The latest analysis released by the moving platform Getamover.co.uk suggests Nottingham is one of the toughest areas in England when it comes to homeownership affordability, with dramatic changes observed over the past decade.

From 2013 to September 2023, the average cost of an existing dwelling in Nottingham has nearly doubled, surging from £95,500 to £186,000. This sharp increase in housing prices outstrips the relatively modest rise in residents’ earnings during the same period. While the median annual income has risen from £25,217 to £30,151, the ratio of average house prices to median income has alarmingly increased from 3.79 times to 6.17 times the median earnings. This represents a rise of 62.80%, making it increasingly difficult for the average Nottingham resident to own a home.

Comparison with Other Areas

The affordability crisis is not unique to Nottingham. Various regions in London have experienced even more severe declines in homeownership affordability, topping the study. The London Borough of Barking and Dagenham, in particular, leads the list with the most significant drop in affordability across England. Here, house prices have more than doubled relative to income, with the price-to-income ratio skyrocketing by 100.73%. This is followed by Hillingdon in West London, where house prices have escalated to £495,000, marking an increase of £230,000, while median earnings have barely moved, increasing by just £143.

Similar trends are evident in other London boroughs such as Waltham Forest and Redbridge. Outside London, Oadby and Wigston in Leicestershire have also seen a decrease in affordability. Ranking fifth overall in the study, this area saw a 67.90% increase in the house-to-income ratio over the last decade, with house prices rising by £129,000 against a modest income growth of £2,644.