The UK's most affordable property hotspots have been revealed
A new survey from Which? Mortgage Advisors has unveiled that northern cities dominate the leader board for affordable house prices.
The report utilised the average price of property between 2011 and 2014 before drawing a comparison to average prices for the year to November 2015. The aim was to present a fair combination of cities where prices remained affordable, but still show positive signs of a healthy and buoyant property market.
Liverpool ranked first on the list of most affordable cities with the average value placed at £120,000 for a city centre property. Despite the low price tag, house prices in the area have risen an impressive 41% in less than five years, highlighting Liverpool’s potential for growth.
Northern cities continued to dominate the list. Bradford, Salford and Manchester all featured in the top 5 most affordable hotspots with house prices in these cities rising 32%-36% over the last 4 years. Leeds also featured in the top 10 with an average house price of £125,000, up 28% from 2011.
The research from Which? provides a great insight into the current property market. The main cities highlighted in the report represent the up-and-coming areas that are most suited for buy to let investors as not only do these key northern locations offer reasonable property prices, but also a significant potential for capital growth - a key factor with buy to let property investment.
Graham Davidson, managing director of Sequre Property Investment, comments on the property hotspots –
“In the midst of a property boom, it’s important to note that there are still affordable properties on the market that can provide high returns. Cities such as Liverpool have seen incredible growth prospects in recent years but due to prices growing at a healthy and sustainable rate, they occasionally remain under the radar to investors. This positive news will no doubt attract more investors to these northern cities.”
“It’s also worth noting that these affordable locations are seeing average house prices below £125,000 in the city centre. To delve slightly lower, Bradford city centre benefits from average prices around the £60,000 mark. This is unheard of anywhere in the south, particularly in London. As the stamp duty changes come into force next month, investors can rest assured that additional costs will be far lower on investment property in the north. Those chasing capital growth with buy to let properties in the south will face a hefty price.”
To find out more about investing in buy to let, contact Sequre today. Our team are experts in the property field and have years of experience in the buy to let sector. Call us today on 0800 011 2277.