International investors see the UK housing market as a safe bet but not all areas are equal and prices vary
enormously across the UK. Homesgofast.com present the UK’s most affordabale British cities.
Overseas investors who seek to become a landlord
who buys to let, buying in a cheaper area can mean that you can run a
larger portfolio. There are some very special offers to be had, with some
councils selling houses for refurbishment for as little as ã1 but they usually
come with conditions which are not always easy to meet. Even the demand for
housing these areas might be high you can still achieve a fast
house sale.
Currently, the three
cheapest places to buy in the UK, according to figures released in May 2013 are
in Northern Ireland, but sticking to the UK mainland only, the five cheapest
are as follows, with the cheapest first:-
Stirling, Scotland
Homes in Stirling
have a price to wage ratio of 3.8, against a national average of 5.6. As a
comparison, the most expensive place to live regarding house prices is Oxford,
where house prices are typically 9.66 times the average income. Stirling has a
well-respected university as well a thriving financial sector and a large
prison, so properties for rental are sought after in the area. The average
salary in Stirling is above the national average, so although the house prices
are low, the general health of the local economy is good.
Bradford, Yorkshire
Houses in Bradford
typically cost 3.98 times the national average income. Again, this is an area
with a lot of students, so landlords have plenty of tenants who need homes.
Bradford has had major regeneration in the city centre and enjoys a low
unemployment rate, so whether buying to let or to redevelop, a home bought here
should be a good investment.
Salford, Lancashire
Homes in Salford are
around 4.1 times the national average wage, very near to those in Bradford in
the next county. A house in Salford would be a good investment because it is so
near to Manchester, a very desirable location as far as employment goes and
which is also home to several universities.
Glasgow
We are back to
Scotland for the fourth cheapest place in mainland Britain. Glasgow has a home
price to wage ratio of 4.23, although it must be added that Glasgow also has
some very expensive housing, due to the incredible Arts and Crafts dwellings in
certain areas.
Lancaster, Lancashire
Lancaster is the
county town of Lancashire but is not very big, with a population of only around
45,000 although this grows in term time because of its two university campuses.
Because of the student population, a buy to let here is a good investment and
properties cost on average 4.28 times the national average wage.
The North
South divide is well expressed by
looking at property prices, with the cheapest ten all in the north and the ten
most expensive all in the south, with Oxford as number one and St Albans number
ten. A surprise is at number 4 ââ¬â Truro in Cornwall was once a very poor area,
but second homes have made it expensive in terms of property prices.
