Home Property Homebuyers eye affordable alternatives

Homebuyers eye affordable alternatives

by LLP Editor
16th May 22 11:07 am

Research by estate agent comparison site, GetAgent.co.uk, has revealed how UK homebuyers will pay more for a lakeside property than they will a loch or reservoir, but on average, all three offer a more cost effective route to a property purchase with the option of an al fresco dip.

As an island nation, it’s no surprise that previous research by GetAgent found that coastal towns have outperformed the rest when it comes to house price appreciation, as homebuyers have flocked to the seaside even more so since the start of the pandemic.

However, GetAgent’s analysis of 38 areas boasting a lake, loch or reservoir shows that they could make a more affordable option for those wishing to live within arm’s reach of the water.

House prices around these freshwater alternatives average £270,450, £6,305 cheaper than the current UK average, with no less than 21 individual areas also coming in below the national average.

A loch is the most affordable option, with an average house price of £194,685, climbing to £295,562 for reservoirs and £299,756 for lakes.

The most affordable of the lot is the Trawsfynydd reservoir in Wales, where property prices average just £131,814.

Derwent Reservoir in England also offers some of the greatest freshwater affordability, with property prices averaging just £140,231.

Northern Ireland is home to the three most affordable areas for a loch side property purchase, with Upper and Lower Lough Erne (£149,540) and Lough Neagh (£157,387) coming in below the £150,000 threshold.

Kenfig Pool in Wales offers the most affordable property prices for a lake-side purchase, averaging £157,387.

In contrast, the Chew Valley Lake reservoir will set you back £474,108 on average.

Founder and CEO of GetAgent.co.uk, Colby Short, commented: “We all like to be beside the seaside, but the ever growing popularity of coastal locations has caused property values to climb considerably across many seaside towns.

However, there are still no less than 21 locations across the UK boasting a loch, lake or reservoir and an average house price that sits below the national average.

What’s more, these freshwater alternatives are salt and sand free. What’s not to love?”

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