Explore the latest trends in the UK’s most affordable property markets through insights from Rightmove’s House Price Index. Discover the most affordable regions, average house prices, and selling speeds across the country.
The recently released House Price Index by Rightmove has shed light on the most budget-friendly regions for property buyers across the UK, offering a comprehensive overview of housing market trends.
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Affordable Haven: North East England Tops the List
The North East of England emerged as the most cost-effective area for property buyers, with an average home price of £186,144. This figure represents a 0.8% month-on-month increase and a 2.6% year-on-year rise.
Competitive Scottish Housing Market
Scotland closely followed suit, presenting an attractive option for prospective buyers with homes available at an average price of approximately £190,305.
Mid-Range Property Costs in Wales
Wales stood in the middle ground, with an average property price of £257,090. However, this figure saw a decrease of 1.4% on a monthly basis and 1.5% year-on-year.
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London’s Priciest Properties Continue
Unsurprisingly, London retained its status as the most expensive property market in the UK. The average house price in the capital stood at £672,961, reflecting a 2.3% month-on-month drop, yet a 0.7% year-on-year increase.
Swift Property Sales in Scotland
The data also revealed the speed at which properties were being sold in different regions. Scotland led the way with an average selling time of around 31 days.
Longer Selling Times in Wales
In contrast, Wales experienced a slower pace of property sales, requiring an average of 62 days to sell a house.
UK’s Most Affordable Property Markets: Average House Prices Across the UK
A glance at the average house prices across different regions offers valuable insights:
- North East: £186,144
- Scotland: £190,305
- Yorkshire & Humber: £244,323
- North West: £253,859
- Wales: £257,090
- East Midlands: £285,650
- West Midlands: £286,250
- South West: £384,182
- East of England: £418,980
- South East: £481,452
- London: £672,961
Days to Secure a Sale: Regional Comparisons
The duration taken to finalize a property sale highlighted regional disparities:
- Scotland: 31 days
- North East: 49 days
- West Midlands: 54 days
- South East: 54 days
- North West: 54 days
- Yorkshire & Humber: 56 days
- South West: 59 days
- East of England: 59 days
- East Midlands: 60 days
- London: 61 days
- Wales: 62 days
In conclusion, the latest insights from Rightmove’s House Price Index provide valuable data for prospective property buyers, outlining affordable options across the UK while demonstrating variations in selling speeds between regions.
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