Interactive map reveals Britain’s cheapest postcodes – where are the most affordable homes near you?
A MAP has revealed where the cheapest postcodes are in Britain.
As house prices remain at record highs, choosing where to live has become even more challenging.
However, the most affordable areas to buy property in the UK have now been revealed.
Middlesborough town centre is the cheapest place to buy a house in England and Wales.
Properties in the TS1 postcode sold for an average of just £67,593 each in the last year.
The second cheapest spot was Grimsby, with homes selling for £78,425 each on average over the last 12 months.
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These were followed by Brambles Farm, Shildon, and Bradford City Centre.
In stark contrast, Mayfair in London recorded the highest average property price of any postcode in England and Wales
Residents would have to fork out an eye-watering £4.8 million to live in the posh W1K postcode.
This was followed by houses in SW1X, with prices nearing £4 million in the Belgravia area.
The top four most expensive properties in England and Wales are all located within central west London.
What has been happening with house prices?
The average house price is currently £285,000, according to the latest data from the office for national statistics (ONS).
The housing market has been pretty stagnant throughout the first half of this year, but there are signs that growth is picking up.
This has largely been attributed to higher mortgage rates pricing out buyers, experts say.
What could happen to house prices in the future?
Property values are likely to rise modestly through this year and into 2025, Halifax said recently.
Amanda Bryden, head of mortgages at the lender, said: "Mortgage affordability is still the biggest challenge facing both home buyers and those coming to the end of fixed-term deals.
"This issue is likely to be eased gradually, through a combination of lower interest rates, rising incomes, and more restrained growth in house prices.
"While in the short-term the housing market is delicately balanced and sensitive to the pace of change to base rate, based on our current expectations property prices are likely to rise modestly through the rest of this year and into 2025."
She added that this could ease gradually, particularly if The Bank of England (BoE) pushes ahead with an interest rate cut in August.
Interest rates have remained at a 16-year high of 5.25% for almost a year causing major affordability challenges, particularly for first-time buyers.
In some signs of relief for borrowers, lenders including have reduced rates on some mortgages.
Some 1.6 million mortgages are coming off fixed rates this year, according to UK Finance.
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How will a new goverment affect mortgage rates?
Labour’s General Election landslide could deliver a confidence boost to the housing market, some experts have said.
Alice Haine, personal finance analyst at Bestinvest said: “A stable political environment can potentially deliver a confidence boost to the housing market, particularly one that has struggled over the past year with high borrowing costs and a dearth of available and affordable stock.
“Buying a first home, upsizing and even downsizing are all major personal finance decisions, which is why confidence in how your country is run is vitally important.
“Interest rates have remained at a 16-year high of 5.25% for almost a year causing major affordability challenges for first-time buyers and those looking to move to larger homes.
Meanwhile, Nicky Stevenson, managing director at estate agent group Fine and Country added: "While the property market has had to contend with elevated interest rates and political uncertainty, it has held firm and is expected to see further buoyancy following the General Election.
“Annual house price forecasts reflect a more positive outlook than they did in the beginning of the year, helped by headline inflation reaching its target 2%."
The BoE uses the base rate as a lever to control spending, with higher rates intended to dampen demand and spending, which in turn drives down inflation.
As inflation is set to fall this year, the BoE is expected to follow with rate cuts. It would be good news for homeowners looking to move, households remortgaging and first-time buyers who could see lower mortgage rates.
Who tracks house prices?
There are several different house price trackers, all of which measure something slightly different.
The official measure comes from the Office for National Statistics (ONS), which examines the prices homes have actually sold for after they are registered on the Land Register.
The organisation's latest figures showed that the average UK house price increased by 1.1% in the year to April.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
Help to Buy Isa - It's a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move. These accounts have now closed to new applicants but those who already hold one have until November 2029 to use it.
Help to Buy equity loan - The Government will lend you up to 20% of the home's value - or 40% in London - after you've put down a 5% deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa - This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25% on top.
Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25% to 75% of the property but you're restricted to specific ones.
Mortgage guarantee scheme - The scheme opens to new 95% mortgages from April 19 2021. Applicants can buy their first home with a 5% deposit, it's eligible for homes up to £600,000.
This is the most accurate of all the indices, but the figures come out three months after the homes are sold, so there's a big time lag.
Some lenders and property websites also publish monthly indexes, tracking the average prices of homes on which they provide mortgages.
Nationwide said the the average house price nudged up 0.2% in June.
The modest monthly growth leaves the average price of a house in the UK at £266,064, the index by Nationwide Building Society showed, up 1.5% on the same time last year.
According to Rightmove's latest index, average price of property coming to the market for sale dropped by £21 to £375,110 in June.
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Meanwhile, Zoopla's June figures showed that house sales increased for the fifth month in a row in May.
While they do adjust their figures to iron out big outliers, both lenders measure average house prices based on the properties they see.