COVID-19 has led many buyers, tenants and property investors to look for more space. And the north-west is proving to be a particularly appealing region to get more for your money.
In the list of the most affordable British towns and cities in terms of cost per square foot, the north of England dominates the top 20, taking up 17 spots. The findings from letting agent comparison site Rentround reveal regions in the north are continuing to provide more attractive property prices.
The letting agent comparison site has meshed together average property sale prices and square footage of properties. The results reveal a stark north-south divide. Not one town or city in the south of England made in the top 20 most affordable places.
Property preferences and work lives are changing
The COVID-19 pandemic and successive lockdowns has caused many people to reassess their property needs and readjust their work-life balances. And this shift in priorities could remain even after the pandemic is over.
With some working from home practices likely to stick around moving forward, many homebuyers and tenants alike are looking for dedicated office space. Additional living space, alongside balcony views and access to gardens and green space, are becoming more important as well.
In the past year, many of us have spent more time at home than usual. This has led buyers and tenants to look for larger properties. And investors who adapt to the changing property trends are more likely to see success in the coming years.
The north is home to the best value
Unsurprisingly, regional towns and cities offer more for the money, especially when compared to London and the south-east. This is likely why many people are leaving London and looking to regional cities in the north of England and the Midlands for larger properties at more affordable prices.
Buyers and property investors can get the most for their money in the north-east, north-west and Yorkshire and the Humber. The 20 most affordable towns and cities range from an average of £114.57 to £168.50 per sq ft.
On the other hand in Central London, properties cost an average of £706.66 per sq ft. Additionally, the rental market in the capital has been impacted the most throughout the COVID-19 pandemic, causing rents to drop.
Raj Dosanjh, co-founder of Rentround, states: “Speaking with some of our London agents on Rentround, there is the recognition that the London rental market will be impacted in the interim.
“Some agents are reporting time to let, particularly in the centre parts of London, increasing substantially.”
Liverpool and Greater Manchester provide appealing options
It’s not only smaller towns that are providing value. Bigger city life is still possible at more affordable rates in the north-west. Wigan and Bolton of Greater Manchester are the 10th and 12th most affordable with property costing an average of £154.57 and £155.83 per sq ft. Liverpool follows in 13th with £155.89 per sq ft.
Liverpool and Greater Manchester are appealing to homebuyers, property investors and tenants alike. The pair of cities are also slated for additional growth and investment, which will continue to boost each city’s liveability. And buyers and investors could even benefit from capital appreciation with prices expected to rise in the coming years.
Raj Dosanjh comments: “There will be those that working from home practices have changed, and therefore will migrate to other major cities such as Liverpool, Manchester and Birmingham. Such cities are attractive because they have larger properties at low prices compared to London, while still retaining that big city vibe.”
