The property market is a bit of a jumble right now.
While it is normal for it to fluctuate overall, coronavirus has thrown a wrench in the mix for people looking to get a foot on the ladder.
Unfortunately, many banks have cut down on the percentage of loan-to-value (LTV) mortgages, meaning that those looking to buy a house for the first time may now need a bigger deposit in order to afford to buy.
Or, look further afield for cheaper homes.
With this in mind, we have researched property prices in cities across the UK and compared these to London, which is notoriously expensive.
Here is what your money could get you if you abandon the capital.
What kind of property you can get for £150,000
Let’s start with Manchester.
For £150,000, you can move into a beautiful two-bedroom luxury flat, which is smack in the middle of the city centre, and a short walk from Manchester Oxford Road train station and the canal.
If that is too expensive, there are other flats within the residential building from £114,950.
As an example, if you got a mortgage with Natwest over 25 years, with a 10% deposit equalling to £15,000, your monthly rent would be £599.
Not bad for a new, fancy two-bed.
Let’s compare to London.
As you probably know, you won’t get close to the city centre with this type of budget, but you can still get a decent home if you are willing to travel (very far).
Over in South Norwood, located in zone 4, there is a one-bedroom flat that boasts ‘views towards Croydon’ and ‘excellent local amenities’.
But the standard of the property is nothing close to the Manchester new-build and requires a refurb, so you would need to set aside cash for that, too.
The monthly rent would be the same as above (£599) with Natwest, but it’s 0.8miles from the nearest train station so could also mean a long commute – unless you work from home.
So, luxury flat in superb location or slightly dingy refurb job out in the sticks.
Tough choice, right?
What kind of property you can get for £250,000
OK, let’s up the ante, and try another site and city.
This time, we’re looking at Bristol – where you can get a two-bed end of terrace house with a huge garden for £250,000 on Zoopla.
There are also two reception rooms and one bathroom.
The property is located in Ferndene, so it’s not very central, but Bristol as a whole isn’t that huge of a city so it would be fairly easy to drive into town.
If you don’t drive however, this could be an issue.
Over to London.
As we’re looking at houses only this time, we are sorry to report that there are no options in any central spots – but if you’re OK with Dagenham, Hornchurch or Sutton, there are a few options, including a two-bed that comes in at £248,000.
So you could take the remaining £2,000 and spend it on the house warming.
The terraced house is in decent condition, but could use an update to its interior.
It too has one bathroom and a garden (though this one is much smaller and more of a gravel patch).
However, don’t get too enamoured unless you are older – this home is marketed at those over 60 and forms part of Homewise’s lifetime lease plan, meaning you will get a discount of anywhere between 8.5% and 59%.
Then again, if you’re after a place to spend your retirement years and don’t fancy the hustle and bustle, it could be a sweet deal.
What kind of property you can get for £350,000
Up for a move to Liverpool?
Grab two mates and move into a three-bedroom flat in the city centre. Minutes away from bars, restaurants and shops, it’s a perfect property for millennials or families.
The flat, which is offered at £300,000 (yay, £50,000 discount) can be found in Alexandra Tower, which has 27 floors.
As for the home, it’s very modern with contemporary interior, lots of light, and also boasts a 24-hour concierge service and parking on site.
If you prefer to stay in London, you’ll need to say bye-bye to the housemates – as you will struggle to find a centrally located three-bed at a similar price.
But you could get a studio in Clerkenwell for £350,000, which is around the corner from Barbican Underground.
OK, it’s tiny flat but it’s not all bad; the property is located inside a Grade II listed art deco mansion block, which has a communal swimming pool, roof terrace and a small gym.
The kitchen isn’t…. great (it’s outdated and there’s no oven), and you’ll struggle to fit a sofa in the room, but that’s just the joys of capital life.
Just keep repeating that to yourself.
What kind of property you can get for £450,000
Firstly, if you have saved up a big enough deposit to afford a home at this price, we salute you – but you can actually get gorgeous homes in Newcastle for far less.
For the sake of our research, let’s stick to £450,000.
There’s a two-bedroom duplex penthouse in the city centre that will speak to your inner hipster with its open plan design, high ceilings and quirky features (like the brick walls, exposed metal beams and funky tub).
Not to mention the views of the Rivery Tyne.
Yeah, we’d happily live here.
Surprisingly, in this price range, London doesn’t fair too bad.
OK, you won’t get a flat in Chelsea, Westminster or Shoreditch, but if Whitechapel appeals, there is currently a beautiful two-bedroom flat up for grabs.
Located 0.3miles from the Underground station, the home features a spacious kitchen, balcony and small but cute bathroom (we particularly like the wood detailing on the sink).
But here’s the downside: you would have to shell out £1,797 every month for a 25-year mortgage, so it’s a pricey spot to purchase if you’re on your own.
Then again, if you’re buying with a partner or friend, or fancy getting a housemate, it’ll end up at an average London price per room (£898.50).
No hipster vibes though.
What kind of property you can get for £550,000
Time to visit Edinburgh.
Prepare yourself to be amazed: although this student town is pricier than many other cities in Scotland, you still get amazing value for your money.
How does a gorgeous, detached five-bed house with a humungous garden featuring two decked areas sound?
Did we mention the property also has French doors that open up to the aforementioned garden? And there’s a private driveway, too.
The home is only four miles from the city centre, located in Liberton.
Let’s find out how this compares to the Big Smoke.
A five-bedroom house with a (much, much smaller and not as fancy) garden is available in East Ham.
The interior is in good condition, though the kitchen looks circa 1980 with its wooden cabinets, which brings down the overall look of the property.
However, the glorious top floor room with its skylight makes up for that. Almost.
Location-wise, you are moments from Upton Park Underground (Zone 3).
Both properties cost £550,000.
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