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Home Improvement

These are the low-cost property hotspots to know in the UK now

The UK has a reputation for having an expensive property market, especially after the average house price crept up to over £318,000 over lockdown this year. But there are still places where it is possible to pick up a bargain. These are some of the most important spots to know about.

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Paisley, Scotland

The average asking price in Paisley is only £126,903—even though prices have shot up by 15% across the area. But this is still nearly £200,000 less than the average house price in the UK. The percentage increase grew more than any other town—according to research carried out by Rightmove—and it may be because Paisley has great access to green spaces and nature, which we’ve all needed more than ever in lockdown.

Paisley sits close to Glasgow, making it a great choice for commuters too, and the town’s houses are still cheaper than the average house price in Scotland of £161,500. Rightmove said that searches for property in Paisley had grown by 44% in the past year.

Along with costs for property, searchers carried out research into conveyancing costs and moving costs, as the stamp duty holiday helped to incentivise the market and keep it buoyant. Find out more about conveyancing costs here.

Lancaster, Lancashire

This student town has seen a 12% increase in its house prices, rising to £175,202. This is actually comparable to the average house price in nearby Greater Manchester. Lancaster is a popular town with a great city centre, lively cultural scene and excellent access to surrounding green spaces and countryside.

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Wigan, Greater Manchester

In Wigan, the average house price is at a mere £175,202, and—again—the Greater Manchester borough is perfectly well situated for access to the city centre and other commuter hotspots along the M62 corridor.

Newquay, Cornwall

The average price for a house in Newquay now comes in at £294,381, which isn’t too surprising as Cornwall has become a hot destination for trendy staycationers, many of whom are keen to own a second home in the area.

Rightmove said that it was interesting to note that the North West was performing particularly well as a whole, with their research showing that suburban parts of the region all experienced strong increases in property prices. This is especially the case for towns located around Manchester and Liverpool.

The results show that, even with conveyancing costs and moving costs factored into the equation, and with stamp duty likely to come back online in the coming year, there are still lots of bargains to be had around the UK!

Meanwhile, in London, prices actually dropped—perhaps reflecting a departure away from the capital during the pandemic, as students and commuters deserted London’s city centre in favour of greener and more suburban areas with access to outdoor spaces. West Norwood in Lambeth saw 12% price rises to £564,601 on average. Chelsea grew in value too—to a whopping £2,045, 346 on average for a property!