This week, we're diving into the latest data on the UK property market, revealing some of the cheapest areas to invest in. With property prices falling, now is the time to pounce on these opportunities and expand your portfolio.
Bargain Buys in the North East
Let's explore the North East, where several areas are among the most affordable in the UK. While places like Stamfordham, Bamburgh, and Ponteland may come with higher price tags, other locations, such as Middlesborough, Grimsby, and Bradford, offer incredible value.
Our FastTrack subscribers will be pleased to know that in addition to our established sourcing agent in Bradford, we've recently onboarded sourcing agents for Middlesborough and Grimsby, expanding our coverage in these promising areas.
According to the government's latest house price index, the average home in the UK costs £282,000, reflecting a slight drop of 0.6% from last year. However, some areas continue to buck this trend, with prices well below the national average.
The Top Seven Cheapest Areas
In our exclusive analysis of Land Registry data, we've pinpointed seven areas where homes typically cost less than £100,000. These spots present golden opportunities for savvy investors.
- TS1 (Middlesbrough Town Centre): Average house price £70,560. Homes here saw a 4% increase from the previous year's £67,535.
- BD1 (Bradford City Centre): Average house price £74,686, up from £71,975 last year.
- DN31 (Grimsby): Average house price £75,147.
- TS3 (Brambles Farm): Average house price £83,975.
- DL4 (Shildon, County Durham): Average house price £88,197.
- BD3 (Barkerend, Bradford): Average house price £99,206.
These areas boast not just affordability but potential for appreciation, as evidenced by the price increases in TS1 and BD1. Investing here could mean riding the wave of property value growth while securing assets at a bargain.
Other Affordable Areas Worth Considering
If those seven aren't enough to whet your appetite, here are a few more areas where average house prices hover just above the £100,000 mark:
- SR8 (Easington): £100,598
- HU1 (Hull): £104,536
- TS24 (Hartlepool): £104,900
What This Means for South African Investors
For South African investors looking to expand their property portfolios into the UK, this data is a game-changer. The current dip in property prices in these areas, presents a unique opportunity to enter the market at a lower cost, maximising potential returns. These affordable areas not only offer low entry prices but also show signs of growth, making them smart investment choices.
Ready to Make Your Move?
As John Jacob Astor famously said, “Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy” (Roofstock Blog) (REthority). This is your chance to capitalise on the current market conditions, so click here for FREE training so we can show you how.