11th March 2016
Liverpool is the UK’s affordable property hotspot despite prices rising 40% in the past five years.
The north west city has seen the average price of a home rise from £85,000 to £120,000, according to Which? Mortgage Advisors, however they are still affordable as they are well below the UK average property price of £200,000.
Liverpool is followed by Conwy in South Wales and Bradford, which have seen prices increase 37% and 36% respectively.
When determining affordability the research looked at the average price of property between 2011 and 2014 to try and smooth out any volatility in prices, and compared the findings to the average for the year to November 2015.
The affordability criteria was based on homes that still cost less than the UK average.
The data also identified up and coming areas such as the London borough of Bexley, where prices have increased from £145,000 to £191,500 and Leeds where prices have risen from £98,000 to £125,000.
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.’