio space and top equipment that’s enabled us to work with some of the region’s biggest brands.”

Ben Newth, Reel Media

“As a recruitment agency in Nottingham, we see a direct effect from the affordable houses in the area through an increase in the number of candidates we have applying for our job roles. With more people coming to the city due to the cost of housing there is a much larger pool of talent to choose from. We've recently doubled the size of our employee numbers to accommodate the market demand so there is clearly a big draw to Nottingham!With large businesses such as Experian, Boots and Speedo all in Nottingham these affordable house prices by no way means a lack of opportunity in the city, it just means the talent that's coming into the city is paying much less than some of the other cities like Brighton and Bristol.”

James Calder, Distinct Recruitment

“One of the biggest draws of Nottingham for me as a manufacturer was the price of property here.We need the space as a business to be able to craft custom designed bean bags and to store all of the materials, too. By choosing Nottingham as our base, we were able to get a much larger space than we might have got in London for the same price.At the same time, I’ve no doubt lower house prices make for a more appealing working location for those looking for the next step in their career. Many of our staff are homeowners and I’m not sure that would be the case if we’d chosen a more expensive city for our business.”

Patricks Tonks, Great Bean Bags

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