Liverpool L1 district comes out top as one of the best up and coming home areas
There are a number of areas in the UK where it is possible to buy a home at below the current national average of £200,000, often these areas where it is seen, as well as predicted, that there will be a strong price growth.
In a recent survey which was undertaken by consumer organisation Which? Mortgage Advisors, using data from the Land registry, the central Liverpool district postcode L1 comes out as the top destination for a home below the national average, which is also on the up. This district saw a property price increase of 41.2% in the last year and the average property of £85,000 increased in value from December 2011, to an average of £120,000 for the year to November 2015.
Two other areas saw a growth in price of similar proportions and these were ‘LL27 in Conwy North Wales coming second followed by BD1 in Bradford, just east of the city’s University. The increase in value of these two areas was 37% and 36% respectively. In Conway the average price rose in the same period as Liverpool from£135,000, to £185,000, and in Bradford BD1 post code they rose from £42,000 to £57,000 in the same period. In all of these cases it can be seen that the property prices still fall below the nation average of £200,000.
We are used to hearing and reading about the high and often unaffordable property prices in London, but even here there are affordable home below the nation average, with the potential to increase in value. Bexley in the post code DA18 is a case in point, the average property price in DA18 was £191,500, up by 32% in the last year.
Commenting on the finding, David Blake at Which? Mortgage Advisers said: “For a first time buyer or a buy to let investor, these up and coming areas can provide an affordable alternative to buying in an already established area.” He went on to issue a word of warning though by suggesting that although you may see the value of your property grow quickly, markets can and do change and there is no such thing as a cast iron guarantee.
Before investing in any property there are signs that can suggest that the area could see a regeneration, such as local authority plans to regenerate the town centre, perhaps new and improved transport links or the arrival in the centre of new trendy shops, restaurants, and cafes, also new build developments can increase the value of surrounding properties.