With an award-winning transport network, extensive sporting facilities and a legendary outlaw, Nottingham could be a steal for first-time buyers.

There’s plenty to take into consideration when you are looking to buy your first home. It’s one of the biggest investments you’ll make in your life, so it pays to do the research on where you can afford to live.

Using Zoopla’s data, you can find average house prices and how much a first-time buyer needs to earn and save for a deposit to buy a home in the UK.

If you’re looking for the best places to live in Nottingham, our map, below, shows you the areas that are most affordable for first-time buyers. 

First time buyer heat map of property for sale in Nottingham

(Click on map for larger version)

Quick stats about Nottingham:

  • The average first-time buyer property (two-to-three-bedroom house) in Nottingham costs £161,228, with the average deposit required being £23,797.
  • A first-time buyer household would require and average income of £34,358.
  • Nottingham compares favourably to the rest of the UK when it comes to affordability. The average house price to local earnings ratio for the city stands at 5.63, in comparison to the UK average of 7.61. However, banks and building societies will typically only lend up to four times annual income, so it may still be a stretch to get on the property ladder.
  • One area with a house price to income ratio that would meet lenders criteria is NG11, where you can buy a home for 3.93 times local earnings. This area sits to the south west of the city and contains Clifton, Ruddington, Gotham and Kingston on Soar.
  • The area with the lowest income required is NG6 to the north of Nottingham - including Bestwood Village, Bulwell and Old Basford - where the average first-time buyer house price stands at £115,512. To buy there, you would typically need a deposit of £17,050 and require a household income of £24,616.

Top 10 postcode areas in Nottingham ranked by affordability

Postcode

Area

Average house price

Average deposit required

Average household income required

NG6

Bestwood Village, Bulwell, Old Basford

£115,512

£17,050

£24,616

NG21

Rainworth, Edwinstowe, Clipstone

£120,710

£17,817

£25,723

NG7

New Basford, Forest Fields, Hyson Green, Radford, Lenton

£121,150

£17,882

£25,817

NG8

Aspley, Wollaton, Whitemoor, Bilborough, Strelley

£130,780

£19,303

£27,869

DE7

Ilkeston

£133,048

£19,638

£28,352

DE75

Heanor

£133,913

£19,765

£28,537

NG3

Carlton, Sneinton, St Ann's, Mapperley

£135,281

£19,967

£28,828

NG15

Hucknall, Ravenshead, Newstead

£142,156

£20,982

£30,293

NG11

Clifton, Ruddington, Gotham, Kingston on Soar

£142,393

£21,017

£30,344

NG16

Kimberley, Langley Mill, Eastwood, Selston

£144,910

£21,389

£30,880

How have we calculated it?

We've looked at the average price of two-to-three bedroom homes  the most common type of property purchase for first-time buyers in Nottingham.

We've then taken the average mortgage advance from lenders in the region and worked out the average deposit and salary required for the loan (based on four times' salary).

How can I afford a home as a first-time buyer?

Building as big a deposit as possible is the first step. This allows you to borrow a lower percentage of the value of the property and access better mortgage rates.

Aim for a minimum 10% deposit. It is possible to put down less in some cases, but this means less favourable mortgage rate and higher monthly repayments.

If you are struggling to raise a deposit, check out Help to Buy where the Government will lend you up to 20% of the purchase price interest-free for the first five years.

Provided your credit score is in good order and your monthly outgoings do not limit your ability to repay a mortgage, banks and building societies will lend up to around four times your salary.

If you are buying as a couple, then combining your incomes will mean you can borrow more. 

Don’t forget that, when buying a home, there will be other fees such as solicitor and moving costs. The good news is that stamp duty land tax is waived for first-time buyers on the first £300,000 of the purchase.

For more help purchasing your first home, read our first-time buyers guides.

First-time buyer affordability in the East Midlands

Homes for first-time buyers in the East Midlands cost £174,301 on average, requiring a deposit of £25,727 and a household income of £37,144. This makes Nottingham slightly more affordable than its surrounding area.

If property for sale in Nottingham is still out of your budget, you can head north to Worksop and Mansfield, where the average price of a home for first-time buyers costs £94,492 and £97,980 respectively.

If you’re looking south of Nottingham it becomes increasingly difficult to find homes that require an income of less than £30,000.

However, there are still pockets of affordability in Leicester, while to the east you can find options in Grantham and Boston.

Property prices start to rise considerably if you take your search south into Warwickshire, Northamptonshire and Cambridgeshire.

Map of affordability for first-time buyers in the East Midlands

(Click on image for larger map)

First-time buyer affordability in the UK

If you're prepared to cast your search further afield, then our first-time buyer affordability map of the UK, will help. There are still plenty of areas where those with household earnings of under £30,000 can afford property.

But remember that while the UK map might prove a helpful overview, in practice, UK property markets operate on a hyper-local level.

This means that researching cities down to even a street-by-street level will give you the best chance of getting the best value property. 

Map showing affordable housing in the UK for first-time buyers

Full methodology: House prices taken from a subset of Zoopla-partner Hometrack's stock valuation database (one-to-two beds for London and two-to-three bedrooms for rest of UK). Median price calculated as of June 2018. Median advance taken by region (c75% for London, c85% outside of London) from UK Finance. Term of Mortgage: 25 years. Interest rate: 2.00%. Loan to income ratio: 4.0. Earnings required for affordability is greater of those required to satisfy loan-to-income threshold or income required to service the mortgage.

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