Have you ever wondered where the cheapest area to buy a house in the UK right now is? Well luckily, I have done some research and can tell you the top 10 cheapest areas to invest in the UK! Watch the full video (above) as I talk about the cheapest areas and which out of the top 10 I would personally invest in.
In this article, I will list those 10 areas, so you can start looking at them and seeing if they can form part of your property portfolio.
1. Middlesbrough – TS1 – Average House Price £54,978
The average rent in the area is £602. You can find properties to buy here that have an ROI (with a mortgage) of 20% or higher.
2. Bradford – BD1 – Average House Price £58,673
There is no Article 4 here meaning you can turn houses into HMOs (houses in multiple occupation) without planning permission. Remember to do your own research and establish demand before doing so.
3. Sunderland – SR1 – Average House Price £65,478
One of my students, Pete, bought a 28 -bedroom apartment block on a lease option agreement with no money down here! You can read the full story here.
4. Grimsby – DN31 – Average House Price £71,105
Again there is no Article 4 here, so you can turn houses into HMOs quite easily. This area was at one time quite saturated with HMOs but the market seems to have calmed down in that regard now.
5. Shildon – DL4 – Average House Price £73,637
I don’t know much about this area. I looked it up and there was a murder last week. If this is indicative of the area (and I don’t know that it is or isn’t), I would avoid investing. Remember it isn’t just about ROI but also the quality of the tenants.
6. Peterlee – SR8 – Average House Price £85,274
I bought a property near here for £36,000 and rent it out for about £500 a month!
7. Sandly – DH9 – Average House Price £91,391
This area has an average rent of £492, which is higher than the next area on the list (with higher house prices)!
8. Lancashire – BB11- Average House Price £91,516
The average rent for the area is £455. Not amazing returns.
9. Liverpool – L20 – Average House Price £91,793
I believe Liverpool is an up and coming area and hence a good place to invest. I think that Liverpool is becoming a place a lot of people are visiting and it is a good location for serviced accommodation. Read how I helped rapper Krept get a ‘free house’ here in Liverpool.
10. Keighley – BD21 – Average House Price £91,833
My students are securing properties on lease option agreements here meaning they agree to take over a property now and have an option to buy it later years down the road. They pay the owner rent in the meanwhile and then turn the houses into HMOs.
If you would like to get started in property but need a little help to find, secure and fund great deals, why not come to my next course. Tickets are just £1! You can book one here. I hope to see you there and maybe have a chat about your property investments.
