Buying a house in the city centre is of course more expensive than buying a house in the outskirts. This is usually due to proximity to amenities, education, work, entertainment etc.
However, because of several investments in transport infrastructure & the rise in flexible and remote working, you don’t have to live in the centre of cities to enjoy city life’s perks.
If you own a property in the city, you could make a good amount of profit on your house by selling and moving to a nearby place, in the same postcode, but outside of the city. Compare My Move has put together some research on destinations outside of cities but within half an hour’s train journey where the average house price is much lower than that of the city.
Compare My Move data has found that the average homeowner will save £102,440 when selling their house in the city and moving to one of our chosen destinations. The biggest profits came from moving from Cambridge to Ely and Brighton to Worthing making £286,899 and £225,149 respectively.
Below is a table of our chosen cities, their average house price, and the new destinations less than 30 minutes away with their average price.
How did we choose the cities and new destinations?
The cities we chose were based on three factors, population, house prices, and suitability. The cities had to have a destination in the same postcode within 30 minutes on the train that could see a profit if you were to move there from the city centre. There are some cities, such as Birmingham, that didn’t have a suitable destination within the postcode that would see a significant profit.
When moving house, even over a short distance, you will need a conveyancer to handle the process. You can save money by simply comparing conveyancers beforehand. Try out Compare My Move’s updated Conveyancing Calculator to find out what your specific conveyancing costs will be when moving house.
Compare My Move’s Founder and Director, Dave Sayce said, “We hear a lot of stories of people moving out of London to make a profit on their houses – but there are many other cities in which the house prices have risen enough to profit by moving just slightly out of the city itself.
“The new destinations that we’ve looked at aren’t exactly in the middle of nowhere either, most are towns with a substantial population so you aren’t missing out much on the city life – especially when you’re less than 30 minutes away from the city centre anyway.
“Selling your house in the city and moving to just outside, if you can, could be a great way to earn a lump sum of money or upgrade your living space in 2023.”
Leave a Comment