Property prices are continuing to surge across the UK, with first-time buyers struggling to get their foot on the property ladder. With that said, as time goes on, there is fresh hope for those who might be looking for an opening. Recent research has shown that a number of UK cities are now offering people a more realistic chance of being able to own their own property.
Source: Pexels
Coventry is on the List of Most Affordable Cities
Coventry comes in at number 15, when you break down the most affordable cities in the UK. There are also new houses being built in the area, showing how fast it is being developed.
The price-to-income ratio comes in at 5.94, with the average property in the area coming to £227,509. Although this is one of the highest average home values, strong average earnings within the area, which total £38,304, make it affordable. Homes are also accessible and affordable when compared to other areas, like Brighton, Cambridge, and even Oxford. With a strong local infrastructure for transportation, plenty of work opportunities, and booming entertainment facilities, properties in the area aren’t just attractive, but attainable.
At the top of the list, in the number one spot, you have Aberdeen. Average homes in the area go for just £146,182. This has helped to give it a market-leading ratio of just 3.90. As a general rule, the lower the ratio, the more affordable the property is for residents in the area. Kingston Upon Hull and Dundee also offer housing prices that are currently well below the UK average.
If you want to capitalise on the lower prices and move to a new area, then timing the market is key. House prices are expected to rise over the coming months, so people who want to move will need to be quick so they can find a suitable property without paying over the odds. With that said, there are now more online services than ever to help you with the transition.
When you sell property online through a cash offer service, you can not only avoid paying the fees associated with a traditional estate agent, but you can also avoid getting stuck in a chain. This not only allows you to sell your property for cash, but it also means you can get a head-start on the market and capitalise on the current, more affordable places to live in the UK.
Source: Pexels
London is Out of Reach for the Average Buyer
According to the latest research for the average buyer, Westminster is one of the least affordable places to live in the UK. With that said, there are lots of new housing developments underway. The numbers for Westminster come in at 19.97. Cambridge is also high on the list, coming in at 13.53. Brighton and Oxford are all far beyond the standard level in the UK, showing that there is very much of a north-south divide in the housing market. Coventry, Liverpool, and even Glasgow all offer more affordable opportunities, and this is especially the case when you compare them to more southern hotspots within the UK.
With so much activity in the housing market, it’s safe to say that it’s an interesting time for property investors.
Article written by Ben Spencer
