Here Are The Cheapest Places In The UK To Buy A Home
Reaching that first rung of the property ladder is not easy, so it's definitely worth keeping in mind some of the cheaper places to live.
Thankfully, Rentround - a service that helps link up landlords with the best local letting agents - has done the hard work for you by putting together a report on the UK's most affordable spots to buy a property.
No surprises London didn't make the cut, with a majority of the cheapest places being up north.
As it stands, North Yorkshire town Middlesbrough bags first place, with the average home under the TS1 postcode costing just £54,978.
Bradford BD1 came in a close second at £58,673, while Sunderland SR1 took the third spot with £65,478 as the average asking price.
Liverpool also made it on the list, with the postcodes L20 and L5 having an average property rate at £91,793 and £97,744 respectively.
You can check out the full list below:
- TS1, Middlesborough: £54,978
- BD1, Bradford: £58,673
- SR1, Sunderland: £65,478
- DN31, Grimsby: £71,105
- DL4, Shildon: £73,637
- TS3, Middlesborough: £80,958
- SR8, Peterlee: £85,274
- DH9, Stanley: £91,391
- BB11, Lancashire: £91,516
- L20, Liverpool: £91,793
- BD21, Keighley: £91,833
- CH41, Birkenhead: £91,885
- HU9, Kingston upon Hull: £92,755
- SR5, Sunderland: £93,222
- DL17, Ferryhill: £95,380
- FY1, Blackpool: £95,526
- HU3, Hull: £97,043
- DN32, Grimsby: £97,652
- L5, Liverpool: £97,744
- TS25, Seaton Carew: £100,603
These figures reflect that regional prices range significantly across the country when compared with the average house cost in the UK as a whole - which Rentround reports as being £326,000.
As outlined by Metro, this is the asking price, not the value, which currently stands as an average of £248,000.
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For comparison's sake, Zoopla estimated this month that the average asking price in London to be £653,965 - that's £532,009 for flats and £704,979 for terraced houses.
So if you're buying your first home or looking for somewhere new, you know where to go to get a good deal.
Speaking of which, with the UK in recession for the first time since the 2008 financial crisis, experts claim now is a good time to buy a property (depending on your circumstances).
Money saving expert Martin Lewis told LADbible: "Interest rates in the UK are low right now, they are limboing well below the lowest they've ever been in 375 years.
"Interest rates of 0.1 percent, well that just shouldn't happen, but it's exactly what we have at the moment.
"That means mortgage rates are incredibly cheap. Ludicrously low financing if you can nail one of those deals. Most of what you would repay would be paying back what you borrowed as opposed to covering the interest.
That said, some lenders are moving towards 15 percent deposits for first time buyers and the rates aren't necessarily great.
Lewis added: "But don't panic too much and don't push your finances if you can't afford it. Don't let property porn draw you in. It's not a bad time to hold.
"Talk to a mortgage broker, but don't pay any fee up front until you get a mortgage. Then you'll find out which mortgage brokers are likely to accept you, especially if you only have a smaller deposit.
"But think about the rate - if it's too high, is it the right time to be buying?"
Featured Image Credit: Adrian Lindley/Shutterstock
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