Where Can I Buy a House?

Everyone knows London property prices are eye-watering and that you might be able to pick up a decaying terraced house in some small towns in Wales for the change in your pockets (comparatively), but what about the places in the middle? There’s a vast difference between Newcastle and Brighton when it comes to property prices.

If you’re looking to get on the property ladder as a first-time buyer and location is no object, where should you move? HM Land Registry publishes a regular index of house prices, telling you how much the average home sold for in regions across Britain. The latest figures date from November 2018. For people dreaming of home ownership—and with the ability to work anywhere and no family to keep them rooted—it can serve as an atlas for they they might be able to buy a semi-detached home, and where they should avoid unless they want to be squirrelling away money for a deposit until they’re 45.

Where Can I Buy a House?

 

 

UK House Prices by Region

The average price of a property in the UK in November 2018 was £230,630, up 2.8% from the year before. The average house price in England was £247,430, up 2.6% annually.

Regional house prices varied widely, from an average of £132,257 in the North East to more than three and a half times that—£472,901—in London (predictably).

In order from least expensive to most expensive, these are the average house prices for the regions of the UK:

 

Region Average House Prize
North East £132,257
Northern Ireland £135,060
Scotland £150,638
Yorkshire & the Humber £160,155
North West £162,717
East Midlands £192,061
West Midlands Region £197,387
South West £260,177
East of England £294,530
South East £323,876
London £472,901

 

 

Cheapest Cities for First Time Buyers

But there’s still plenty of variation within the regions: in cheap Yorkshire, you’ll have to shell out £279,313 for a home in York, according to figures from Zoopla, but could snag one for just £110,000 in Hull. And even within cities, you might find yourself priced out of the best neighbourhoods.

And house prices are only one factor in the affordability equation. You also have to consider average wages, because it’s useless to move to a tiny village with £40,000 homes if you can’t find a job paying a decent wage within a feasible community.

 

The Post Office (yes, really) recently looked the affordability of property for first-time buyers and came up with a list of the cities where house prices fell most in line with wages, where wages fell comfortable within the multiples of most mortgage deals. Some pricier cities, like Southampton, are affordable when you factor in strong wages in the region.

 

Helpfully, the Post Office has also considered what percentage of the city is affordable for first-time buyers. So pack your bags and head up north, and sort out your forwarding address later.

 

  1. Blackpool, Lancashire

Average house price: £112,000

First-time buyer income: £39,611

Percentage of the city that’s affordable: 100%

 

  1. Lincoln, Lincolnshire

Average house price: £143,950

First-time buyer income: £39,834

Percentage of the city that’s affordable: 100%

 

  1. Hull, East Yorkshire

Average house price: £110,000

First-time buyer income: £37,840

Percentage of the city that’s affordable: 100%

 

  1. Rotherham, South Yorkshire

Average house price: £133,000

First-time buyer income: £37,840

Percentage of the city that’s affordable: 97%

 

  1. Sandwell, West Midlands

Average house price: £137,950

First-time buyer income: £41,024

Percentage of the city that’s affordable: 95%

 

  1. Stoke-on-Trent, Staffordshire

Average house price: £110,000

First-time buyer income: £41,024

Percentage of the city that’s affordable: 94%

 

  1. Southampton, Hampshire

Average house price: £210,000

First-time buyer income: £56,429

Percentage of the city that’s affordable: 94%

 

  1. Tameside, Greater Manchester

Average house price: £137,500

First-time buyer income: £39,611

Percentage of the city that’s affordable: 93%

 

  1. Barnsley, South Yorkshire

Average house price: £124,995

First-time buyer income: £37,840

Percentage of the city that’s affordable: 93%

 

  1. Wigan, Greater Manchester

Average house price: £130,250

First-time buyer income: £39,611

Percentage of the city that’s affordable: 93%

 

 

 

 

 

 

 

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3 Comments

  1. March 19, 2019 / 15:05

    Finding and buying a house is one of the most life changing experiences.

    Eva | Urbanwheelz.co.uk

  2. April 5, 2019 / 09:31

    It’s a good experience to check out and buy a property. It’s pretty challenging but definitely fun and fulfilling.

  3. April 10, 2019 / 03:21

    My sister and her family is migrating to UK, i’ll let her read this for additional reference. Thanks!

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