Looking at cheap places to buy house in the UK 2024, the most affordable regions to purchase a house, and how we can help you sell your home.
Sell your house in 28 days
WRITTEN BY: Alexandra Ventress ★ Digital Content Writer
Looking at cheap places to buy house in the UK 2024, the most affordable regions to purchase a house, and how we can help you sell your home.
Sell your house in 28 days
WRITTEN BY: ALEXANDRA VENTRESS ★ Digital Content Writer
If you are looking at upping sticks and moving home, then one of the first things you may wish to look at is the different prices of property across the country. The price of property by region can be an important factor when looking at buying and selling, as it allows you to understand not only how much your next property may cost you, but also how much you may get for yours.
With the cost of living crisis crunching the nation, knowing the price of your property and the average prices around the country can set you off on the best foot when it comes to your selling journey.
In this blog post, we will be looking at cheap places to buy house in the UK 2024, the most affordable regions to purchase a house, and how we can help you sell your home.
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2024 is nearly upon us, and whilst it is impossible to predict exactly what will happen in the housing market over the upcoming year, property experts can get pretty close. For the first half of 2024, mortgage rest are set to remain higher. Property experts are not predicting the rates to fall back to 4.5% until the second half of 2024. Because of this, if housing affordability is to improve, then people will need to earn more money and grow their incomes. The main factor that is set to support house sales over the course of 2024 is the rise in wages.
UK house prices 2024 are expected to fall by 2% over the course of the year. Should the price of property fall further and incomes increase or mortgage rates fall, then affordability will improve for home buyers and will boost predicted sales.
As the number of houses for sale has now reached a 5-year high, it is critical that sellers keep pricing their properties competitively if they wish to sell.
Keeping these predictions in mind you should remember that house prices will fluctuate month on month, depending on the season, as well as the area that you are living in. Where you live in the UK can have a big effect on the price of your property, especially if you live in the north instead of the south. Whilst it is not the case every time, you can typically expect a 3 bedroom semi-detached house in the north to cost less than one in the south.
According to the HM Land Registry UK House Price Index, the average house price in the UK last year was £291,560. But how does this figure compare to this year and how is it reflected in the different regions across the UK?
Whether you are first-time buyers or an investor looking to purchase a second home, affordable areas to buy a home are always worth knowing about. Below we take a look at the average regional prices in England according to the UK house price index and look into how much each region differs in price:
| Region | Average price August 2023 | Annual change % since August 2022 | Monthly change % since Aug 2023 |
|---|---|---|---|
| East Midlands | £251,000 | 0.4 | -0.6 |
| East of England | £353,000 | -1.4 | -0.4 |
| London | £537,000 | -1.1 | -0.3 |
| North East | £163,000 | 1.6 | -2 |
| North West | £218,000 | 0.6 | 0.5 |
| South East | £392,000 | -1.4 | -0.6 |
| South West | £329,000 | -1.6 | -0.1 |
| West Midlands | £254,000 | 0.5 | -0.2 |
| Yorkshire and the Humber | £210,000 | 0 | -2.4 |
House prices in the UK are not just affected by the area you are looking in or the time of year it is. House prices can also be affected by the type of property that you are looking to sell or purchase. Below is data collected from the HM Land Registry, showing the change in house prices over two years, depending on the property type:
| Property type | July 2023 | July 2022 | Difference % |
|---|---|---|---|
| Detached | £488,835 | £478,317 | 2.2 |
| Semi-detached | £297,183 | £293,983 | 1.1 |
| Terraced | £252,084 | £252,589 | -0.2 |
| Flat/maisonette | £249,064 | £251,486 | -1.0 |
| All | £308,633 | £306,655 | 0.6 |
Sell your house without the fees
Selling your home in a cheap area can be a challenge as if you set your price too high, you may struggle to find a buyer, but if you price it too low, you risk waiting on the open market, or losing buyers who are concerned that there may be an underlying issue with the property.
In order to sell your home in a cheap area, you should take the following steps:
| County | Average House Price |
|---|---|
| County Durham | £164,945 |
| Tyne and Wear | £193,470 |
| Northumberland | £205,304 |
| West Yorkshire | £205,705 |
| Lancashire | £213,078 |
*According to data from Rightmove
As it currently stands, County Durham is the county with the most affordable house prices. As we have previously mentioned, the North East is the region with the cheapest house prices, so it is no surprise to see County Durham on the list. Its close proximity to Newcastle and homing the city of Durham, as well as the excellent transport links it boasts, allowing you to travel both in and around the county with ease.
An affordable choice for all home buyers, the average house price in Durham is £164,945. The most popular property type sold in the county over the last year were terraced properties.
