Revealed: the affordable property hotspots 'on the up'

Revealed: the affordable property hotspots 'on the up'

New research by Which? Mortgage Advisers reveals where homebuyers can find homes under the national average of £200,000, in areas that have seen the biggest increase in property prices in the last year.

The new Which? analysis, and interactive property price map, reveals the areas of the country which have seen the largest increase in property price in the last year, yet remain below the national average property price of £200,000. These areas on the up could be prime locations for first-time buyers or investors.

The analysis of Land Registry data reveals that Liverpool's central 'L1' is the top affordable area on the up, having seen a property price increase of 41.2% in the last year. An average property increased in value from £85,000 between December 2011 and November 2014, to an average of £120,000 for the year to November 2015.  

Second and third were Conwy's 'LL27' in North Wales and Bradford's 'BD1', just east of the city's University. Average property prices in these postcode areas increased by 37% and 36% respectively. In Conwy's 'LL27', the average property price rose from £135,000 between 2011 and 2014, to £185,000, and in Bradford's 'BD1' they rose from £42,000 to £57,000. Despite the significant increase in average property prices in these areas, they remain under the national average.

Even in the capital where prices are higher, Bexley's 'DA18' had affordable homes with potential to increase in value. The average property price in DA18 was £191,500, up by 32% in the last year.


David Blake at Which? Mortgage Advisers said: “For a first-time buyer or a buy-to-let investor, these up and coming areas can provide an affordable alternative to buying in an already established area. You could see your property grow in value quickly, but it's important to remember that property markets can change, and there is never a cast-iron guarantee that values will continue to rise.

A mortgage is a significant financial commitment that needs to be considered carefully. Seeking independent mortgage advice early on is vital in order to know what options are open to you.”

Which? Mortgage Advisers provides the following tell-tale signs that an area may be 'on the up':

    If an area is next to currently thriving town
    If a local authority plans to regenerate the town centre
    If there are plans to improve transport links
    If new trendy shops, restaurants, cafes and nightlife start to appear
    If you see skips and scaffolding -an indication of increased prosperity and improved housing stock
    New build properties appearing - often increasing the value of surrounding properties too
    New schools being built or current ones climbing Ofsted rankings - often property values in the surrounding catchment area increase too
    New estates agents appearing - a sign of a growing property market

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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Jo Mullett
Jo Mullett 07 Jul 2017

Here in Swansea, known as the Japanese knotweed capital of the UK, it never fails to amazes me that people have no idea of the potential problems this invasive non-native plant can cause when buying or...

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