The best areas to up-size your property potential for the lowest cost
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
|
You May Also Enjoy
More tenants enter the rental market
7 Ways Estate Agents Can Adapt to a Changing Property Market
Spring clean drives high maintenance bill for landlord
65% of homebuyers blame slow process on conveyancers
UK Construction Activity Collapses
