19th October 2020
The property postcodes where you can buy 20 homes for the price of a London flat
The latest research by property portal, OpenBrix, has highlighted the most affordable property postcodes in England and Wales and how you can buy more than 20 houses there for the prices of a flat in Kensington and Chelsea.
The housing market is booming, and the latest house price index from Rightmove has revealed asking prices are at their highest in years as sellers look to take advantage of enormous buyer demand spurred by the stamp duty holiday.
However, there are still some bargains to be had. OpenBrix’s crunched sold price records from the Land Registry over the last 12 months to find the cheapest postcodes in the market.
The research shows that Middlesbrough’s TS1 postcode is the cheapest of the lot, with an average sold price of just £50,000 in the last year. At the opposite end of the market, the average cost of a flat in Kensington and Chelsea is currently £1.083m. For this price, you could pick up 21 homes in the TS1 postcode with some change to spare.
Darlington’s DL17 postcode is the second most affordable in the nation. The average sold price of £52,750 would see you snap up 20 homes for the price of a Kensington flat. As would the average sold price of £53k in the CF43 postcode in Rhondda Cynon Taff or the average sold price of £54,000, also in Darlington in the DL4 postcode.
Sunderland is also home to one of the top five most affordable postcodes in the property market. The SR1 postcode has seen an average sold price of just £55,000 in the last 12 months, with homebuyers able to pick up 19 homes for the price of a high-end London flat.
Doncaster, Blackburn and Newport also rank within the top 10 with an average sold price of £67,000 or less.
CEO of OpenBrix, Adam Pigott, commented:
“We’re not sure what this research highlights most, the huge levels of affordability found in pockets right across the property market, or the ridiculous prices paid for a flat in Kensington and Chelsea.
To think you could pretty much snap up a whole street in the TS1 postcode for the same price a glorified shoebox in the high-end London market demonstrates the huge variety found across the market.
It’s also reassuring to see that while the nation has gone a bit mad with stamp duty holiday fever, not everywhere is seeing prices spiral out of control. At least, homebuyers in these most affordable areas can still get a foot on the ladder without forgoing an arm and a leg for the pleasure.”
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