The UK property market has had its fair share of ups and downs over recent years what with Brexit uncertainties and then the Coronavirus lockdown following close on Brexit’s heels. The average UK house price has been hovering at around the £235,000 mark since April/May time, so for this week’s article, we thought it would be interesting to find out just what kind of properties you can buy around the UK for this price. Let’s take a look at five properties you can buy for £235k.
1. The South East: Three-Bedroom Semi-Detached House, Westgate-on-Sea £235K
First off the mark, how about this superb 3 bedroom semi-detached property in Westgate-on-Sea advertised by Votta Sales & Lettings in Thanet. It benefits from the following key features:
- Buy-to-let potential rental income £950pm
- Parking space
- Low maintenance garden
- Backing onto fields to the rear
- No onward chain
- Within school catchment zones
- Nearest station 0.7ml
According to the latest HM Registry’s House Price Index (HPI) figures, the average house price in the South East as of June 2020 is £327,413 – some £89,597 higher than the national average of £237,834 making the South East the second most expensive region behind London, where the average house price is £490,495. However, there are deals to be had in the region as can be seen by the listing above.
Across England as a whole, the June data shows, on average, house prices have risen by 2.8 per cent since May 2020 and have enjoyed an annual price rise of 3.5 per cent taking the average property value in England to £254,423.
2. Northern Ireland: Detached 4/5 Bedroom House in Thornhill, Banbridge BT32 £235K
Looking further afield, in Northern Ireland to be precise, you can buy this luxury four/five-bedroom detached house within easy reach of popular local primary and secondary schools and Banbridge town centre. The property is listed on primelocation.com by Purple Bricks. Key features include:
- High specification finish
- Stunning corner site
- Spacious gardens
- Luxury fitted kitchen
- Integral garage with electric door
- Sought after residential development
The average house price in Northern Ireland is just £141,131(as of June 2020) – this is some £96k lower than the UK’s average house price of £237,834 – meaning you can get a lot more for your money in Northern Ireland compared to England, Scotland and Wales.
3. Scotland: Two-Bedroom Flat, Broughton Road, Edinburgh EH7 £235K
Looking at Scotland next, we found this stunning third floor flat situated in the popular Bellevue district of Edinburgh boasting breathtaking views over Arthurs Seat, an extinct volcano nestled in the mountains overlooking the city of Edinburgh, and the Firth of Forth estuary. As well as the amazing views and location, key selling points also include:
- A plethora of period features
- A modern contemporary décor
- Access to a shared terrace with more delightful views
The average house price in Scotland is £157,056 which is, again, considerably less than the national average of c.£237,000. Average Scottish property prices increased by 2.9 per cent in the year to June 2020 and by 2.8 per cent in the month since May 2020.
This property is being marketed by Ralph Hendrie Legal in Edinburgh.
Wales: Shop and HMO, Northgate Street, Aberystwyth SY23 £235K
Our Welsh choice is one for the property investors out there offering the opportunity to purchase a ground floor shop and HMO residential accommodation to the first and second floors all in a convenient location close to the town centre, Aberystwyth University and Bronglais General Hospital. Marketed by John Francis in Aberystwyth, key features include:
- Investment buy-to-let opportunity
- 6-bedroom HMO
- Ground floor shop
- Central location
The average house price in Wales is £167,505 (as of June 2020), this is up by 2.8 per cent in the year to June 2020 and by 2.7 per cent since May 2020.
Manchester: Two Bedroom Penthouse Flat, Offering Yields of 6.5%, Arches, Manchester M1 £235K
Our final choice is this two-bed Grade II listed flat in a converted textile mill situated in Manchester’s Northern Quarter, a prime student rental area just 15 minutes from The University of Manchester with a wealth of amenities, bars, restaurants and shops on its doorstep. Its key selling points are:
- Manchester Piccadilly 0.4 miles
- Manchester Victoria station 0.6 miles
- Buy-to-Let discounts available
- Yields of 6.5%
- Communal gardens
- Great location, prime student rental area
The flat has been listed on Zoopla by CityRise.
Manchester is located in the North West of England which was the region with the highest growth rate in June with average house prices rising 4.3 per cent to £170,939 from May 2020.
According to the HPI, UK property prices rose 2.7 per cent to £237,834 in June from £235,673 in May 2020 clearly marking the start of the post-lockdown boom, which has been driven by pent-up demand following years of Brexit delays and then was boosted even further by a temporary reduction in stamp duty fees in July.
Typically, a house purchase can take 6 to 8 weeks to reach completion, therefore, the price data feeding into the June HPI lags behind current real-time trends. For a look at more current trends, Reallymoving’s House Price Index, which is based on data from completed conveyancing quotes that are typically received three months before completion, shows that average house prices in England and Wales are on course to increase by 8.1 per cent from £308,280 to £333,331 between June and October 2020.
We wonder how long this period of house price growth will continue…