Shirebrook Area

Shared Ownership in Newark

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Newark is a fantastic new destination that is growing in popularity. This historic market town, home to around 30,000, sits between Nottingham, Lincoln and Grantham and offers a wide variety of independent shops, historical landmarks and cultural hotspots, making it ideal for families looking for somewhere to thrive.

Aside from having all of these amenities on your doorstep, Newark is also incredibly well-connected, with both exceptional road and rail links. For residents of Newark, this means popular destinations such as Nottingham, Leicester, London and Birmingham are all within easy reach.

Newark has several primary and secondary schools, the majority of which are rated ‘Good’ by Ofsted - making it popular with families looking for shared ownership in Nottinghamshire.

Here at Platform, we’re able to help buyers seeking a home in Newark, thanks to a broad selection of opportunities available via our key shared ownership developments.

Shared Ownership Homes Available in Newark

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Is Newark a Good Place to Buy a House?

When buying a new home, you need to think about your day-to-day and the state of the market.

Do you need good schools within walking distance? Are you more interested in having things to do or a buzzing nightlife? These are all questions you should ask yourself when researching areas to live in. 

Below is a breakdown of some of the key things that our customers tend to look for and how Newark shapes up: 

Newark-on-Trent is a market town situated on the River Trent with a population of around 30,000. A major destination within the Nottinghamshire area, it’s a fast-growing town recognised for the amenities and quality of life it can offer homebuyers.

Like most of the UK, house prices in Newark have risen over the last decade, increasing by around 46% since 2015.

Despite this significant increase, Newark’s average price of £230,000 is still incredibly affordable based on the quality of life and amenities you can expect in the area.

It’s also a hotspot for buyers based on future potential. At the time of writing, the East Midlands, which incorporates Newark, is expecting price rises of 18.8% over the next four years, which would translate to around £42,000.

As a key town at the heart of Nottinghamshire, Newark features all of the amenities you’d expect. 

This is why young professionals and families are moving to the area, it offers fantastic transport links, a charming atmosphere and plenty to see and do. From gastropubs and international restaurants to independent retailers, hand-crafted furniture sellers and retro clothing stores, there’s always something to enjoy along the high street.

Food lovers have plenty of options in and around Newark, from new restaurants such as Sage, through to old favourites including The Carpenters Arms Italian Kitchen, The Hay Barn Cafe and The Riverside Pub and Kitchen. 

In terms of shopping, Newark has a mix of both local independent retailers and high-street favourites. St Mark’s Place shopping centre, Maltings Retail Park and Newark Northgate Retail Park all house a variety of different stores, while the town itself hosts a regular local market where visitors can buy local produce, antiques and more.

Newark is also a great place for families, home to plenty of tourist attractions alongside things to see and do, including Newark Castle, Newark Air Museum and the National Civil War Museum.

One of the key reasons the area is so popular with families is because of the education it can provide. Newark is home to 21 schools - serving children of all ages - and 95% are rated either ‘Outstanding’ or ‘Good’ by Ofsted.

Some of the top schools around the area include Toot Hill School, The Minster School and Tuxford Academy, all of which come highly rated and have ‘Good’ ratings with Ofsted.

In terms of higher education, Nottinghamshire has some of the best universities in the country, including the University of Nottingham and Nottingham Trent University, both of which are based in or near Nottingham city-centre.

How does Shared Ownership work?

Shared ownership is an affordable house scheme available through housing associations, local councils and private developers. Shared ownership properties are leasehold properties and typically you can buy:

  • A new-build property
  • An existing property that is within the shared ownership resale scheme
  • A property that meets specific needs - such as a ground-floor property for a disabled user

So, how does shared ownership work? You can apply for a shared ownership mortgage to buy your share or pay using savings, it really depends on what works for you. If you need a deposit, you'll generally need between 5% and 10% of the share amount, not the full market value.

Based on a full property value of £250,000, this means a 5% deposit for a 25% share (£62,500) may be as little as £3,125. And a 5% deposit for a 10% share (£25,000), could be around £1,250. This makes shared ownership much more accessible compared with the costs you'd pay through traditional purchase methods.

You then pay mortgage payments based on your share and below-market value rent on the remainder. As you purchase larger shares of the property through staircasing, your rent goes down and your mortgage payments go up.

One benefit of shared property ownership is that you can usually defer any stamp duty until you own an 80% share of the property, which reduces your initial overall costs.

It’s important to remember that due to shared ownership properties being leasehold properties, you’ll likely have to pay ground rent and service charges, which go towards the maintenance of the property or communal areas.

Featured Development: Lockview at Middlebeck

A brand new collection of homes in the popular location of Middlebeck, with homes available to view, move into now and buy off plan! 

Find Your Home At Lockview
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