The one thing that everybody needs is an affordable but comfortable home. Most cities in the UK have very expensive houses. London is known to have some of the most expensive homes in the UK. House prices begin to fall when you move away from inner boroughs of London to the outer zones. Many other cities have the same trend in home prices. This does not mean that there are no good and cheap places to live in. You will realise that there are more than one cheapest place to live in the UK that are also quite appealing. In fact, some of these homes are located right by the seaside. Some towns also have low-cost houses right in their central business districts.
Many things determine the price of a house. The first one is the type of the house. A house can go for a given price depending on its size and architecture. The larger and more architecturally endowed a house is, the more expensive it will be. For this reason, flats are generally less costly than mansions. This is only true for houses that are located within the same geographical area. Location of a house is probably the most important determinant of house prices. Houses that are located in the major cities are generally more expensive than those in the suburbs. This could explain the difference in house prices between zone one and zone seven of London.
The cheapest places to live in the UK through a recent research include:
- Great Horton Road, Bradford
- Central Burnley, Burnley
- North Ormesby, Middleborough
- Little Masden, Pendle
- South Rosegroove, Burnley
- And Bradley,
A house can be gigantic but still cost less than a smaller one that is located in a large city boundary. It is upon the buyer to decide whether it is the location of the house that matters or its architecture. A buyer may be forced to purchase an expensive home by his job requirements. A good number of people who work in the cities and live in small but expensive houses in had to put up with the exorbitant costs because of need rather than desire. These people could easily move to cheaper houses at the first sign of opportunity.
The burden of home prices is usually weighed against incomes. A house price can be two, three or even ten times more than the income of a buyer. The most expensive houses prices can be as much as 75 times the average income of people living within the same geographical area. A good example is Belgravia in West London. Belgravia has house prices that are as much as 73.4 times the average income of people living in the city. This implies that you have to borrow a mortgage that is 73.4 times your income to afford a house in Belgravia. You might console yourself that mortgage repayment is extended for some time and therefore that figure is technically not scary. However, you must also note that you may be required to repay larger instalments. The mortgage may also extend way into your retirement years.