One of the most important decisions people have to make is deciding on a place to sell their property. This article will help you decide between England, Wales, Scotland and Northern Ireland. The article will also provide insight into some of the most important factors for you to consider before making your decision. With this information at your disposal, it should be easier for you to find the best place for you and your future family’s life.
When looking at the price of property across the UK, it’s important to look at a few different factors. While not in any particular order these are the most important things you need to consider:
The average house price will be a good place to start when deciding where to buy your property. According to government data, England has an average house price of £225,000. While the lowest average house price is found in Northern Ireland with £125,000. The top three most expensive areas to buy a house will be located in London, with the top-end being found in Kensington and Chelsea. While the cheapest area will be Copeland according to Land Registry data.
Another important consideration will be how much you can borrow. The most amount of money you can receive from a lender is known as LTV (loan-to-value) which varies according to where you are from. For example, in London, the average LTV is 61.9 percent while in Scotland it’s 184.7 per cent.
The housing market has continued to collapse for the last 10 years which is why it’s important to know how long you can expect your property to go on declining. In England, the average property price is expected to drop by 8 per cent over the next ten years, while in Scotland and Wales it’s expected to decline by 13 per cent and 15 per cent respectively over the same time span. In the case of Northern Ireland, the report suggests a small increase in house prices.
Another aspect you need to consider is whether or not you can afford to buy a property. Depending on where you live, the average house price is higher than average due to the desirability of certain areas. For example, according to the Land Registry, the average house price in London is £473,000 and will set you back an extra £234 per month on your mortgage payments. This point is important to consider when buying as it means you can make your choice about how much to spend and still have enough money left over each month to feel comfortable.
The cost of property in England will also be influenced by factors such as location and accessibility. For example, the average house price in London will set you back £414,000 but if you live on the outskirts of the capital an average house price of £240,000 is more likely. A similar argument can be made when it comes to purchasing property in Scotland. While the average house price of £250,000 may seem expensive, the cost to commute to work could be as much as £138 per month.
Another factor that plays a part in the cost of property is what type of area you choose. According to Land Registry data, 73 percent of property sales in England are found within London’s areas, while only 76 per cent of properties are found within Scotland’s major cities. Similarly, in Wales 78 per cent of properties are found in the capital city.
It’s also important to consider how much green space and parks are available in an area. England has more than 95 percent of its land area as green space. While other areas such as London and Scotland only have 73 percent of their respective land as green space. This means that if you’re buying for a family, you may want to look elsewhere.