Recent research by Yopa highlights that affordable homes priced at £100,000 or less still exist in the UK property market, even in major cities.
While these homes make up a small fraction of overall listings, some cities stand out for offering a greater proportion of budget-friendly options.
Key Findings:
Nationwide Availability:
- Out of 494,081 homes listed for sale across Great Britain, just 5% have an asking price of £100,000 or less.
Regional Breakdown:
- Scotland: Leads with 17% of all listings falling under the £100,000 threshold.
- Wales: 6% of listings meet this criterion.
- England: Just 5% of homes are priced at or below £100,000.
Top Cities with the Most Affordable Homes:
- Bradford – 16% of listings priced under £100k.
- Liverpool – 14%.
- Glasgow – 13%.
- Newcastle – 11%.
Contrast with High-Price Markets:
- London: Only 0.6% of listings are priced below £100,000.
- Edinburgh: Slightly higher at 0.8%.
Why These Cities Stand Out:
- Bradford, Liverpool, and Glasgow have historically offered lower average property prices, which make them attractive for first-time buyers or investors looking for budget-friendly opportunities
- These homes may be smaller, older, or in need of renovation, but they present an entry point for buyers struggling with affordability.
Implications for Buyers:
- Opportunities for First-Time Buyers:
These properties can provide a stepping stone onto the housing ladder for those with limited budgets. - Renovation Potential:
Many homes at this price point may require upgrades, presenting opportunities for buyers with the vision and resources to add value. - Investment Appeal:
Budget-friendly homes in cities like Bradford and Liverpool could offer strong rental yields or resale value following renovation.
Conclusion:
While the availability of homes under £100k has dwindled due to rising house prices, cities like Bradford, Liverpool, Glasgow, and Newcastle still offer a significant proportion of affordable options. For buyers or investors looking for budget-friendly opportunities, these cities represent key areas to explore.