The latest figures from the Office for National Statistics pinpoints neighbourhoods across the country that had the cheapest homes on average last year. The figures are the median price and encompass all home types and sizes.
With rising mortgage rates adding to existing cost-of-living pressures, many people hunting for a house will be looking closely at how much they can afford to pay.
The Bank of England’s decision to hike the base rate by 0.5 percentage points to 5% in June has not dampened market expectations that interest rates will remain high for some time yet, and Money Saving Expert Martin Lewis has warned homeowners face a “nightmare year” of soaring costs.
Moneyfacts, the financial data provider, warned people looking for a new mortgage deal faced rates about 3% higher than a year ago. Our own analysis shows monthly repayments for a £250,000 mortgage on an average two-year fix of 5.49% would cost £401 more per month than it did two years ago.
But with renters also facing large hikes in what they pay, many will still want to get onto the property ladder. Others may be wanting to relocate or downsize.
If you want to buy a home, these areas of North-East Derbyshire that recorded the cheapest average prices in 2022 should be on your radar.
1. Eckington East and Renishaw
In Eckington East and Renishaw, the average house price in 2022 was £159,250. Photo: Google
2. Grassmoor and Holmewood
In Grassmoor and Holmewood, the average house price in 2022 was £169,000. Photo: Google
3. North Wingfield and Pilsley
In North Wingfield and Pilsley, the average house price in 2022 was £180,000. Photo: Google
