Let’s start by saying that most people did not have an easy time in 2022. Even though this past year was full of uncertainty and worry, property investors were among the luckiest people in the world. Figures released throughout the year showed that rental yields and house prices in the UK went up steadily. Over the year, the average asking price in the UK went up by 9.8%.
It’s also important to note how much the rental market has changed! That is the 7.5% rise in rents across the country. The important thing to remember here is that the property market continues to shine as one of the best ways to invest in the UK, even when the economy is really bad. Now, let’s finally answer the burning question of where in the UK is the best place to buy a house.
Middlesbrough, in North Yorkshire, £54,978
In Middlesbrough, on the south side of the River Tees, you’re never more than 20 minutes from the coast, the country, or the center of town. It’s also a great location to purchase a home without going bankrupt. With an average house cost of £54,978, the TS1 postcode in Middlesbrough is the best place to live in terms of cost. With an average home price of £80,958, the TS3 postcode is another one of the top 10 most affordable places in the UK.
West Yorkshire, Bradford, £58,673
You can buy a home for less than £60,000 in the BD1 area code. Bradford is near the beautiful Pennines. It is a popular place for first-time buyers, renters, and people who want to move up the property ladder. If you like old homes, you’re lucky because most of the homes in Bradford were built in the Victorian era.
Sunderland, Tyne & Wear, £65,478
Depending on which side of the River Wear you’re on, Sunderland has a beautiful coast and a busy city center. The SR1 postcode is third on this list. To buy a home in the SR1 area, you’ll need about £65,478. Green spaces outside are now a big part of what makes a good place to buy a house, so Sunderland has a lot to brag about.
Grimsby, NE Lincolnshire, £71,105
Grimsby is on our list of cheapest places twice, with an average house price of £71,105 in the DN31 postcode. The homes in the DN32 postcode, which is just a stone’s throw away, are around £97,652. This port town is also charming and historical, with a long fishing history and trawlermen just waiting to be found.
Shildon, County Durham, £73,637
Shildon’s DL4 postcode is among the most affordable places in the UK to buy a home. The town is also great for people who want a quieter place to live that is still close to the city. It has the best of both worlds and a lot of friendly people who live there.
Peterlee, County Durham, £85,274
It will be much easier in some parts of the UK than in others. Peterlee, especially the SR8 postcode, is one of those places. Locals call Peterlee “Mexico City” in a friendly way because of how it looks.
County Durham, Stanley, £91,391
Stanley is also in County Durham. The average price asked for a home there is less than £100,000. This former coal mining town is close to Newcastle and Durham, making it a popular place for single people, families, and couples.
Lancashire, England’s North West, £91,516
The BB11 postcode in Lancashire is another affordable place to live in the UK. Lancashire is a beautiful place that is popular with both tourists and locals. Its history is rooted in both the Middle Ages and the Industrial Revolution. It’s also a good place for commuting people because it’s close to Manchester, Leeds, and Liverpool.
Liverpool, Merseyside, £91,793
This list includes both the L20 and L5 postcodes in Liverpool. This shows that Liverpool is known for more than just its football team and is where the Beatles were born. It has a lot of different kinds of people living, working, and playing there, so everyone can find something they like. Even though homes in this town are in high demand, you can still find many of them for much less than the average UK price.
Keighley, West Yorkshire, £91,833
The average home price in Keighley’s BD21 postcode is just over £90,000. This is a great area for both first-time buyers and other buyers. This town in the City of Bradford is in the county of Yorkshire. It has a lovingly restored steam railway and beautiful views of the countryside.
Other things worth mentioning
Even though they didn’t make the top ten, some other property prices on this list are still pretty good. Birkenhead of Wirral almost made the list. It has a park that has become famous and has been the model for many other parks across the country. At number 20, Seaton Carew is still much more cost-effective than other parts of the UK. You can buy a home for just over £100,000, much less than in other places. Compared to London, where the average house price is £516,285, it’s clear that paying off a loan here will be much simpler, especially for single buyers.