House prices in the UK continue to climb, with the average property now costing £267,500, nearly two per cent higher than last year, according to the latest Zoopla House Price Index.
Despite the rising costs making home ownership increasingly challenging, new data from HCB Solicitors revealed there are still affordable options across the country.
The research highlighted several cities where buyers can find properties below the national average.
Aberdeen emerged as the UK’s most affordable city for property, with an average house price of £137,000.
Property prices have gone up across the UK but there are still some cheaper options
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Top 10 most affordable cities in the UK (average house price)
- Aberdeen – £137,000
- Glasgow – £153,000
- Newcastle – £157,600
- Liverpool – £160,900
- Sheffield – £174,500
- Belfast – £181,200
- Nottingham – £204,900
- Birmingham – £211,900
- Leeds – £212,800
- Leicester – £228,200
Martin Edwards, senior associate solicitor at HCB Solicitors, says those looking to get more value for their money should consider the Midlands or North.
He said: “For those looking to upsize and get more value for their money, heading to the Midlands or the North can stretch your budget further, giving you a better chance of an extra bedroom or even a bigger garden. In some cases, a doer-upper could be an option too, helping you save upfront and add value over time.”
Mr Edwards noted that mortgage rates have been decreasing, with two-year fixed rates at 5.03 per cent and five-year rates at 4.8 per cent.
“House prices are slowly increasing, making it more difficult to get onto the property ladder for first-time buyers. We need to see prices drop in order to get more people into their first homes,” he said.
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The most affordable place to live in the UK is Aberdeen in Scotland
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The senior associate solicitor provided advice to people looking to land a mortgage at a good deal.
He said: “To land the best deal, make sure you get a mortgage in principle so you know how much you can borrow.
“Also, don’t forget to look into government schemes like Help to Buy, and don’t be afraid to haggle with the seller.”
Britons have also been told the areas in the UK with the biggest house price increases.