Look north and west for the most affordable property when you’re ready to move from a flat to a home.
That’s the conclusion of analysis of Land Registry data by One77 Mortgages.
Lowest gap between styles
The broker looked at house prices across the country to figure out the most affordable locations for home movers switching from flats to terraced, semi-detached and detached properties.
The smallest gap between the price of a flat and a terraced home is in Anglesey in north Wales at £4,819. Next most affordable is Manchester (£6,615) and Liverpool (£6,937).
Other affordable locations are Newcastle-under-Lyme, Nottingham, Salford and Bradford.
Upgrading to semi-detached
County Durham offers the most affordable place for those looking to upgrade from a flat to a semi-detached property at £33,627. Next up was Carmarnthernshire at £37,611 and South Yorkshire at £37,922.
Flat owners who want to switch to a detached home need much deeper pockets because there’s a six-figure difference between the most affordable flat and the most affordable detached property.
Increase property potential
Burnley in Lancashire is the most affordable with a gap of £100,401 between the costs of the two types of property, with other locations such as County Durham, Stoke-on-Trent and Blackpool all having a similar price differential.
Alastair McKee, managing director of One77 Mortgages, said: “Although we always advise strongly against anyone borrowing beyond their means, in current conditions it could pay to look a little harder, save for a little longer and increase your property potential now rather than later while taking advantage of a good rate of interest on your monthly payments.”