According to recent research, Liverpool is the number one hotspot with properties under £200,000. The research, by Which? Mortgage Advisors, indicates that although average property prices in the city have risen by 40%, homes there are still much lower than the average house price in the UK, which stands at £200,000.
Other places at the top of the affordable property hotspot list are Bradford and Conwy in Wales. House prices in those two places have risen by 36% and 37% respectively. The study was based on the average property price between the years 2011 and 2014, comparing the data to the average house price during the year ending November 2015. The study concentrated only on those areas that have an average property price below £200,000.
The average house price in Conwy has risen from £135,000 between 2011 and 2014, to £185,000 in 2015. The price of an average home in Bradford during the same period rose from £42,000 to £57,000. According to David Blake, from Which? Mortgage Advisers:
“For a first-time buyer or a buy-to-let investor, these up and coming areas can provide an affordable alternative to buying in an already established area.”
He added that although property prices in these areas may continue to rise quickly, property markets can change at any time, and property values may not continue to rise. In addition to affordable homes in these areas, buyers may want to seek out professional advice from an adviser who has had CeMAP training in Leeds or another area.
