Sunderland and Liverpool have the cheapest streets to buy a home while Westminster has the most expensive, according to new research.
There are homes in the cheapest area priced at just £15,000 yet in London properties are selling for tens of millions of pounds and over 30,000% more than the UK average price for a home.
The study from MoneySuperMarket shows that Davison Terrace in Sunderland is the cheapest with prices at £15,000, some 91% the average for the region at £158,858 and Imrie Street in Liverpool is also at an average of £15,000, some 88% less than the average.
Then Hurtley Street in Burnley averages £15,000, some 91% than the regional average of £165,923, while Kingsland Grove, also in Burnley is £16,000, some 90% lower than the average. Then comes Thornley Road in Durham at £17,000, some 86% less than the regional average of £123,826.
The most expensive average priced street is Grafton Street in Westminster at £69,189,235, which is 30,788% more than the national median of £224,000.
However, there are some more affordable options in London with Railway Approach in Harrow and Abbey Close on Hayes averaging £103,954, followed by Armada Way in Newham at £114,743, Aitken Close in Ruislip at £120,000 and Arthur Street in Bexley at £125,775.
‘Getting on the property ladder is an aspiration for many, but can seem like a pipe dream when you factor in how much you need to do it, especially in the UK’s most expensive areas,’ said Sally Francis-Miles, money spokesperson at MoneySuperMarket.
‘The property market has fluctuated in recent years, with escalating prices in some areas and decreases in others. Research also suggests that fewer people are taking out a mortgage3, possibly driven by the potential impact of Brexit on prices,’ she pointed out.
‘However, whether you’re buying your first property or making an investment, the starting point is always reviewing all the potential costs, in addition to what you have saved, before looking at what you can afford to borrow. Then you can look at areas and types of property you can afford,’ she explained.
‘Choosing a mortgage in itself can be daunting, but there are many tools to help you select the right option for you, whether that’s a fixed deal for two to five years giving you certainty of payments, or a tracker that rises and falls in line with the Bank of England base rate,’ she added.
