Where to buy cheapest houses in UK
Where to buy cheapest houses in UK 2024 | The 10 Cheapest Places to Buy Property in the UK | Understanding the UK Housing Market: 2024
Buying a home in the UK is a significant financial decision, and affordability is a major concern for many. Whether you’re a first-time buyer, investor, or someone looking to relocate, finding affordable housing is key. In this blog, we’ll explore the cheapest places to buy a house in the UK in 2024, offering detailed insights into the housing market, trends, and tips on getting the best deals.
Why Buy in Affordable Areas?
The UK’s property market varies significantly by region. While cities like London and Oxford are known for their high property prices, many parts of the country offer much more affordable housing options. Purchasing a house in a cheaper area can offer several benefits:
- Lower Mortgage Payments: Affordable areas mean smaller loans and lower monthly repayments.
- Better Investment Opportunities: Low-cost homes have higher potential for future value appreciation.
- Lower Cost of Living: Alongside cheaper homes, these areas often come with reduced living costs like food, transport, and utilities.
Key Factors to Consider When Buying in Affordable Areas
Before diving into the cheapest locations, it’s essential to understand what drives property prices and how to assess the suitability of an area:
- Local Economy: Areas with growing industries or upcoming infrastructure projects often see property prices rise in the future.
- Transport Links: Proximity to train stations or motorways can enhance an area’s desirability and property values.
- Crime Rates: Lower crime rates usually translate to higher desirability but can still align with affordability.
- Schools and Amenities: Areas with good schools, hospitals, and recreational facilities can make a location more attractive.
- Future Development Plans: Government plans for regeneration or investment in an area can indicate future growth in property values.
Now, let’s dive into some of the cheapest places to buy a house in the UK.
1. Burnley, Lancashire
Burnley has consistently been one of the most affordable areas to buy a home in the UK. Located in Lancashire, this former industrial town offers plenty of amenities and green spaces while maintaining extremely low property prices.
- Average House Price (2024): £75,000-£100,000
- Why Burnley? It has excellent transport links, with regular trains to Manchester, and is part of an ongoing regeneration project. The low property prices make Burnley an ideal location for first-time buyers or investors.
2. Blaenau Gwent, Wales
In the Welsh valleys, Blaenau Gwent is another place where property prices remain very low compared to the national average. This region has a long history of coal mining, and while it has faced economic struggles in the past, it’s starting to attract attention for its affordability.
- Average House Price (2024): £80,000-£110,000
- Why Blaenau Gwent? The area offers breathtaking natural landscapes and is ideal for outdoor enthusiasts. It has affordable housing and is starting to see investment in infrastructure, making it a good long-term investment prospect.
3. Middlesbrough, North East England
Middlesbrough, in North East England, is another location where property prices remain low. The town has undergone significant regeneration, particularly around the city center and transport hubs.
- Average House Price (2024): £90,000-£120,000
- Why Middlesbrough? It’s an emerging hub for digital and tech industries and offers proximity to major cities like Newcastle. Buyers can take advantage of low property prices with strong future growth potential.
4. Stoke-on-Trent, Staffordshire
Known as “The Potteries” for its rich industrial history, Stoke-on-Trent is an affordable location in the West Midlands. The city has a strong cultural identity and is known for its ceramic production.
- Average House Price (2024): £100,000-£130,000
- Why Stoke-on-Trent? It’s an excellent choice for first-time buyers with numerous starter homes available under £150,000. The city’s transport links make it a great option for commuters working in Birmingham or Manchester.
5. Hull, East Yorkshire
Hull has consistently ranked as one of the UK’s most affordable cities. It has a rich maritime history and offers a strong sense of community, along with many affordable housing options.
- Average House Price (2024): £95,000-£125,000
- Why Hull? Hull is benefiting from significant investment in renewable energy and infrastructure, making it a city to watch in terms of future property appreciation.
6. Sunderland, Tyne and Wear
Sunderland is another affordable city in the North East of England. It boasts beautiful coastline, a lively cultural scene, and good transport links to Newcastle and the wider region.
- Average House Price (2024): £100,000-£130,000
- Why Sunderland? It’s an ideal location for those who want city living without the high price tag. Recent redevelopment and job growth in the area are positive signs for the future.
7. Doncaster, South Yorkshire
Doncaster offers great value for money, especially considering its proximity to major cities like Sheffield and Leeds. It’s a town with a rich history, and recent developments are making it an attractive option for budget-conscious buyers.
- Average House Price (2024): £110,000-£140,000
- Why Doncaster? It’s home to major logistics hubs and is benefiting from investment in transport, including the upcoming HS2 high-speed rail project.
8. Barrow-in-Furness, Cumbria
This coastal town in Cumbria offers some of the most affordable housing in the UK. While remote, Barrow-in-Furness is seeing interest due to its unique location near the Lake District.
- Average House Price (2024): £90,000-£120,000
- Why Barrow-in-Furness? Its natural beauty and proximity to the Lake District make it a desirable location for those seeking tranquility and affordability.
9. Newport, Wales
Newport is one of Wales’ most affordable cities with easy access to both Cardiff and Bristol. It has become a popular commuter town, offering great value for those who want to work in larger cities but live in a more affordable area.
- Average House Price (2024): £120,000-£150,000
- Why Newport? Newport is on the rise with significant infrastructure development, including the South Wales Metro project, which will improve connections throughout the region.
10. Bolton, Greater Manchester
Just outside of Manchester, Bolton offers more affordable housing while still being within easy commuting distance of the city center. This town is an attractive option for young professionals and families looking for affordable property near Manchester.
- Average House Price (2024): £120,000-£160,000
- Why Bolton? With excellent transport links and ongoing investment in local infrastructure, Bolton’s housing market has a promising future.
Tips for Buying Affordable Houses in the UK
Now that you know the top locations, here are some tips on buying a cheap house:
- Consider Renovation Projects: Some of the cheapest properties may need work. If you’re willing to invest in renovations, you can save significantly upfront.
- Buy in Up-and-Coming Areas: Look for places undergoing regeneration. Property prices in these areas are likely to rise in the future, giving you a good return on investment.
- Work with Local Agents: Local estate agents often have the best knowledge of deals and can alert you to properties before they hit the market.
- Check Government Schemes: The UK government offers various schemes such as Help to Buy, Shared Ownership, and Right to Buy, which can make purchasing more affordable.
- Use Online Property Platforms: Websites like Rightmove, Zoopla, and OnTheMarket offer extensive listings and can help you compare prices across the UK.
Conclusion
Finding affordable housing in the UK may seem daunting, but there are plenty of options if you know where to look. Cities like Burnley, Middlesbrough, and Hull offer incredible value, especially for first-time buyers and investors. When buying in these areas, it’s important to consider local amenities, transport links, and future development plans.
By using this guide, you can make an informed decision on where to buy the cheapest houses in the UK in 2024, ensuring you get the most value for your money.
Summary
In this guide, we’ve highlighted the top ten cheapest places to buy a home in the UK, from Burnley to Newport, Wales. Each location offers affordability along with potential for growth. By considering factors such as local economy, transport links, and development projects, you can find the best deals. Whether you’re a first-time buyer or an investor, the UK’s affordable regions offer excellent opportunities for property ownership.