Below is a breakdown of the average cost of property throughout the county:
The next most affordable county in the UK is Tyne and Wear, also located in the North East of England. With affordable house prices and brilliant travel links to London and Edinburgh, as well as in and around the county, there is no wonder that Tyne and Wear is a popular county for those looking to purchase property.
The average price for a home in Tyne and Wear over the last year was £193,470, with the most popular property type sold being terraced properties.
Below is a breakdown of the average cost of property throughout the county:
Next up on the list of affordable counties in the UK 2024 is Northumberland. A breathtaking county full of picturesque walks, national trust properties and a fantastic coastline, Northumbria is a firm favourite for those seeking low, affordable house prices.
Northumberland is a hotspot for reasonable property prices, with the average home costing £205,304. The most popular Northumberland property type sold over the last year were terraced properties.
Below is a breakdown of the average cost of property throughout the county:
The next county on our list is West Yorkshire, home to the Royal Armouries and the Yorkshire Sculpture Park. With the average price of a property in West Yorkshire costing £205,705 in 2023, there is plenty to love about life in West Yorkshire.
Below is a breakdown of the average cost of property throughout the county:
Lancashire is the last county on our list of counties with the most affordable housing, with an average house price of £213,078. With a host of beautiful beaches and scenic countryside walks, there is plenty to see and do in the wonderful county of Lancashire.
Below is a breakdown of the average cost of property throughout the county:
The southeast covers a broad range of the country, encapsulating property hotspots such as Reading, Brighton, and Winchester. However, with an average property price of £540,354 over the last year, it’s easy to see why many buyers may be put off the southeast when house hunting.
While the average house price may be on the slightly pricier side of people’s budgets, there are plenty of areas in the south-east that can be classed as affordable.
Below we take a look at some of the most affordable places to buy a house in the south-east:
| Area | Average asking price |
|---|---|
| Southampton City Centre | £230,278 |
| Ocean Village | £242,225 |
| Brompton | £251,548 |
| East Cowes | £255,978 |
| Whippingham | £256,555 |
*According to data from Rightmove
According to data from Rightmove, the cheapest place to buy a home in the southeast is Southampton City Centre. Packed full of great local amenities, such as museums, parks, and a theatre, as well as great travel links, a property in this area will set you back by about £230,278, which is less than half the regional average!
The next up on our affordable towns to buy in the southeast is Ocean Village, a development in Southampton where the average asking price is £242,225.
Located only minutes from the water, Ocean Village is full of amenities, such as shops, bars, restaurants and a cinema and is only a 20-minute walk from the city centre.
With an average asking price of £251,548, Brompton in Kent is one of the cheapest places to buy a property in the southeast.
Located less than a 10-minute walk away from the historic Dockyard in Chatham, Brompton has many great amenities nearby, such as green spaces and a shopping centre. The town also boasts excellent travel links, taking just over an hour to travel to London using public transport.
Located on the Isle of Wight is the town of East Cowes. With an average asking price of £255,978, the town is famous for its yachting events, with many occurring during Cowes Week, which is the largest sailing regatta of its kind.
You will find that you are an hour and a half away from Southampton and Portsmouth, and three hours from London by train.
Last but not least is Whippingham, a village located on the Isle of Wight with an average asking price of £256,555. Close by to the town of East Cowes, the village is most famous for its history with Queen Victoria, who made Osbourne House a royal residence, and St Mildred’s church.
| Area | Average asking price |
|---|---|
| North Ormesby | £70,683 |
| Shildon | £95,916 |
| Eston | £106,332 |
| Easington | £108,429 |
| Peterlee | £108,524 |
*According to data from Rightmove
North Ormesby gets the crown for the most affordable places to buy a house in the north of England, with an average asking price of just £95,916.
Situated a mere 30-minute drive from North York Moors National Park, and Sunderland an hour and 15 minutes away using public transport, there is lots to love about North Ormesby.
Shildon in County Durham is next up on our list of cheapest areas to buy a house in the north of England 2024. With an average asking price of £95,916, Shildon is one of the cheapest areas in the north and boasts green spaces, pubs, shops, museums, and a rich history with the railway.
Just an hour away from Newcastle-Upon-Tyne on public transport, Shildon has great travel links in and around the county.
The area is due to benefit from a £20 million investment that sets to open the UK’s oldest suspension bridge and transform its Locomotion tourist attraction.
Next up on our list is Eston, an industrial town in Cleveland. With an average asking price of £106,332, it is easy to see how Eston has made the list for affordable areas. Located a 10-minute drive away from North Ormesby, Eston is home to plenty of outdoor green spaces, shops, museums and more.
We are going back to County Durham for the next area on our list. Easington is a village located around 30 minutes away from Sunderland by public transport.
With an average asking price of £108,429, this coastal town has plenty to offer residents, with many coastal walks to choose from, outdoor green spaces, shops, and more.
