With the housing market finally looking sunny again, it’s a great time to get proactive and climb the first rung of the property ladder. Saying this, what are the UK’s cheapest property markets?
When you’re looking for a new home you need to remember that the mortgage will be the biggest part of your budget. Therefore, if you’re looking to save money, the mortgage is the first place to start.
It’s not always easy to shave money off a mortgage; however one way to do it is to make sure that you’re buying a cheap house in the first place. You have to be careful where you buy; did you know that the average property price for the UK has actually grown recently by 5%. It now stands at £184,215. This means that it’s 5.8 times your average earning (P.E Ratio).
However this isn’t the same across the country. For example you’re going to be paying more on London because it’s the capital of the country and everyone wants to live there. So which are the best cities to make a killing in the housing market? We use P.E Ratio to find this out.
By far and away the place with the best P.E Ratio is Stirling, Scotland; it stands at 3.30. It’s a lovely place to live and the great thing about it is that that area of Scotland is known for its cheap prices. Buy a house here and not only will you save money on your mortgage, you’ll save money on your bills as well!
Londonderry, Northern Ireland
If you want somewhere a little more metropolitan then why not try Londonderry, Northern Ireland. With a P.E Ratio of 3.56 it’s cheaper than neighbouring Belfast (4.12) and it’s a much more beautiful city with that classic Irish scenery as the perfect backdrop for your new home.
If you’re a northern stalwart and you love all things Yorkshire, then the best place to get a cheap new home is Bradford. Bradford is probably the most multicultural city in this country so if you want new experiences then this really is the place to go. With a P.E Ratio of 4.15 you’re getting a really cheap home and you’re in the perfect position to take advantage of those infamously cheap prices up in the north!
Lancaster, North West
If you’re looking for a home in the North West, then Lancaster is the perfect place with a P.E Ratio of 4.28. A University town, it’s only an hour away from Manchester for the commute, it has a series of great boutiques and cafes that are cheap due to the student crowd and you’re only 20 minutes away from the coast.
Get the Mortgage
So now you know where you want to live, you’re going to need a mortgage, the biggest loan you’ll ever need in your lifetime. There are so many concerns for a mortgage and it’s so hard to find one with a decent repayment plan and interest rates that work for you.
This is why you should come to AK Management, the professional loan finding service. Talk to a member of the team and tell them what you need then they’ll do the hard work and find the perfect option for you.
Setting up a new home is exciting; however it’s also a financial commitment. The good thing is that property prices in an area usually stay low in comparison to the rest of the country when they’re low now. Find that perfect area and then buy your new home.