Choosing the Perfect Location on an Affordable Budget
A common issue that I come across when speaking with clients, is finding the right home in an affordable location. Most of us will stay fairly close to where we have grown up. In fact, a recent study showed that 55% of people live within 15 miles of their hometown. However, with property prices climbing at a disproportionate rate, it is worth casting the net further afield to make the most out of your budget.
It’s no secret that property prices fluctuate vastly across the UK. A sensible budget of say, £250,000 will buy you a stamp sized studio on the outskirts of London. However in the North of England, you can purchase a 3-bedroom house with plenty of land to boot. That’s not to say you have to relocate hundreds of miles away, but it does pay to research areas that you may not have considered before.
How much does an average property cost?
According to the latest ONS statistics, in February 2022 the average cost of a house was £277,000. This is up by 10.9 % in a year and is climbing at a rate faster than our wages. Staggeringly, the average priced house in London, according to the latest Zoopla figures, is currently £722,668.
I have pulled together a quick guide on what you can buy for your budget across England.
What can you get with a budget of £150,000 and under?
There are only five areas in southern England where the average house is £150,000. These can be found in pockets of Great Yarmouth, East Suffolk and Fenland in Cambridgeshire. That’s not to say that you can’t buy in other areas if your budget is £150,000. Government initiated schemes such as Shared Ownership and Help to Buy can provide an affordable alternative.
For a budget of £150,000 and under, a flat will be your most affordable route, especially in southern England. In Dover, for example, you can expect to purchase a flat for an average price of £102,000. Conversely, the average London based flat is £428,000.
As you look further north, property prices become substantially more affordable. Shildon, County Durham has an average house price of £71,000 and a house in Girvan, Aryshire costs on average £105,000.
How do prices differ throughout the UK?
Kent
The county of Kent has 12 districts each with variable property prices. One of the cheapest places to buy remains Dover with an average house price of £150,000 and an average flat price of £102,000, according to Rightmove. The university city of Canterbury has an average property price of £240,000. Alternatively, Dartford houses have a median of £343,000 on average and flats of £223,804.
Here are examples of what you can expect to pay in other parts of the county*
- Surrey
Average property price: £625,385
- Sussex
Average property price: £426,611
- Devon
Average property price: £334,037
- South Yorkshire
Average property price: £195,145
- Lincolnshire
Average property price: £224,079.
- Cumbria
Average property price: £210,454.
- Dundee
Average property price: £170,333.
Finding a location that is affordable and practical can be a challenge, especially with rising property rates. Researching, visiting nearby neighbourhoods and utilising tools such as Where Can I Live on Rightmove can be beneficial in finding your perfect first home and the results can be surprising. Have you moved outside of your hometown? We would love to hear if you found it a more affordable option.
*Statistics all taken from Rightmove