5 Cheapest Places to Buy A House In 2024

Every year my company buys more than £100m worth of property for our clients, so we’re always scouring the country for a bargain. So, which 5 places around the UK are the cheapest to buy?

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Well in this video I’m going to reveal them and then rank them by how good of an investment they actually are, because when it comes to property: cheaper doesn’t always mean better.

Plus, at the end I am going to give you 2 bonus cities that aren’t necessarily the cheapest, but are extremely good value for money!

So today the aim is to understand the 5 cheapest places and cities to buy in the UK in 2024 and then we will look at whether they are also the best places to buy in the UK in 2024.

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every year my company buys more than1 Million worth of property for our clients so we’re always scouring the country for a bargain so which five places across the UK are the cheapest to buy well in this video I’m going to reveal them and then rank them by how good of an investment they actually are because when it comes to property cheaper doesn’t always mean better plus at the end I’m going to give you two bonus cities that aren’t necessarily the cheapest but offer extremely good value for money so this first city is at the very center of the UK which is a large part of its appeal its central location and place at the heart of the motorway network has made it a major Logistics Hub Amazon alone has more than 2 million square ft of warehouse space there which is continually adding to as a result of all this local employment rental prospects are strong in fact of all the Investments we’ve ever made these have had the most impressive rental growth over recent years so our places always rent super super fast in case you haven’t worked it out I’m talking about Doncaster it’s amazing that it’s made the cheapest list with an average property price of less than £160,000 because it does have so much going for it being such an employment Hub but also offering a really nice relaxed semi- rural lifestyle of course like everywhere I’m going to talk to you about in Doncaster you need to be careful about where you buy like any City it has highly desirable areas but also some pretty scary ones I’ll come back to this later on but for now let’s move on to somewhere even cheaper this next city is the absolute cheapest on the list with an average property price of $109,000 or half a parking space to put it in London terms but is this somewhere you really want to be investing when there are Reddit threads from worried people asking whether it’s safe there we’re talking about Middlesboro and whether the cheap price should tempt you to invest will depend on two things the first is again picking the right location middles has some important local employers and it’s close to beautiful beaches and Countryside but it also has some some Shockers and searching for the absolute cheapest investment will guide you towards the dodgier areas where the return on investment might be good on paper but problematic to collect in practice so you need to find a happy medium but it’s also a location where property prices in any part of town May struggle to meaningfully grow the Northeast as a whole has lagged behind the rest of the country during the current cycle partially as a consequence of its lack of connectivity to London and relative lack of investment and while that means that there is the potential for it to catch up and reward anyone who’s invested there that growth is likely to happen quickly right at the end of the cycle so if Capital Growth is something you’re chasing timing will be a big factor now if I’d asked you before this video to guess places that would make this list Middlesboro might have been on there but chances are this next one wouldn’t it’s one of the very few places in the UK that’s famous around the world it’s got an incredible history and major cultural significance and it’s just down the road from the major property success story of the last decade and yet the average property price is just £155,000 barely higher than the likes of Newcastle and ABD does that mean that it’s a no-brainer investment opportunity well it could be but you need to tread carefully because I’m talking about Liverpool and prices even in Liverpool City Center for the kind of glamorous Investments that you also see in Manchester are very low but there are a couple of points to be aware of before piling in the first is that one reason prices are low is the average wages in Liverpool are also low so there may be less ability for prices to significantly rise than it first appears When comparing it to its neighbor and also new build developments in Liverpool come with a risk warning attached I don’t know why but more schemes get into trouble in Liverpool than anywhere else and despite knowing this and doing even stronger due diligence than usual it’s the only place we’ve ever had a deal go wrong in over 10 years as you move away from the city center there are both opportunities and risks south of the center areas like sefon park for example are highly desirable and have strong growth potential but if you’re overly tempted by a bargain and Venture north of the center where you can pick up properties for as little as £50,000 you’re more likely find that as a result of the lack of fundamentals the growth never comes and your rental profit will be lower than it seems on paper next up is another city that also has a proud history is also somewhat in the shadow of a powerful neighbor and where the average property price is very similar at £42,000 and as an investment location this this city has a whole lot going for it with strong employment opportunities a healthy student population and a thriving cultural scene all creating demand that pushes rents up relative to the cheap house prices making for a strong yield but there is one big reason that I would be concerned about investing here right now and that reason is political because I’m talking about Glasgow and Scotland as a whole is not a welcome place for investors at the moment the Scottish government has implemented rent freezes and eviction bans and is now Consulting on making rent control permanent which is causing Scottish investors to make their investments in England instead and developers to put their projects on hold so there’s no doubt that Glasgow is a great City that offers strong value but the political risk is something that can’t be ignored our next cheap place to invest can owe some of its cheapness to the fact that it’s an unfashionable place to say the least once branded the worst place in the world by a sports star it was voted as one of the top five worst places to live in the UK in 2021 but is now dropped to 48th Place place on the list and the city is unfairly maligned as it has a lovely if small Historical Center and is surrounded by some very attractive Villages and open Countryside but the reason that the average property price is just £29,000 comes down to two factors that we’ve seen before average wages which are relatively low and a lack of Transport links which leave it cut off from the rest of the country although it does have direct rail links to London I’m talking about Hull now I’ve invested in Hull before and frankly they’ve not been among my best that’s partly because while the yields are very high on paper the absolute rent levels are low with rent for a two bedroom house being less than £500 in some places meaning you need to own a lot of them to generate a meaningful profit and at the moment there aren’t any major development plans in the area so there isn’t too much potential for property prices to suddenly shoot up there so now let’s do the controversial part of the video where I rank these as investment areas I definitely put Doncaster at the top of the list as I believe it’s got the most upside followed by Liverpool because if you make the right investment there demand will always be strong and the rental returns are pretty good after that I probably put glass go because there’s always political risk and if I know what I’m getting into at least I can manage the investment and already plan for the worst so I’d just be very careful about my tenant selection there after that who am I going to upset the most I’m going to have to put Hull in fourth which leades Middlesboro in fifth I’m very sorry Middlesboro but while of course there are good Investments to be made anywhere as a whole I just don’t imagine the house prices are going to increase much there so it feels like there are better places to buy at the moment however in the grand scheme of things the most important thing to understand is not my rankings but the factors that are driving them and the difference between somewhere cheap that stays cheap and somewhere cheap that turns out to be a bargain largely comes down to three things property prices and rents as a proportion of local wage levels employment and inward investment and transport links and that’s why I wanted to include our two bonus cities so the first of those is Sheffield which has a tremendous amount going for it in terms of Transport links and employment yet the average property price is still only £ 171,000 it’s been a bargain for as long as I’ve been involved in property investment and at some point that has to change and the other is somewhere that I’ve invested recently which is Derby Derby is benefiting from a tremendous amount of regeneration for somewhere it size and because of the local high-skilled employment it has the highest disposable income of anywhere in in the UK and prices relative to this income are low the average house price to earnings ratio in Derby is just over six compared to 8.1 for England and Wales as a whole so hopefully this has given you a good idea of where to buy and where not to buy but when should you do it is it a good idea to buy now or would it be better to wait well watch this video next to find out