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Find the Most Affordable Property in These Areas

by Marquette Turner Luxury Homes

in Features, Investing in Property, Real Estate Radar, Resources, Variety

Thinking of buying UK property for buy to let purposes, looking to purchase a new home, or even just looking to rent? One of the number one concerns for those buying properties is affordability. Everyone’s budget is different, and while some people have no problem spending large amounts on a property, many of us can only afford to buy or rent property within a certain price range. Here are some of the most affordable cities in the UK for buying or renting property. 

Based in the north-west, Liverpool is naturally more affordable than southern cities like London. While those keen to buy property in London are looking at an average of £484.173, Liverpool’s £130,677 average is obviously tempting in comparison. So much so, that high numbers of Londoners have been leaving the capital to move to this northern gem, taking advantage of the city’s £463 average monthly rental costs. If you’re interested in buying property in Liverpool, you can benefit from living in a city with a rich history, vibrant culture, fantastic business opportunities and lots of things to see and do. 

Liverpool also has some strong capital growth potential behind it, with house prices in the north-west region predicted to rise by 21.6% come 2023, and a number of regeneration projects set to boost the economy overall. Thanks to the strength of the Liverpool housing market, the buy to let market in the city is thriving. With more people recognising the appeal of Liverpool, the demand for rental property has grown massively over the years, generating average rental yields of 5.05%. 

Manchester is another north-west based city that’s become a desirable spot for those looking to buy or rent. The city has an average property price of £173,381, and depending on which neighbourhood or part of the city you’re looking to buy, you can certainly get a lot of bang for your buck. For instance, buy to let investors can purchase a stylish and modern apartment based just a short walk away from the city centre for just £97,500 with property company RW Invest. More young professionals are choosing to live and work in Manchesterdue to the affordability of the city in comparison to London. With the majority of young people being unable to buy their own property as it is, purchasing property in London is well out of reach, therefore, renting in a more affordable city like Manchester gives a better opportunity to save money thanks to spending less on rental costs. 

Not only is Manchester popular with young professional tenants, but the city also boasts the largest single-site university campus and a student population of over 90,000. Liverpool’s student market is also on the rise, with demand from both UK based and overseas students leading to a constant stream of demand for student accommodation. Investors looking to invest in Manchester or Liverpool have plenty of choice on offer, with property prices to meet a range of budgets. 

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