The 10 Cheapest Places to Buy Property in the UK in 2024: A Complete Guide Understanding the UK Housing Market: 2024 | Where to buy cheapest houses in UK

The UK property market is constantly shifting, with some areas experiencing skyrocketing prices while others remain relatively affordable. If you’re looking to invest in property in 2024, there are still regions across the UK where you can get more for your money. Whether you’re a first-time buyer, an investor, or someone looking to relocate to a cheaper area, this guide highlights the 10 cheapest places to buy property in the UK in 2024. We’ll explore house prices, quality of life, transport links, and potential growth in each location.

1. Burnley, Lancashire

Burnley consistently tops the list of the most affordable places to buy property in the UK. This former industrial town in Lancashire offers a range of housing options, from terraced houses to new developments. In 2024, average house prices in Burnley are around £90,000, making it an excellent choice for first-time buyers or investors.

• Why Burnley?
  • Affordable housing with strong rental yields.
  • Great transport links to cities like Manchester and Leeds.
  • Ongoing regeneration projects, improving infrastructure and facilities.
• Key Areas to Buy in Burnley: Towneley, Rosehill, and Padiham.

2. Stoke-on-Trent, Staffordshire

Known for its pottery industry, Stoke-on-Trent offers some of the cheapest properties in the Midlands. In 2024, the average house price is around £120,000, but you can find properties for less depending on the area. Stoke is also known for having one of the UK’s highest rental yields, making it a solid investment option.

• Why Stoke-on-Trent?
  • Strong demand for rental properties.
  • Central location with good rail and road links to Birmingham, Manchester, and London.
  • Affordable cost of living.
• Key Areas to Buy in Stoke-on-Trent: Hanley, Fenton, and Longton.

3. Sunderland, Tyne and Wear

Sunderland, located on the northeast coast, is an affordable alternative to neighboring Newcastle. It has a rich industrial history and offers a variety of properties, from coastal homes to city apartments. The average house price in 2024 is around £130,000.

• Why Sunderland?
  • Proximity to beaches and parks, offering a high quality of life.
  • Low property prices combined with a decent rental market.
  • Continuous investment in infrastructure and business.
• Key Areas to Buy in Sunderland: Fulwell, Ashbrooke, and Roker.

4. Hull, East Yorkshire

Hull has undergone significant regeneration over the past few years, improving its reputation as an affordable place to live and work. The average house price in Hull in 2024 is £145,000. The city offers a diverse range of housing options, from Victorian terraces to modern developments.

• Why Hull?
  • Affordable property prices and strong rental yields.
  • Growing job market due to investment in renewable energy.
  • Excellent transport connections via rail and road.
• Key Areas to Buy in Hull: Beverley Road, The Avenues, and Kingswood.

5. Middlesbrough, North Yorkshire

Middlesbrough is another northeast town that offers affordable housing with significant potential for growth. The average property price in Middlesbrough in 2024 is around £110,000, making it one of the cheapest places to buy property in the UK.

• Why Middlesbrough?
  • Affordable housing combined with regeneration projects.
  • Strong transport links to Newcastle, York, and Leeds.
  • Potential for capital appreciation as the town continues to develop.
• Key Areas to Buy in Middlesbrough: Linthorpe, Acklam, and Marton.

6. Bradford, West Yorkshire

Bradford is a vibrant city with a diverse cultural scene and a growing economy. Despite its economic growth, property prices remain affordable, with the average house price in 2024 at £150,000. The city is also within commuting distance to Leeds, making it a great option for those working in the region.

• Why Bradford?
  • A wide variety of property types, from period homes to new developments.
  • Excellent transport links to Leeds and Manchester.
  • High rental demand due to its large student population.
• Key Areas to Buy in Bradford: Shipley, Manningham, and Thornton.

7. Rotherham, South Yorkshire

Rotherham is a town located just outside Sheffield and offers excellent value for money when it comes to property prices. In 2024, the average house price in Rotherham is around £135,000. With Sheffield only a short drive or train journey away, it’s an attractive option for commuters.

