The best areas to up-size your property potential for the lowest cost

July 4, 2019
bricks rubble

Leading property finance specialists, One77 Mortgages, has looked at where across the UK offers the smallest monetary step when looking to up-size and increase your property potential.

One77 analysed Land Registry house price data to highlight the smallest increases in property price between a flat and each type of house from terraced, semi-detached and detached for a property on the UK mainland.

Flat to Terraced

When upsizing, even the move from a flat to a terraced home can make a considerable difference and on average across the UK this move costs an additional £12,432.

The Isle of Anglesey is home to the smallest jump between flat and terraced at £4,819, followed by Manchester (£6,615), Liverpool (£6,937), Newcastle-under-Lyme (£8,229), Nottingham (£9,829), Rossendale (£10,601) Oldham (£10,930), Salford (£11,815), Middlesbrough (£12,998) and Bradford (£13,047).

Flat to Semi

County Durham provides the most affordable step between a flat and a semi-detached home at £33,627. Again Anglesey ranks high, followed by Carmarthenshire (£37,611), South Yorkshire (£37,922), Newcastle-under-Lyme (£39,419), Copeland (£40,311) East Ayrshire (£41,228), Stoke-on-Trent (£41,521), Doncaster (£42,293) and North Ayrshire (£42,523).

Flat to Detached

The most notable up-size is of course between a flat and detached home, adding serious property potential although the cost is, of course, much larger with the most affordable up-size found in Burnley, home to a difference of £100,401 between the cost of a flat and detached home.

Country Durham, Stoke-on-Trent, Hyndburn, Carmarthenshire, Dumfries and Galloway, Blaenau Gwent, Blackpool, East Ayrshire and Neath Port Talbot are all home to a gap of between £102-112k.

Managing Director of One77 Mortgages, Alastair McKee, commented:

“We don’t often consider up-sizing straight off the bat and for many, the high cost of homeownership means that making it on the ladder at all is an achievement in itself. However, we’re currently enjoying a prolonged period of affordability where mortgage rates are concerned, in fact, some of the best on record, and this is likely to be the case for the mid-term at the very least.

Although we always advise strongly against anyone borrowing beyond their means, in current conditions it could pay to look a little harder, save for a little longer and increase your property potential now rather than later while taking advantage of a good rate of interest on your monthly payments.

While it’s unlikely that anyone will be making the jump straight from a flat to a detached home, the difference of between £1,500 and £12,00 to up-size to a terraced home would be a very manageable sum when considered on a monthly basis.”

Top 10 – by smallest step from flat to terraced
Location
Difference (£)
Isle of Anglesey
£4,819
Manchester
£6,615
Liverpool
£6,937
Newcastle-under-Lyme
£8,229
City of Nottingham
£9,829
Rossendale
£10,601
Oldham
£10,930
Salford
£11,815
Middlesbrough
£12,998
Bradford
£13,047
Top 10 – by smallest step from flat to semi-detached
Location
Difference (£)
County Durham
£33,627
Isle of Anglesey
£34,769
Carmarthenshire
£37,611
South Yorkshire
£37,922
Newcastle-under-Lyme
£39,419
Copeland
£40,311
East Ayrshire
£41,228
Stoke-on-Trent
£41,521
Doncaster
£42,293
North Ayrshire
£42,523
Top 10 – by smallest step from flat to detached
Location
Difference (£)
Burnley
£100,401
County Durham
£102,233
Stoke-on-Trent
£105,220
Hyndburn
£106,378
Carmarthenshire
£107,096
Dumfries and Galloway
£107,784
Blaenau Gwent
£109,616
Blackpool
£110,453
East Ayrshire
£110,952
Neath Port Talbot
£111,344

 

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