Which Are the Most Expensive Places to Buy Property in the UK?

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Which Are the Most Expensive Places to Buy Property in the UK

Unfortunately for prospective first-time buyers in the UK, there are huge discrepancies in house prices across different regions.

Even though house prices are starting to fall, the buying process can be unimaginably expensive for those just starting out. But the situation is complicated even further for those searching in areas where the cost of living is comparatively high.

Whether you’ve decided to stay in your university city or you’re putting down some roots near your family, choosing your location is only the first step. And if you’re making the big move to London, you’ll be entering one of the most competitive markets in the world.

No matter your situation, it’s worth knowing which locations call for the highest asking prices.

Buying property in the UK: Four of the most expensive locations for first-time buyers

1. London

Perhaps unsurprisingly, London is home to some of the most expensive properties on the market. Regional disparities explained in the House Price Index prove that London continues to have the highest average house piece in England.

Figures show that the average London house price is more than double that of the average asking price in several other regions, including the East Midlands.

London

As the UK’s primary financial centre, it’s hardly surprising that millions flock to the city to settle down.

Many mortgage plans and schemes make it slightly easier for first-time buyers to get onto the ladder in the capital, but the process certainly demands higher deposits and repayments. If you’re planning to buy property in London, you should consider finding ways to boost your credit score in advance. If you have a plan to sell a home which you have in London, drop the idea.

2. Albans

Located just on the outskirts of London, the quaint and historic market town of St. Albans is second in property prices only to the capital. It’s an affluent location and proves very popular with professional couples starting families alongside older buyers and buy-to-let landlords too.

The quality of housing in the town is also high, with most properties boasting ample parking space and luscious gardens. First-time buyers might be interested in St. Albans for its enviable commuting links to the capital, but it’s certainly true that more affordable options can easily be found elsewhere.

3. Bath

The charming county of Somerset appeals to plenty of holidaymakers, making it a popular choice for those purchasing a second or third property. With London buyers contributing to soaring house prices in the Cotswolds, it’s hardly surprising that Bath is one of the most expensive UK cities for first-time buyers.

Bath

Its ancient charm, natural thermal spas, academic culture and proximity to the outstanding natural beauty of the Cotswolds keep the local market an incredibly competitive space.

4. Cambridge

Cambridge has a consistently high demand when it comes to property. This charming university city is filled with architectural delights and abundant career opportunities too. It’s equally popular for students and tourists, and it’s also easy to commute between Cambridge and London on the train.

High salaries attract wealthy individuals and talented graduates, meaning that Cambridge maintains a prestigious reputation for excellence across multiple sectors. Those looking to get on the ladder in Cambridge should expect asking prices nearly double those in northern regions.

If you’re thinking of buying your first home and moving out but struggling with debt and money, help is available. You can find free guidance online through services like Citizens Advice or contact your bank for tailored advice.

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