The UK economy is showing signs of strain in 2022. People around the nation are feeling the pinch due to rising gas prices, affecting heating expenditures, and general inflation. This emphasizes the need to research a region’s cost of living before making any relocation plans.
The housing sector remains strong due to a disparity between supply and demand, regardless of the present cost of living issue. Inflation increased to 9.1%, and the Bank of England base rate changed multiple times since October 2021 b to its present 1.25%.
An average UK home price increased by 12.4% between April 2021 and April 2022, and it now stands at £281,000. To put that in context, it would take more than four times the average total income of a dual-income UK family to acquire a £281,000 home in today’s market.
Average Property Prices in the United Kingdom
According to the Office for National Statistics and NISRA House Price Index for Q1 2022, The median house cost in the United Kingdom is as follows;
- Northern Ireland – £164,590
- Scotland – £186,738
- Wales – £212, 000
- England – £299,000
Can you still get a good deal on a property in England? Therefore, where might one find the most affordable housing options if that’s the case?
Professional report that Shildon, in County Durham, was the town in England with the lowest home values in 2022. Homebuyers in the North East will find Shildon appealing since the median property value is only £80,733 as of July 2022, which is 73% cheaper than the national average.
Compared to the rest of England, home prices in the North East are the lowest in any area. In July 2022, the region’s average home price was £178,650, making it second-cheapest in the United Kingdom behind Northern Ireland.
It’s worth noting that since February 2022, the average home price in every area of England other than the North East has risen. The housing market in London, for example, grew at the weakest rate of any major city during the epidemic years of 2020 and 2021.
- North East – £178,650
- Yorkshire & the Humber- £241,284
- North West – £248,576
- East Midlands – £286,049
- West Midlands – £284,783
- South West – £393,801
- East of England- £426,792
- South East – £492,362
- London – £681,992
List of the Ten Cheapest English Housing Markets
Because the epidemic is still producing uncertainty, determining when or if you should relocate back to your home in the United Kingdom may be a difficult decision. Nonetheless, as the property markets gradually recover, more and more people are considering making substantial changes to how they now live.
Since the cost of living is often the primary factor influencing a person’s decision to relocate, we thought it would be helpful to compile a list of the ten areas in the United Kingdom that now provide the most affordable housing options. Which neighborhoods in the North East and beyond provide the most bang for the buck when buying a home?
The following cities, including Shildon, are among the ten cheapest in England to purchase a home as of July 2022.
- Shildon, County Durham – £80,773
- Ferryhill, County Durham – £93,324
- Cleator, Cumbria- £95,758
- Moor Row, Cumbria – £96,411
- Nelson, Lancashire- £96,632
- Fagley, West Yorkshire- £101,433
- Stanley, County Durham- £104,127
- Loftus, County Durham- £105,254
- Peterlee, County Durham- £106,637
- Edlington, South Yorkshire- £110,746
It’s noteworthy that five of the ten cheapest English places to buy a home are located in the North East. The other three come from the North West and the remaining two from Yorkshire and the Humber. This shows that the traditional North/South gap in housing costs persists. Counties in England’s north are the most reasonably priced, even as they see some of the highest rise in housing costs over the next several years.
Compared to the £30,000 difference in average property price between Shildon and Edlington, located 89 miles distant in South Yorkshire, the variation of just over £13,000 between the other houses on the list is much less.
What Future Property Trends Might We Anticipate?
In the forthcoming months, we may experience house cost increases across the board in the United Kingdom. It’s likely to happen due to the restrictions on affordability brought about by the continuing cost of living financial meltdown and the balance between the supply of new residences in the market and demand. Similarly, the trend will be realized because of the normal difference in home values we would anticipate in the historically calmer summer season (pandemic not resisting).
In the next weeks and months, we will probably see a slowdown in the increase of property prices all over the place in the UK. However, many professionals in the real estate sector anticipate an annual growth rate of between 3 and 5 percent by the time 2022 comes to a close.