Renting in a city is more expensive than renting in the countryside. Renting in London is more expensive than renting in Liverpool. There are differences in price related to location, geography, amenities, opportunities and local salaries. Across the United Kingdom, property values vary widely. In the south, where regions like London, Oxford, and The Cotswolds command some of the highest prices, salaries are higher and the cost of living is more expensive. In the north, where areas like the North of England and Wales provide some of the lowest prices for purchasing or renting a property and the cost of living is cheaper.
Spending less than you’d want to, yet dreaming of owning a home?
There are several regions in the UK where you may purchase a property for a lower price. Analysis done by MoveiQ, Phil Spencer’s property guidance website for purchasers that has unveiled the UK’s most and least affordable neighbourhoods. In certain regions of the UK, property prices are more than ten times the average annual wage. Buying a property in the north of England is significantly cheaper than in the south. There are students going to University in Newcastle and Liverpool who need a place to rent, so it is an option to buy a house, rent it out, and the rent pays for it over time.
- Durham – Considering average income and house price data for cities in 2021, it can be determined that Durham is the only place that is affordable for a single person earning the average salary in that city and having a mortgage that is 3.5 times the average salary in Durham.
- Aberdeen – The average price of a home in Aberdeen was now lower than in the rest of Scotland. A home in the City of Aberdeen costs on average $142,631. However, housing costs in the suburbs of the city are higher than in Aberdeen. The average property in Aberdeenshire is approximately £183,687, according to the HM Land Registry.
- Glasgow – Glasgow is by far the most preferable spot in the United Kingdom for a renter. According to AddLiving, a property management company, the keyphrases “flats to rent in Glasgow” are googled more than 9,500 times per month, far more than in Edinburgh (7,000), Liverpool (5,500), London (5,500), or Dundee (5,000).