8th August 2017
Estate agents in Nottingham have reported an increase in first time buyers looking to invest in the affordable yet up and coming area of Colwick.
The number of house buyers aged 18 to 30 has risen dramatically in the past ten years, and the majority of this demographic are first-time buyers. In fact, young first-time buyers accounted for almost half of all homebuyers in the UK in 2017.
However, with the cost of an average deposit rising by the week, young first-time buyers are becoming ever savvier with how and where they invest their cash. The average house price in Nottinghamshire is now around £161,000, making the region’s average deposit around £16,000.
As a prime example, Nottingham estate agents Royston and Lund has reported that young people are choosing to set up home in Colwick with housing schemes like Trent Basin near Nottingham’s waterside ticking all the boxes – spacious, near to the city centre yet far enough from it to feel like its own community, and within a reasonable price range.
Val Shakespeare, Director at Royston and Lund, said: “Located just three miles from much sought-after and bustling West Bridgford and under four miles from the thriving city centre, Colwick has always been a popular area for homebuyers with country parks and the beautiful River Trent on its doorstep.
“The area is currently being regenerated with a host of new developments. New stores provide helpful local amenities in the area, the newly-built Eco Expressway will provide regular, reliable and environmentally friendly transport links to the city and residents are enjoying new picturesque cycle routes along the River Trent – all of which combined is attracting young first-time homebuyers.
“Younger people want to invest in the area due to the attractive and affordable lifestyle on offer – which they may not be able to afford in other areas of the city and county.
“Trent Basin – one of the developments which we are marketing – is a great example of this growing trend. The new waterside community located on the banks of the River Trent in Colwick has attracted many first-time buyers – in fact, more than a third (36%) of properties in the first phase of the development have been sold to first time buyers.”
Trent Basin will ultimately comprise up to 500 homes. Built using low energy design principles while combining waterside living with community living, Trent Basin has been central to Nottingham City Council’s £250m waterside regeneration project currently taking place in Colwick.
Nick Ebbs, Chief Executive at Blueprint – the award-winning developer behind Trent Basin – said: “With the cost of properties rising, first-time buyers are now looking for areas which not only provide manageable living costs but also a healthy lifestyle with amenities close by. With an ongoing waterside regeneration scheme underway, Colwick provides all these things.
“We have noticed a steady increase in the number of first-time buyers at Trent Basin over the past year. Homebuyers can benefit from the Government’s help to buy scheme and they understand that they are not just investing in future savings and sustainability but also a lifestyle at Trent Basin with waterside living, green spaces and a community.”
Work on site for Phase Two of Trent Basin is planned to start later this year. For more information, visit ww.trentbasin.co.uk. To arrange a viewing, contact FHP Living on 0115 841 1155 or Royston & Lund on 0115 981 1888.