New research suggests that family homes consisting of three bedrooms or more, in or around a major UK town or city, are still available for under £100,000.
Indeed, the analysis from online estate agents Housesimple shows the best value regions are in Scotland, the North of England and the Midlands, with 17 towns and cities currently having 200 or more homes suitable for families available for £100,000 or less.
A breakdown of the data shows that Liverpool has over 600 houses on the market priced at £100,000 or less, and each of them has at least three bedrooms and is within five miles of the city centre. Meanwhile, with 449, Rotherham has the second most homes on the market that meet the same criteria, followed by Newcastle at 393.
Meanwhile, nearby Gateshead has 379 family properties for available £100,000 or less, while Hartlepool has 379, Birkenhead 359, Doncaster 337, Middlesbrough 308, Leeds 298, Bradford 289, St Helens 287, Barnsley and Durham 262, and Blackpool 247.
In contrast to the relatively high availability in the north of England, the top 40 best value locations for families does not feature any towns or cities from the south of England. With just 23 homes available under the £100,000 threshold, Exeter has the highest level of availability of anywhere in the entire south.
The difference between north and south is made clearer still by the fact that 17 of the 18 towns and cities which have no family homes for available for under £100,000 are in the south.
‘Even with the challenges and uncertainty surrounding Brexit, we are seeing healthy levels of interest from buyers in Northern regions, keen to take advantage of attractively priced properties, affordable mortgage rates and stable local economies,’ said Sam Mitchell, chief executive officer of Housesimple.
‘Buying the family home is the biggest purchase most of us will ever make. The struggles families have faced buying a house in the south have been well documented. Compared to the south, there is substantial value to be found in property markets in regions such as the North West and Yorkshire,’ he pointed out.
‘Although £100,000 is at the lower end of the market, there are also plenty of substantial family houses at prices around £300,000 to £400,000, that would probably be £1 million plus in and around London, and unaffordable to the majority of families there,’ he added.