House prices are soaring. According to the Halifax house price index, the average property in the UK now costs £276,759 after experiencing annual growth of 9.7%.
The type of property that would buy you around the UK varies hugely, so what could you buy if you had the average budget?
London: A studio flat with Tube connections
The capital city has become synonymous with high property prices. So, it will come as no surprise that the average budget doesn’t stretch very far in London.
If you want to live right in the heart of Zone 1 with excellent tube connections, you’ll probably be looking at a studio apartment with a budget of around £275,000. This property is just a short walk to the Elephant & Castle station. It’s a small 28 square metre flat, but it does boast an on-site gym, swimming pool, and spa for residents to enjoy.
Whitby: A 1-bed Grade II listed cottage
If you’ve been dreaming about buying a property on the coast, this property in Whitby could give you an idea of what you can expect for your money.
The seaside town of Whitby used to be famous for whaling. Today, it’s associated with holidaymakers and is considered one of the UK’s top seaside destinations. For the average house price in the UK, you could purchase a stone-built Grade II listed cottage that combines original features with some modern fixtures.
Edinburgh: A 2-bed flat in the heart of Scotland’s capital
With an average budget, you could purchase a 2-bed flat right in the heart of Edinburgh. You’ll be within walking distance to some of the most popular amenities and attractions, as well as being close to the train station that offers good transport links.
This property in the old town is a modern development and just a short walk away from the Royal Mile and is on the market for £275,000. If you’re attracted to living in a busy, vibrant city, Edinburgh could be a great option.
Manchester: A 3-bed semi just 15-minutes from the city centre
While Manchester is a busy city, choosing to live on the outskirts can help your money go further. Situated in Stockport, which is around a 15-minute train journey to the centre of Manchester, this 3-bedroom semi-detached property gives you enough room for a family while still being close to city amenities.
Of course, if you prefer being in the centre of Manchester, you can expect prices to rise.
Cardiff: A 3-bed semi-detached home close to Cardiff Bay
Compared to the other capitals in the UK, you may be able to get more bang for your buck in Cardiff. This property is close to Cardiff Bay and has an asking price of £270,000. With three double bedrooms and a double driveway, you’ll have far more space than you would in London or Edinburgh.
The location is sought after thanks to having excellent transport links and Penarth Marine being just a 30-minute walk away.
Inverness: A 4-bedroom detached bungalow
Purchasing a property on the outskirts of Inverness and close to Moray Firth means you could buy a spacious bungalow with four bedrooms and an enclosed garden to enjoy. The property is four miles from the centre of Inverness, proving that you don’t have to be isolated if you want to purchase a home with more space.
Hartlepool: A generous-sized detached home
For large families, this property can provide plenty of room. The detached home has four bedrooms and a good-sized garden that acts as a suntrap in the summer months. The home offers a lot of potential to make the space your own.
The home is in a sought-after area thanks to being within walking distance of a well-regarded school. The large port town of Hartlepool is close to both Newcastle-upon-Tyne and Durham, so families can benefit from city attractions.
Cumbria: A luxury lodge you can have a hand in designing
In Cartmel, Cumbria, you could purchase something a little bit different with your £275,000 – a lodge for holiday use. Sitting on a site that’s open all year round, you could enjoy beautiful views of the surrounding fells.
The site is still being developed, so buyers will be able to design their own kitchen, bathroom, and more to suit their style. The luxury lodges will measure 5ft by 22ft and have two or three bedrooms each. The lodges are being sold with 50-year leases, so you’d need to keep this, along with any service or maintenance fees, in mind.
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Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.