A new study from MoneySuperMarket looked at the differing values of comparable properties across the UK and found Bradford was the cheapest place to buy overall with Southampton being the most cost effective city to live in.
Buying in the current market can feel like an impossible task, with sky-high prices that are continuing to rise, especially in big cities, however, there’s a lot of variation as soon as you get out of these hubs. New research from MoneySuperMarket has found just how cheap the UK can be if you’re prepared to move.
Buying a six-bedroom house in Bradford, for example, costs only £163,500 on average, compared to central London’s £7,000,000. For the price of a one-bedroom flat in London - £1,127,500 - you could buy a six-bedroom house in any other city in the UK, with the sole exception of Birmingham.
Bradford - Despite being a busy northern city within striking distance of the commercial centre of Leeds, Bradford proved to be the cheapest place to buy in the country - with the average cost of a one-bedroom flat only £57,400. A six-bedroom house was only £163,500 on average, making it the ideal location if you’re after affordable space. The average cost across all properties was £140,832
Hull - While Hull wasn’t the cheapest when it came to renting - 5th overall - in terms of buying, it fared well, with an average overall cost of £160,397
Sunderland - If you’re looking for somewhere to buy a one-bedroom flat and prefer to head further north than Yorkshire, then Sunderland provides an affordable option at £65,000. The overall average cost in the area was just £176,002.
Best for bills
Southampton proves to be the most cost-effective city to live in the UK, with monthly bills coming to £218.48 on average, including home insurance.
Swansea is the most expensive city for bills, costing a considerable £510.41 per month, despite the average house price being one of the lowest of the cities included.
London is surprisingly affordable in terms of monthly costs - at only 1% above the UK average - despite being the most expensive city in which to purchase a house by a considerable margin, with the average house price being 621% more expensive than the average of other cities covered
Using MoneySuperMarket’s bespoke tool here, users can input their own property’s size, value and location to find out its worth elsewhere. You can see where it would be cheapest to live and how much more expensive the dearest options are.
Original source - www.moneysupermarket.com