Property prices: Britons told cheapest UK region to buy a home
Britons thinking of purchasing a new UK property have been told the cheapest region to buy.
The average price of a home in the North East of England is £162,000, according to the latest Government house price index.
This is £119,000 less than the average UK property, which has been valued at £281,000.
The three cities in North East of England are Newcastle upon Tyne, Durham and Sunderland. Key towns include Middlesbrough, Gateshead and Darlington.
Durham is one of three cities in the North East of England
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Despite their affordability, homes in the North East have seen an annual increase of 3.7 per cent since May 2023.
Since April 2024, properties have seen a 1.5 per cent increase.
According to the latest data, the next cheapest region to buy in is Yorkshire and the Humber. Here, the average house price is £209,000.
Houses in the North West of England are the third cheapest option for potential buyers, with the average house price sitting at £218,000.
Average house price in May 2024 (lowest to highest)
North East: £162,000
Yorkshire and the Humber: £209,000
North West: £218,000
East Midlands: £246,000
West Midlands: £251,000
South West: £318,000
East of England: £338,000
South East: £376,000
London: £523,000
In contrast, the most expensive place to buy a house in the UK is London, where the average price is £523,000.
This figure saw a 0.2 per cent annual change percentage since May 2023 and a 3.9 per cent monthly change since April 2024.
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London is home to the most expensive houses in the UK, on average
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In the same House Price Index, Britons were told the regions where house prices have soared the most.
Despite having modest house prices, with an average of £209,000, Yorkshire and The Humber saw the biggest annual increase of 3.9 per cent from May 2023.
London, home to the UK’s priciest homes on average, saw the smallest annual change of 0.2 per cent.
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