Data reveals homebuyers can get more for their money in the North West
The BBC has delved into Land Registry data to reveal the areas across England and Wales where property has yet to reach £1m.
Highlighting 16 places where no house sale topped the £1m mark, the latest findings show that even the grandest of homes can be bought at a bargain price.
Sales of £1m-plus homes hit a new high last year. In fact, 16,119 property sales worth £1m or more were completed in 2017, up 5.4% from the previous high in 2016. Previous research also shows that University cities such as Cambridge and Bristol have seen £1m-plus sales surge. Plus, one-bedroom flats often sell for millions in London.
However, despite the rise, the latest findings show that there are still many areas that haven’t reached a seven-figure sum.
The homes which don’t top the £1m mark are located primarily in the North West of England and Wales. In Gateshead, the most expensive home sold for £999,000.
The sixteen areas that haven’t achieved a £1m sale since 2007 are:
- Blaenau Gwent
- Merthyr Tydfil
Commenting on the research, local experts claim that the relatively low prices appeal to investors, first-time buyers, and pensioners and that people are attracted to the area because they can get more for their money. In particular, buy-to-let investors are encouraged by areas with a stable local market – without the risk of boom or bust – and a steady demand from tenants.
However, there is also no absence of luxury among these sub-million properties with many first-time buyers snapping up homes that people in other parts of the country can only dream about.
For example, you can buy a five-bedroom detached home in Worcester – complete with games room, sauna, gym and wine cellar – for £950,000. Furthermore, a gated five-bedroom house built in 1890, with original features including a servants’ bells and oak panelling, is on the market in Pendle for £875,000. And sellers in Hyndburn are asking for under £875,000 for a 19th-century four-bedroom farmhouse with 15 acres of land, and stables for ten horses.
Unsurprisingly, over the last ten years, most £1m-plus properties were sold in London.
HM Land Registry does not cover addresses in Scotland or Northern Ireland.