New research has revealed that Sunderland and Liverpool are home to Britain’s cheapest streets, with some properties costing only £15,000.
In an effort to highlight and compare the range of potential price tags attached to property across the UK, price comparison site MoneySuperMarket created an interactive tool to reveal and virtually explore the cheapest locations to buy a property across the UK.
Country Durham is home to 10 of the top 20 most affordable streets in the country, according to the findings. But those hunting for the cheapest overall options are best off in Sunderland, Liverpool or Lancashire.
Lancashire features seven times in the top 20 and four times in the top 10, with Nelson and Burnley the best places to be for bargain-hunters.
Davison Terrace in Sunderland and Imrie Street in Liverpool are the joint cheapest streets in the country, with an average property price of just £15,000. The rest of the top five is made up by Hurtley Street and Kingsland Grove in Burnley, and Thornley Road in Durham.
London’s cheapest street, meanwhile, is Railway Approach in Harrow.
For all the streets in the top 20 least expensive streets in the UK, only a 5% deposit is needed to secure a home.
“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,” Sally Francis-Miles, money spokesperson at MoneySuperMarket, said.
“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 mortgage, possibly driven by the potential impact of Brexit on prices.”
“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. 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.”
The research also highlighted the UK’s top 20 most expensive streets, with affluent Surrey featuring heavily (five times in the top 10). Weybridge – a popular Surrey commuter town – features three times in the top 10, with Brooks Close the priciest street in the country with a typical value of £7.5 million. A 97% deposit would be needed for a house on this street.
Hertfordshire, Buckinghamshire and Cambridgeshire – Home Counties with excellent links to London – all featured strongly in the top 20 list as well.
