by Jordan Mariner
13/06/2023
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The property market in Nottinghamshire has seen some interesting trends in recent years, with a growing population and a strong economy driving demand for housing. Let’s take a closer look at some of the key statistics and perspectives on the property market in Nottinghamshire.
Population Growth
Nottinghamshire has seen a steady increase in population over the past decade, with the latest estimates putting the population at around 1.1 million. This growth is expected to continue in the coming years, with projections suggesting that the population could reach 1.2 million by 2030. This increase in population has led to a growing demand for housing, particularly in and around major cities like Nottingham and Mansfield.
Economic Growth
The economy of Nottinghamshire has also been growing steadily, with a diverse range of industries contributing to the region’s success. According to the latest data from the Office for National Statistics, the gross value added (GVA) of Nottinghamshire was £22.2 billion in 2019, an increase of 2.9% from the previous year. This economic growth has helped to fuel demand for housing, as more people look to settle in the area.
Property Prices
Despite the growing demand for housing, property prices in Nottinghamshire remain relatively affordable compared to other regions in the UK. According to the latest data from Zoopla, the average property price in Nottinghamshire is £212,000, which is lower than the national average of £320,000. However, property prices have been rising steadily in recent years, with a 5.2% increase in the past year alone.
Rental Market
The rental market in Nottinghamshire is also strong, with a range of properties available for those who prefer to rent rather than buy. According to the latest data from Home.co.uk, the average rent for a 2 bedroom property in Nottinghamshire is £659 per month, which is slightly lower than the national average of £716 per month. With a growing number of people choosing to rent rather than buy, this trend is expected to continue in the coming years.
Perspectives
While the property market in Nottinghamshire is generally considered to be strong, there are some concerns about the affordability and availability of housing. Some experts have suggested that more needs to be done to increase the supply of affordable housing in the region, particularly for first-time buyers and those on lower incomes. Others have highlighted the need for more investment in transport infrastructure to improve connectivity and make it easier for people to access employment opportunities.
Overall, the property market in Nottinghamshire is thriving, with a growing population, strong economy, and relatively affordable prices making it an attractive option for homebuyers and renters alike. However, there are also challenges that need to be addressed to ensure that everyone has access to safe, secure, and affordable housing.
Sources:
• Nottinghamshire Insight: https://www.nottinghamshireinsight.org.uk/population
• Office for National Statistics: https://www.ons.gov.uk/economy/grossvalueaddedgva/bulletins/regionalgrossvalueaddedincomeapproach/1998to2019
• Zoopla: https://www.zoopla.co.uk/house-prices/nottinghamshire/
• Home.co.uk: https://www.home.co.uk/to_rent/nottinghamshire/search?location=nottinghamshire
