Can you beat the affordability gap?

CalculatorRecent findings from the Office of National Statistics has revealed that the price gap between the UK’s most expensive homes and the cheapest has increased. But is it still possible to find lower priced homes in the country’s most expensive locations?

In 2014 a typical home in England and Wales was valued at approximately £194,995, roughly 10 times as much as the average salary of around £18,700. However, in Westminster the average property costs 24 times more than the UK average salary! In contrast average property prices in Gwent in Wales are just 4 times greater than the UK average salary.

Unsurprisingly this gap is also prevalent in the rental sector. Rental payments in Westminster eat up around 78% of the UK average salary. In contrast, tenants in Copeland, Cumbria would only use 22% of an average UK salary on rent.

It has long been obvious that prices in London and the South East outstrip those in many other UK cities but careful research can help house hunters in the South East still find properties that are priced below the national average.

Speaking to a well known reputable estate agent, online research and keeping a breast of local developments and re-generation projects can help in the search for lower priced property. However, if you are wishing to embark on this journey remember that competition is fierce and moving fast with any offer is a must.

Below is a selection of properties located in the UK’s more expensive locations but priced below the UK national average.

1 bed Guildford Surrey

Located within the heart of Camberley Town Centre, this one bedroom character converted apartment benefits from off street parking and no onward chain. Price:£130,000.

2 bed ChelmsfordThis two bedroom ground floor apartment would make an ideal first home for someone looking for a desirable location with access to Chelmsford, A120 and M11. This will sell fast so early viewing is highly recommended. Price: £155,000.

1 bed North LondonThis one bedroom first floor ex-local authority flat has a central London location close to White Hart Lane railway station. The property benefits from gas central heating, a balcony and no onward chain. Price: £165,000.

Posted by: Nicola Severn Categories: Buying, Buying Property, House Prices, Uncategorized Tags: , , , , , , Comments Off on Can you beat the affordability gap?

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