What you can get for… under £200,000 in the East Midlands
Affordable homes in the East Midlands
Known for its hearty foods and historic architecture, the East Midlands is growing in stature as a living area full of character and charm. And if it wasn’t appealing enough, it’s also a lot more affordable than other parts of the UK, the perfect place to make first time buyer dreams a reality.
If you want a bargain price on an East Midlands home, check out some of the best homes you can buy for under £200,000.
How much did homes used to go for in the East Midlands?
It might be difficult to get on the property ladder right now, but the outlook was a lot rosier two decades back. In 2002, the average house in the East Midlands would set you back just £78,292, a significant difference from the cost of a home in 2023 (£251,000). So, if you were a first time buyer with dreams of owning your own home, you’d only need to save up £19,000 for an initial 10% deposit.
Flash forward to the present, and the average cost for a home in the East Midlands is modest, but still markedly higher than your parents had to deal with. The biggest change came between the years 2021 to 2022, when there was a considerable jump from £211,665 to £250,000. This means getting on the property ladder is challenging for the average first time buyer to think about. By region, here’s a breakdown of the average cost of a home in the East Midlands:
- Derby – £239,000
- Leicester– £279,000
- Lincoln– £239,000
- Northampton – £292,000
- Nottingham– £248,000
- Rutland – £357,000
Property values from https://www.primelocation.com/heatmaps/
How to find an affordable home in the East Midlands?
While it’s not possible to wind back time to enjoy lower housing costs, your dream affordable home could still be within your grasp. Take advantage of an affordable approach to home-buying through the Shared Ownership scheme and you could land a modern property without saving ages for your deposit. Check out our rundown of some of the most affordable homes in the East Midlands:
£107,500 (share percentage 50%) – three bedroom house in Derby
Not many people can say their home is nestled in the countryside, but that’s exactly what you can expect at Coppice Heights. Using Shared Ownership, you can pick from a stylish selection of two and three bedroom houses, combining the tranquillity of the countryside with the convenience of city life.
As well as enjoying the wonders of the countryside, you’ll find that everything you need is within your grasp. Just five minutes’ drive from Ripley, and 25 minutes from Derby city center, you’ll never have to travel far to get to work or enjoy a fun day out on the weekend. With plenty of schools nearby, it’s also ideal for people looking to start a family!
£99,000 (share percentage 45%) – two bedroom house in North West Leicestershire
Do you crave the peace and quiet of a village community? Look no further than this two bedroom home from Midland Heart. Located in the tranquil development of Grange View, it’s the ideal area for a young family or couples looking for an escape from the hustle and bustle of city life. Best of all, it’s available through Shared Ownership, a more manageable route onto the housing ladder.
With plenty of local amenities in the area, you’ll never have to travel too far for what you need. And should you favour a change of pace, your home is located under 30 minutes from Leicester, a city full of exciting attractions and cultural delights.
£142,997 (share percentage 65%) – three bedroom house in Lincoln
While buying a family home is often a huge financial undertaking, that isn’t the case with this three bedroom home at Birkwood. With a minimum deposit from £14,300, Shared Ownership can help you purchase a stunning and spacious home that is fit for the whole family.
From Home Reach Flex, the Kilkenny is a stunning family home with space and style in abundance. You’ll get to enjoy a bright living room, an open-plan kitchen, and a garden that is perfect for your little ones to run around in. With plenty of train stations located a short drive away, you’ll also have the freedom to explore your hometown as you please.
£82,500 (share percentage 50%) – two bedroom house in Nottingham
Eager to move into a new living space? With this cosy two bedroom home in Nottingham, you can get on the property ladder with a deposit size from just £8,250 using Shared Ownership. A great home for a great price – what’s not to like?
But just because you are paying an affordable price, doesn’t mean you’ll have to compromise on the quality of your home. This two bedroom resale home comes with plenty of space, including a striking living room, a quaint dining area, and a lush back garden. What’s more, it’s the perfect spot to branch out and explore the rest of Nottingham, with Nottingham station just two miles away.
£68,750 (share percentage 55%) – one bedroom house in Northampton
Shared Ownership is a part-buy part-rent scheme that makes home-buying more affordable than ever. Just take this spacious one bedroom home at Scribers Drive in Northampton. Available with an initial deposit from £6,875, you can get your home-buying dreams underway sooner, rather than later.
Located at the heart of lively Northampton, this home from SO Resi offers a blank space for you to let your personality and design choices truly shine. You’ll enjoy a contemporary kitchen, an open-plan lounge area, and the added bonus of plenty of storage spaces. There’s no better way to take your first steps on the housing ladder.
Looking for an affordable route to home ownership in the East Midlands?
With a variety of affordable options in popular areas like Derby and Nottingham, you can find your dream East Midlands home at Share to Buy.
Details correct at time of publishing on December 28th, 2023.