We’ve all heard about property prices in the UK rising to make owning a home harder than it’s been for a long time.
The average price of a UK property currently stands at £227,871 (as of March 2018). That’s quite a leap from the average 10 years ago which was £175,544. With lenders demanding large deposits and borrowers having to meet tricky criteria to even get a mortgage offer, it seems that many first-time buyers can only dream of getting their feet on the property ladder.
Unless that is, you can be flexible and move to find somewhere you can afford. Relocating is an option more and more buyers are considering to bag a bungalow or harpoon a house at a realistic price they can afford to pay; without destroying any hope of having spare cash for anything else.
Just where can you pin down the best value property?
In this respect, the UK is certainly a country of contrast. You’d expect living in our capital city London to carry a price premium. And it certainly does, with an average terraced house reportedly around £666.517 in 2017. But when you realise that this outlay could get you a 6 bed detached property in a leafy suburb of Manchester or spacious seaside villa 150 metres from a sandy beach in Cornwall, the thought of moving to make your money go further sounds attractive, doesn’t it?
Okay, we’re not all natural nomads. But here at Smoove Move we think it’s certainly worth taking a wider view of the property market to get the most for your moolah.
Here are the places sources like Zoopla and Rightmove tell us that you should check out to make your money go a lot further. Unless you’re lucky enough to live there already, that is.
The cheapest places to buy property
- Hull: Average price £104,376
- Middlesborough: Average price £107,041
- Stoke on Trent: Average price £109,953
- Doncaster: Average price: £115,313
- Liverpool: Average price £122,137
- Preston: Average price £125,840
- Nottingham: Average price £133,631
- Swansea: Average price £133,514
- Manchester: Average price £168,761
- Coventry: Average price: £171,189
The cheapest places to buy a semi-detached house
If you’re looking for a semi-detached house, here’s a list of the cheapest areas to check out, with average 2017 sold prices supplied by Rightmove and correct as of June 2018.
- Stanley, County Durham: Average price £111,452
- Stoke-on-Trent: Average price £128,559
- Hull: Average price £130,308
- Grimsby, Lincolnshire: Average price £131,622
- Rhondda, Glamorgan: Average price £143,055
- Swansea, South Wales: Average price £144,459
- Liverpool: Average price £178,040
- Sheffield, South Yorkshire: Average price £186,753
- Peterborough: Average price £190,339
- Newcastle-Upon-Tyne: Average price £190,604
- Leeds, West Yorkshire: Average price £196,997
- Birmingham: Average price £201,077
- Chatham: Average price £281,987
There’s a pattern emerging
And it’s called The North/South divide. It doesn’t take a master statistician to deduce that most of the cheapest places to buy a house in the UK are north of Watford Gap. No surprises there. With the most expensive prices being in London and getting more affordable – apart from certain hotspots – the further away from the capital you are.
So if you’re not tied down to a particular area and finding it hard to afford to buy where you are, why not consider a change of location? It could save you sensible move to get you on that property ladder for less.
Need help moving, finding a mortgage or connecting with best tradespeople in your new neighbourhood? The free Smoove Move app puts everything you need at your fingertips. Download it from the App Store or Google Play