• Why Rotherham?
  • Affordable housing with easy access to Sheffield.
  • Strong local economy driven by manufacturing and services.
  • Good schools and a range of amenities.
• Key Areas to Buy in Rotherham: Moorgate, Wickersley, and Rawmarsh.

8. Grimsby, Lincolnshire

Grimsby, a port town on the east coast of England, offers some of the most affordable property prices in the UK. In 2024, the average house price is £100,000, with many properties available below that. Grimsby has a range of property types, from traditional terraced houses to modern developments.

• Why Grimsby?
  • Low property prices combined with proximity to the coast.
  • Major regeneration projects in the town center and dock areas.
  • Strong rental yields and growing demand from workers in the energy sector.
• Key Areas to Buy in Grimsby: Cleethorpes, Scartho, and Weelsby.

9. Oldham, Greater Manchester

Oldham is a town in Greater Manchester that offers affordable housing within commuting distance of Manchester city center. In 2024, the average house price in Oldham is around £140,000, making it a popular choice for first-time buyers and investors.

• Why Oldham?
  • Proximity to Manchester, offering employment opportunities and entertainment.
  • Affordable property prices compared to other Greater Manchester towns.
  • Good transport links, including the Metrolink tram service.
• Key Areas to Buy in Oldham: Chadderton, Royton, and Lees.

10. Blackpool, Lancashire

Blackpool is known for its seaside attractions, but it’s also one of the most affordable places to buy property in the UK. The average house price in Blackpool in 2024 is £125,000, making it a great option for both investors and homebuyers.

• Why Blackpool?
  • Popular tourist destination, offering potential for holiday let investments.
  • Affordable housing and high rental yields.
  • Ongoing regeneration projects to revitalize the town center and seafront.
• Key Areas to Buy in Blackpool: South Shore, Bispham, and Marton.

Factors to Consider When Buying Property in 2024

While affordability is important, there are other factors to consider when purchasing property in the UK:

1. Transport Links

Ensure the area you are looking at has good transport links, especially if you plan to commute. Towns near major motorways or those with good rail links tend to have better long-term growth prospects.

2. Local Economy

An area with a thriving local economy, growing job opportunities, and major employers is more likely to experience property price growth in the future. Cities like Hull and Sunderland are benefiting from significant investments in sectors like energy and manufacturing, which bodes well for property value appreciation.

3. Rental Yield

If you’re investing in buy-to-let properties, consider the rental yield. Locations like Burnley, Stoke-on-Trent, and Sunderland are known for strong rental yields due to affordable house prices and high tenant demand.

4. Regeneration Projects

Areas undergoing regeneration, such as Grimsby and Bradford, offer excellent investment potential. As infrastructure improves and new amenities are introduced, property prices tend to rise.

Tips for Buying Property in 2024

1. Do Your Research: Property markets can change quickly. Keep an eye on local housing trends and make sure you’re aware of any upcoming changes in the area you’re interested in.
2. Check for Incentives: First-time buyers can benefit from schemes like Help to Buy, which may make it easier to purchase property with a smaller deposit.
3. Consider Future Growth: Look for areas with potential for capital growth. Towns with planned infrastructure improvements, such as new train stations or shopping centers, tend to increase in value over time.
4. Work with Local Experts: If you’re unfamiliar with a specific region, work with a local real estate agent who can guide you to the best areas to buy property.
5. Inspect the Property Thoroughly: If you’re buying in an older or cheaper area, make sure the property is thoroughly inspected to avoid unexpected repair costs.

Conclusion

Buying property in the UK doesn’t have to break the bank. The towns and cities mentioned in this guide offer some of the cheapest property prices in the country for 2024, while still providing great opportunities for investment and growth. Whether you’re looking for a first home, an investment property, or a new place to live, these locations combine affordability with potential.