When moving from a flat to a terraced house, buyers will pay less for the jump up the housing market in the Northern half of the UK, according to new research.
It is Anglesey in North Wakes that has the smallest jump between flat and terraced prices at £4,819, followed by Manchester at £6,615 and Liverpool at £6,937, according to the study from One77 Mortgages which analysed data from the Land Registry.
Next was Newcastle-under-Lyme at £8,229, Nottingham at £9,829, Rossendale at £10,601, Oldham at £10,930, Salford at £11,815, Middlesbrough at £12,998 and then Bradford at £13,047.
When it comes to moving from a flat to a semi-detached house the most affordable area is County Durham at £33,627, followed by Carmarthenshire at £37,611, South Yorkshire at £37,922, Newcastle-under-Lyme at £39,419, Copeland at £40,311, East Ayrshire at £41,228, Stoke-on-Trent at £41,521, Doncaster at £42,293 and North Ayrshire at £42,523.
The most notable upsize is between a flat and detached home, adding serious property potential although the cost is, of course, much larger with the most affordable upsize found in Burnley with a difference of £100,401 between the cost of a flat and detached home.
Country Durham, Stoke-on-Trent, Hyndburn, Carmarthenshire, Dumfries and Galloway, Blaenau Gwent, Blackpool, East Ayrshire and Neath Port Talbot all have a difference of between £102,000 and £112,000.
According to Alastair McKee, managing director of One77 Mortgages, the housing market is currently enjoying a prolonged period of affordability where mortgage rates are concerned and this is likely to be the case for the mid-term at the very least.
‘Although we always advise strongly against anyone borrowing beyond their means, in current conditions it could pay to look a little harder, save for a little longer and increase your property potential now rather than later while taking advantage of a good rate of interest on your monthly payments,’ he explained.
‘While it’s unlikely that anyone will be making the jump straight from a flat to a detached home, the difference of between £1,500 and £12,00 to upsize to a terraced home would be a very manageable sum when considered on a monthly basis,’ he added.
