Despite house prices reportedly forecasted to drop across the UK for the next two years, the average property in the UK is valued at £294,559, according to the Office for National Statistics (ONS). For many, the rising cost of living and interest rates means the prospect of owning a home is dwindling. Speaking to Move iQ, Phil Spencer has shared the top 10 cheapest places to buy a house in the UK.
Phil said: “Evidently, heading up north results in higher savings, compared to the south east of England. Let’s break down the cheapest areas to buy a house and their postcodes.”
So, where is buying a house cheapest? Here are the cheapest places to buy homes for sale in the UK, by postcode, and average property prices:
1. Middlesbrough, North Yorkshire, £54,978
Situated on the south bank of the River Tees, in Middlesbrough, you’re never more than 20 minutes from the coast, countryside or town centre. Phil said: “It’s also a great place to buy a home without breaking the bank.”
Where is the cheapest place to live in the UK 2022? In Middlesbrough, claiming top spot for affordability, with an average house price of £54,978. TS1 is the postcode in Middlesbrough. The TS3 postcode is another one featured in the top 10 most affordable areas of the UK, with an average home price of £80,958.
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2. Bradford, West Yorkshire, £58,673
In the BD1 postcode, house hunters can snap up a property for less than £60,000. Bradford is located in the foothills of the beautiful Pennines, popular with first-time buyers, renters and those looking to climb up the property ladder.
The property guru pointed out: “If you love period homes, you’re in luck, as Bradford is largely made up of Victorian builds.”
3. Sunderland, Tyne and Wear, 65,478
Sunderland is home to a stunning coastline and buzzing city centre – depending what side of the River Wear you’re on. The SR1 postcode claims third spot on this list, where purchasing a property will set you back around £65,478.
Phil commented: “Green outdoor spaces now form an important criteria for the best places to buy a house, so Sunderland has a lot to boast about!”
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4. Grimsby, North East Lincolnshire, £71,105
Grimsby features twice on the “cheapest places” countdown, with the average house price in the DN31 postcode sitting at £71,105. Meanwhile, just a stone’s throw away, property prices in the DN32 postcode cost around £97,652.
This port town also boasts charm and heritage, with a rich fishing and trawlermen history, just waiting to be discovered.
5. Shildon, County Durham, £73,637
The DL4 postcode in Shildon is “one of the most affordable places to buy a property in the UK”, according to the property guru.
The town is also ideal for those looking to live somewhere quieter – but still with easy access to the city. It’s truly the best of both worlds, home to a number of friendly locals.
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6. Peterlee, County Durham, £85,274
Looking to save for a house deposit? It will be much easier in certain parts of the UK than others, and Peterlee is no exception; particularly the SR8 postcode. Peterlee is also affectionately known as “Mexico City” by locals, due to its architecture.
7. Stanley, County Durham, £91,391
Also in County Durham is Stanley, where the average asking price is less than £100,000. This former coal mining town is located a short drive from both Newcastle and Durham, popular with singles, families and couples.
8. Lancashire, North West England, £91,516
Looking for a cheap rural area? Lancashire’s BB11 postcode is another affordability hotspot in UK housing.
Lancashire is a beautiful location popular with tourists and locals alike, built on medieval and industrial heritage. Being close to Manchester, Leeds and Liverpool, it’s a good spot for commuters too.
9. Liverpool, Merseyside, £91,793
Both the L20 and L5 postcodes in Liverpool feature on this list, showing Liverpool is famous for more than its football club and being the birthplace of the Beatles. It’s extremely culturally diverse, offering something for everyone, whether you’re there to live, work or play.
Phil argued: “While property in this town is in hot pursuit, you can still find many homes well below the average UK asking price.”
10. Keighley, West Yorkshire, 91,833
At just over £90,000, the average home price in the BD21 postcode of Keighley is a great place for first-time buyers and other buyers alike.
This Yorkshire town in the City of Bradford is home to a lovingly restored steam railway and boasts scenes of incredibly charming countryside.