Finally on our list of affordable places in the north of England is Peterlee. With plenty of nearby coastal towns to visit, and a grey seal spotting nature reserve, Peterlee has plenty of amenities on offer.
With an average asking price of £108,524, Peterlee also has excellent transport links, getting you to Sunderland in 30 minutes on the bus.
Now that we have looked at some of the cheapest places to buy house in the UK, we can now explore some of the more expensive areas in England. Regardless of whether you are a first-time buyer trying to get a foot on the property ladder, a family homeowner looking to upsize, or are simply just curious, below are the 5 places in England with the highest property prices:
| County | Average House Price |
|---|---|
| City of London | £1,024,218 |
| Greater London | £697,212 |
| Surrey | £626,518 |
| Hertfordshire | £533,784 |
| Buckinghamshire | £500,843 |
*According to data from Rightmove
Unsurprisingly, the City of London is at the top of our list of the most expensive places to live in England 2024. Whilst experts predict a 2% fall in house prices over 2024, this is unlikely to have much of an effect on London property. With the average property price in the centre of London being an eyewatering £1,024,218, it is easy to see why the City of London has topped the list.
Over the last year, the most popular property type sold in the City of London were flats, selling for an average price of £1,005,207. Semi-detached properties cost an average of £2,850,000 in the city and terraced properties fetched an average of £2,050,000.
In the last year, the overall sold prices in the City of London were up 2% on the previous year and 18% down on the 2018 peak of £1,248,823.
Next up on our list is Greater London. Another area that will not be a surprise to most, Greater London is home to a prime location, excellent travel links and properties priced at an average of £697,212.
Much like the City of London, flats were the most popular type of property sold over the last year, fetching an average price of £538,488. Terraced properties in Greater London sold for an average price of £763,523 and semi-detached properties cost an average of £761,668.
Overall, the sold prices on average in Greater London were similar to the previous year, nut 8% up on the 2020 peak of £643,624.
Situated in the south East of England is the county of Surrey, home to a bounty of historical houses, zoos, theme parks and more, with easy access to London and beautiful countryside, Surrey is a top choice for those looking to commute to the capital whilst enjoying the peace of the countryside.
While it may be the middle of our list, Surrey’s house prices are certainly on the more expensive end of the property pricing spectrum with the average home costing £626,518 last year. The most popular property type sold in Surrey last year were flats, which sold for an average price of £388,771. Terraced properties in Surrey sold for an average of £633,355 and semi-detached properties fetched £659,553 on average.
Overall, sold prices in Surrey increased by 1% from the previous year, and were 10% up on the 2020 peak of £570,133.
Next up on our list of the most expensive places to purchase a property in the UK is Hertfordshire. Bordering Greater London, this commuter county is ideal for those looking to escape the city, whilst still being able to travel in and out of the capital with ease.
Slightly less expensive than its neighbours London and Greater London, Hertfordshire is still on the pricy side of property purchases, with the average house price last year settling on £533,784. The most popular property types sold in Hertfordshire last year were terraced properties, which fetched an average of £448,940. Semi-detached homes in Hertfordshire sold for an average price of £560,129 and flats sold for an average of £294,174.
Hertfordshire sold prices over the last year saw a 3% increase on the previous year and saw a 12% increase on the 2020 peak of £476,607.
Last on the list is the county of Buckinghamshire. With beautiful countryside views and excellent travel links to the capital city, Buckinghamshire is great for those who are looking to commute.
With an average home price of £500,843, Buckinghamshire has found itself at the bottom of our top 5 most expensive places in the UK, but it is still pricier to purchase in than most.
In Buckinghamshire, the most popular property type sold last year were detached properties, which sold for an average price of £816,534. Buckinghamshire semi-detached properties cost an average of £453,080 and terraced properties sold for an average price of £377,283.
Overall, Buckinghamshire properties over the last year had risen by 3% on the previous year and were 12% higher than the 2020 peak of £448,238.
We are The Property Selling Company, an online estate agency that wants to change how you sell your home. We pride ourselves on our philosophy that selling a house should be three things; fast, effortless, and free. That’s why when you sell with us you can say goodbye to the days of expensive estate agents and legal bills, as we cover all of the selling fees for you.
We keep our philosophy at the heart of what we do, offering a tailored service to suit you. Our dedicated team of property professionals are by your side throughout every step of the process, offering you support even after you have sold. We will advertise your property on Rightmove and Zoopla, organise viewings, cover legal fees, and negotiate better deals for free.
We are making the challenges of buying and selling your home a thing of the past. Over the years, we have built a seamless process to provide you with an excellent service and sell for free.
So if you are ready to get your home on the market, fill out one of our free no-obligation forms today!
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The Property Selling Company is part of The Property Buying Company Limited (Registration No. 08023018) is incorporated in England and Wales. Registered office: 4 Deighton Cl, Wetherby LS22 7GZ
