The UK’s housing market is on fire. Since the start of the pandemic, house prices have increased by almost 10% due to surging demand facing off with stagnant supply.
To help homebuyers cut the cost of homeownership without completely forsaking their area of choice, the latest market analysis from estate and lettings agent, Barrows and Forrester, has revealed how much less it can cost to live just a stone’s throw from some of the most sought after areas across eight major cities.
In doing so, it is revealed that by buying a property just five or ten minutes down the road, buyers can benefit from all of the perks they’re looking for while saving an average of 34% on the purchase price.
The biggest savings on offer is in Newcastle, where homes in Jesmond, an upmarket area of boutique clothes shops, cafes and cocktail bars, cost, on average, £262 per sq ft. Just next door is Byker, a less in-demand area yet one recently called ‘the best neighbourhood in the UK’, where homes cost just £119 per sq ft; a saving of 55%.
In Leeds, Holbeck Urban Village is a desirable hotspot. A former industrial site that has recently been transformed into a stunning community tech/media hub, homes here cost £225 per sq ft. Buyers can maintain access to all of the great perks of the Urban Village by choosing to live in Holbeck, less than 1.5 miles away, where homes are 44% more affordable at £125 per sq ft.
Manchester’s Altrincham was once named as ‘the best place to live in Britain’ by The Sunday Times. Homes here cost £389 per sq ft but buyers can enjoy this picturesque suburb for much less money by living a few miles away in Wythenshawe where property is 40% cheaper at £234 per sq ft.
Liverpool’s Mossley Hill is an affluent area with good schools and a low level of crime. As such, homes are expensive at £298 per sq ft. The Toxteth area, around two miles away, is home to the glorious Sefton Park. Property here is £182 per sq ft, 39% less than Mossley Hill.
The same is true for Hammersmith in London. Homes here are 39% more affordable than in desirable, celeb-filled Kensington, less than 10 minutes away, where property costs an unbelievable £1,423 per sq ft.
While opting for the next best option to the most desirable property hotspots in Birmingham, Nottingham, and Bristol won’t save you as much, homebuyers can still benefit by between 12% to 26% by making a slight compromise on location.
Managing Director of Barrows and Forrester, James Forrester, commented: “Buying a home is all about aspiration and owning our own home fills us with a huge amount of pride, so it’s natural for us to want to live in the very best area we can afford. However, in our major cities in particular, the top rung of the property market is often the preserve of the high-end homebuyer and so the average person tends to find themselves priced out of the market and looking further afield for greater affordability.
By shifting your search just a few minutes down the road, you’ll find there is often a considerable saving to be made that also allows you to easily access and enjoy the same areas as those paying a fair bit more than you are for the pleasure.
In many cases, this ripple effect often leads to greater demand and an uplift in property values in these surrounding areas and so not only will it save you money climbing the ladder now, but you may well find your property has climbed in value by a greater margin when you come to sell.”