Best areas of the UK for affordable upsizing
Monday, 5 August 2019 | Admin
A new study by property finance specialists, One77 Mortgages, has identified the places where moving to a bigger home has the smallest cost.
The survey looked at Land Registry data to analyse the price increase from a flat to a terraced house, a semi-detached property and a detached home respectively.
Moving from a flat to a terraced house
The average cost across the UK of moving from a flat to a terraced home was estimated at £12,432.
Anglesey offers the most affordable option, with an increase of just £4,819. Manchester and Liverpool were next, at £6,615 and £6,937 respectively. Also in the top ten were Newcastle-under-Lyme (£8,229), Nottingham (£9,829), Rossendale (£10,601) Oldham (£10,930), Salford (£11,815), Middlesbrough (£12,998) and Bradford (£13,047).
Moving from a flat to a semi-detached house
County Durham tops the list when moving to a semi at an extra £33,627. Also offering only a modest price jump were Carmarthenshire (£37,611), South Yorkshire (£37,922), Newcastle-under-Lyme (£39,419), Copeland (£40,311) East Ayrshire (£41,228), Stoke-on-Trent (£41,521), Doncaster (£42,293) and North Ayrshire (£42,523).
Moving from a flat to a detached house
Those wishing to make the leap from a flat to a detached home will have to find an extra £100,401 in Burnley, the most affordable upsize.
The ten best value places required between £102,000 and £112,000 more than a flat, and included Country Durham, Stoke-on-Trent, Hyndburn, Carmarthenshire, Dumfries and Galloway, Blaenau Gwent, Blackpool, East Ayrshire and Neath Port Talbot.
Managing Director of One77 Mortgages Alastair McKee said, “We don’t often consider upsizing straight off the bat and for many, the high cost of homeownership means that making it on the ladder at all is an achievement in itself. However, we’re currently enjoying a prolonged period of affordability where mortgage rates are concerned, in fact, some of the best on record, and this is likely to be the case for the mid-term at the very least.
“Although we always advise strongly against anyone borrowing beyond their means, in current conditions it could pay to look a little harder, save for a little longer and increase your property potential now rather than later while taking advantage of a good rate of interest on your monthly payments.
“While it’s unlikely that anyone will be making the jump straight from a flat to a detached home, the difference … to upsize to a terraced home would be a very manageable sum when considered on a monthly basis.”