The cities and towns with good value property

The lure of the country might be as strong as ever, but not everyone wants to join the welly brigade full-time.


Research by NFU Mutual insurance shows seven out of ten of today’s rural residents moved from urban areas, with many of them still working in the hustle and bustle while choosing to live outside it.

So which cities — and their surrounds — offer the best value for your money?


Oxford

Fantastic schools, good road and rail links, lots of overseas students and a strong local economy mean house prices here are sky high.

The average home costs £340,700 after a 10.2 per cent rise in 2014, says property consultancy Hometrack, although in prime areas — North Oxford, Summertown or areas by the River Thames — typical prices can be twice that amount and exceptional homes are valued at more than £1 million.




Nearby: Banbury is a 20-minute train journey from Oxford


Birmingham

Even homes near the city centre are good value in Britain’s second city — at least until the HS2 rail line arrives in 2026, if it ever gets the green light.

An average home here costs £163,536, according to Zoopla, with some apartments under £75,000.

‘Relatively low entry costs into the housing market in the city and resulting higher yields make Birmingham an attractive alternative for first-time buyers, home-movers and investors alike,’ says the head of research at Knight Frank, Grainne Gilmore.



Cambridge

This is another case where it can be cheaper to buy inside the city than outside, because several major new developments are keeping city house prices under control.

‘There’s lots of demand here but also a good pipeline of developments,’ says Savills’ Toby Greenhow. The figures back him up — 1,270 new homes were built in 2013-14 and 3,800 apartments and houses are today under construction inside or near the city boundaries.



Varsity: In contrast to Oxford, prices near Cambridge centre have been dampened slightly by new developments whereas outlying villages tend to be expensive.


Surrounding villages, however, can be pricier because homes tend to be large and Londoners and overseas consultants are arriving in significant numbers to work at the university and the city’s growing science park, particularly in its pharmaceutical companies.

Manchester

The typical price in the city is £154,541 says Zoopla but values in desirable areas — the city centre, Hale and Wilmslow, for example — hit £400,000 on average. Even Salford Quays, once a modest area, is soaring in value thanks to the arrival of BBC and ITV employees working at the new Media City.

Source: www.thisismoney.co.uk