In Birmingham, Leeds and Newcastle upon Tyne, a three-bedroom home with parking and a garden can be bought for the average national property price of £229,431.
Property Investor Today analysed research from OnTheMarket that shows how many bedrooms buyers can get for the national average house price of £229,431, revealing where buyers and investors can get more for their money. The property search portal combined its house price data with the National House Price Index to get the results.
Vikki Bennett, spokesperson for OnTheMarket, stated: “The UK’s national average house price means very different things to buyers up and down the country so this data shows exactly what they can get for their money in the big cities.”
Birmingham boasts highest percentage of three-beds
In Birmingham, a three-bedroom freehold house with parking and a garden can be purchased for the national average property price. Currently, 60% of properties on the market are three-bedroom homes with a price tag of around £230,000. Out of the cities analysed, Birmingham has the highest percentage of three-bedroom houses available on the market for that price.
Andy McHugo, of James Laurence estate agents in Birmingham, commented: “Birmingham is going through an exciting change.
“Investment in the ‘second city’ shows no sign of slowing down, especially after Birmingham was awarded the 2022 Commonwealth Games and the second devolution deal, all helping to secure a new stream of funding for transport and infrastructure and boosting local productivity and growth.”
Properties in the north offer more for less money
The average property type available in Leeds for the national average property price is also a freehold three-bedroom home with parking and a garden, and 50% of properties on the market are this kind of property.
Meanwhile, buyers and investors can purchase a two-bedroom leasehold flat in Manchester with parking and access to a garden for approximately £230,000. And currently, 48% of properties for sale in the city are these types of flats.
In London, studios and one-bedroom flats are the average property types that can be purchased for the national average house price, but some have leaseholds with a small number of years, while others are shared ownership.
The data shows many regional cities, unsurprisingly, offer more for the money, especially when compared to the capital. This is likely why many are leaving London and looking to regional cities in the north of England and the Midlands for larger properties at more affordable prices.
BuyAssociation’s Sam Hadfield commented: “At BuyAssociation we’re seeing extremely strong demand from investors in regional areas away from the major cities. Our projects in places like Preston and Bolton, which are within easy reach of Manchester and Liverpool, are proving particularly popular, and their lower price points open them up to a wider range of budgets.”
Take a look at some of BuyAssociation’s latest investment opportunities.
