Where to Find the Most Affordable and Expensive Homes in the UK for 2024
If you’re thinking about packing up and moving home, one of the first things to consider is property prices across the UK and what is affordable. The cost of property by region plays a crucial role in your decision-making process, whether you’re buying or selling. Knowing how much your next home might set you back and what you can expect to get for your current property is essential for planning your move effectively.
In a time when the cost of living crisis is tightening belts across the nation, being informed about property prices in different areas could give you a much-needed edge in the housing market. Whether you’re hunting for a bargain or aiming to maximise your sale, understanding regional price differences is key.
As we approach 2024, the housing market is facing some interesting predictions. While it’s impossible to predict with complete certainty, property experts have forecasted that mortgage rates will remain high for the first half of the year, potentially not falling below 4.5% until later in 2024. This could impact affordability, with the main support for house sales coming from rising wages.
It’s also expected that UK house prices will dip by about 2% over the course of the year. If prices drop further and wages rise, or if mortgage rates fall, homebuyers might find themselves in a more favourable position. However, with the number of houses on the market at a five-year high, sellers need to be strategic about pricing to stay competitive.
Location plays a massive role in property prices. For instance, a three-bedroom semi-detached house in the north of England typically costs less than a similar property in the south. According to the latest figures from the HM Land Registry UK House Price Index, the average house price in the UK last year was £291,560. But this figure varies significantly depending on the region.
For those looking to buy, knowing where the most affordable homes are is invaluable. If you’re searching for a cheap house for sale in England, certain areas offer more bang for your buck. For example, County Durham tops the list as one of the most affordable places to buy a home, with an average house price of £164,945. In the southeast, Southampton City Centre offers more affordable options compared to the region’s average, with properties priced around £230,278.
On the flip side, if you’re curious about where the most expensive homes are, look no further than the City of London. Unsurprisingly, it remains the priciest area in England, with the average property price hitting an eye-watering £1,024,218.
Whether you’re looking for affordability in the north or considering a move to the pricey south, understanding the current property landscape can help you make informed decisions in 2024.
For further insights into the UK housing market and regional price trends, visit the HM Land Registry UK House Price Index.
