Finding an affordable, decent property can be challenging wherever a prospective home owner chooses to look.
The uncertainty that currently surrounds the UK economy, however, has heightened insecurity over house prices for all sellers, buyers and renters alike to an even higher level.
So, where does that leave people who want to invest in a new living space? With this in mind, identifying the most affordable locations for properties is a useful way of securing the right house or apartment whilst remaining financially afloat.
The Potentials of Brexit
The outcome that Brexit will exert over the economy remains unclear. Whilst industry experts foresee few changes since last year, those wanting to sell could benefit from taking note of the warning given by Mark Carney, the governor of the Bank of England, that a disruptive no-deal Brexit could result in a decrease of up 35 per cent in housing prices.
Because of this, current home owners wanting to put their house on the market in search of more affordable climes could save money by keeping track of how the UK’s departure from the EU may affect property affordability in both their current and desired living areas.
Researching places that are ‘First-time Buyer Friendly’ – in other words, typically offer manageable rent and buying costs – can be immensely helpful in locating the right area to live in. Plymouth, Norwich, Southampton and a number of northern cities, for example, featured in the 10 Most Affordable UK Cities for First-Time Buyers in 2017. According to the article, cities such as Leeds, Newcastle and Sheffield offer manageable sums for people wanting to branch out for the first time whilst sticking to a budget.
With decent average buying prices comes a high amount of stamp duty relief for new homeowners, further enhancing the benefits of moving to these areas. This opportunity for maximising saving is why researching is fundamental for prospective new home owners wanting to find an affordable living location.
Liverpool is not just the home of British rock culture; Belfast did not just house the RMS Titanic; and Derby is more than a rich historical site. In fact, an article published by Ideal Home last year revealed these three cities as the best places to live while managing a budget. The latter even boasts an average living cost of £548.49 per capita month, with an average of £405 for a month’s rent. Each place supplies its residents a comfortable living as well as a rich cultural history. So, those looking for manageable housing costs will be pleased to hear that they could save money in two of the most thriving cities, as well as on the doorstep of the naturally outstanding peak district.
There are many things to consider when searching for a new abode, but most of us would agree that one aspect remains the priority: can the prospective buyer or tenant afford to live there? Knowing precisely where in the country delivers decent house prices, and how to keep up with how this could change, is paramount for achieving their property goals.