The UK housing market continues its upward trajectory, with the average house price reaching £267,200, a 1.5% year-on-year increase. Experts anticipate this trend to persist, projecting a further 2.5% rise in 2025, coupled with a 5% increase in sales volume. While affordability remains a significant hurdle for many, particularly in densely populated and economically vibrant areas, opportunities for budget-conscious buyers exist, predominantly in the North of England. These regions offer a stark contrast to the national average, presenting properties significantly below the £267,200 benchmark. This affordability factor fuels market activity in these northern locales, making them attractive to first-time buyers and those seeking more reasonable housing costs.
Several examples illustrate the potential savings available in the North. In Hartlepool, two two-bedroom terraced houses are currently listed for £35,000 each. One boasts one bathroom and one reception room alongside a kitchen, situated conveniently close to the train station and local primary school. The other features two reception rooms in addition to the standard bedrooms, kitchen, and bathroom, located a short drive from Horden train station with connections to Sunderland and Newcastle-Upon-Tyne. Both properties require cosmetic updates but offer an exceptionally low entry point into homeownership. With a potential 10% deposit of just £3,500, and assuming a 25-year mortgage at a 5% interest rate, monthly repayments would be approximately £184.
Further north, in Newcastle, a two-bedroom flat listed at £30,000 presents another affordable option. Located approximately 13 miles from Newcastle City Centre, this spacious flat is conveniently located near a primary school, shops, and other amenities. A 10% deposit of £3,000 and a 25-year mortgage at 5% interest could result in monthly payments of around £157. These examples demonstrate the significantly lower financial burden compared to the national average, making homeownership a more achievable prospect for many.
Even slightly higher-priced properties in the North still represent substantial savings compared to the UK average. A three-bedroom terraced house in Durham, listed at £70,000, though the most expensive of the highlighted properties, remains significantly below the national average. This property, offering three bedrooms, one bathroom, a kitchen, and two reception rooms, is a 20-minute bus ride from Durham City Centre, which enjoys good transport links to Newcastle and other surrounding cities. A potential 10% deposit of £7,000 and a 25-year mortgage at 5% interest could result in monthly repayments of around £368.
While the prospect of saving for a deposit can seem daunting, various strategies can help prospective buyers achieve their homeownership goals. The Sun’s “My First Home” feature showcases real-life examples of individuals navigating the complexities of property purchase. These stories offer practical advice and illustrate different approaches to saving and securing a mortgage. One example highlights the success of Leanne Gem, who utilized an “underrated scheme” to purchase her £456,000 four-bedroom house. Another features Karis Jacobs and her husband George, who employed the 50/50 method to buy their first home after experiencing job loss.
Further examples include Chae and Cem, who devised a “DIY Help to Buy scheme” to acquire their £466,000 first home. These diverse approaches demonstrate the importance of exploring different options and finding a strategy that aligns with individual circumstances. Another featured story cautions against potential pitfalls, highlighting how Anupam and his wife Shrabanti lost £6,000 in free cash during their home-buying process. By learning from the experiences of others, prospective buyers can navigate the market more effectively and avoid costly mistakes. The “My First Home” feature underscores the importance of research, planning, and seeking expert advice to make informed decisions and achieve the dream of homeownership.
