In the UK right now the average house price is estimated at just over £245,000 (as of February 2021). But that figure obviously varies from region to region. So if you're a first-time buyer or looking to move to pastures new, which areas should you be looking at to get the best value for your money?
Please note all figures are according to Rightmove.
1. The Isle of Wight
Let's start with home, which is pretty good news considering its location in the UK. Properties on the Isle of Wight had an overall average price of £263,957 over the last year, so not far above the national average and the cheapest in the South East. The national average price is likely to get you a lovely three-bedroom semi-detached or a bungalow in one of the Island's many beautiful villages. There's also a number of stunning cottages available right now at similar prices.
Properties in Sussex had an overall average price of £383,074 over the last year, with larger semi-detached homes selling well above the national average. It's not all bad though - a quarter of a million is likely to get you a furnished two-bedroom apartment in Brighton and rural areas, and could stretch to a spacious terrace home in a number of Sussex towns. And of course you can't beat some of the county's stunning locations.
3. The South East
When you start to add in figures for areas closer to London, Sussex suddenly feels a lot cheaper. With an overall average price of £424,891, it's a major hike up when you account for areas like Surrey and Berkshire. While the national average would get you a small semi-detached or good sized bungalow closer to the coast (in Hampshire for example), if you want to be near the capital, you'd be looking at a one-bedroom furnished flat on average, two-bed if you can get a good deal.
This clearly won't come as a surprise to anyone that London is the most expensive place to live on this list, but it is still astonishing just how much of a gap there is between the capital and the rest of the UK. With an overall average price of £666,682 (and many terraced properties selling for higher), the national average sadly won't get you very far. A quarter of a million could get you a good sized studio or one bedroom flat in some of the greater areas, but if you want to go more central, you're looking at small studio flats and in some cases rooms only.
5. The South West
Certainly the cheapest region in the Southern mainland, the average house price currently sits at £305,560, although its still significantly above the national average. The most expensive area is Dorset, where the average could get you a spacious two-bed terrace house or bungalow. But in neighbouring Devon, you could upgrade to a modern three-bed semi, or even four-bed in some cases!
6. East of England
As we edge back towards the capital, the prices of course do begin to increase. With an overall average price of £351,078, its cheaper than the South East but still rather pricey. Hertfordshire and Bedfordshire are the most expensive options (you're unlikely to get anything beyond a two-bed apartment), but coastal Norfolk could get you a three-bed new build for the national average.
7. The West Midlands
Now we're out of the South, prices begin to dip below the national average. With an overall average price of £234,821, even the region's most expensive area (Warwickshire) could still get you a nice three-bed semi with a quarter of a million. In contrast, purchasing in Staffordshire could set you up with a lovely four-bed detached (including new build)!
8. The East Midlands
With an overall average price of £221,901, we're now seeing a significant dip below the national average. A quarter of a million in this region of the UK could get you a spacious three-bed semi in the south of the region (Northamptonshire), but head further and areas such as Lincolnshire could get you a modern four-bed detached, or any of a selection of three-bed detached cottages.
9. The North West
It may cost more if you want to be based in the centre of Manchester or Liverpool, but outside of the cities, it's a very reasonable area to live with an overall average price of £203,565. The cheapest area is Lancashire, which could offer you a selection of four-bedroom detached properties, and of various designs, for the national average.
10. Yorkshire and the Humber
We're now going under £200,000. With an overall average price of £199,441, buying at the national average in this stunning region could get you a seriously spacious home, from modern three-bed townhouses to four-bedroom detached homes with large gardens.
11. The North East
Last but not least, we come to the cheapest region in the UK for properties right now. With an overall average price of £168,811, you'll certainly find good value for your money in the North East. A quarter of a million could certainly set you up with a four or five-bed detached home, and plenty of garden space to go with it!