The housing market has seen a huge spike this spring. As we come out of lockdown more and more people are putting their houses up for sale or looking for a home to make a fresh start.
This surge in the housing market has been the biggest in a decade, and for those selling their homes, it is incredibly good news. The extension of the stamp duty holiday is a likely contributor to this rise in buyers, and the number of people completing transactions below the stamp duty threshold of £250,000 only looks to increase into the summer months.
So what can you purchase for £250,000?
MCR Property Group is going to explore the current housing market and assess what you may be able to get for under £250,000 in each region of England.
The North East includes stunning locations such as Filey, Scarborough, Northumberland, and more. This picturesque part of the UK has the lowest average house prices – with that of a 3-bedroom home averaging at £152,034.
When looking for a home that is below £250,000, you will be surprised at how much value for money you can enjoy. It is not uncommon in this region to be able to purchase a completely refurbished 3-4 bedroom house for this price.
The North West includes places such as Manchester, Liverpool, and Cheshire – and in this region, the house prices in this region have seen the biggest leap in recent months of 7.3%. The average price of a 3 bedroom home here is £193,357.
Depending on which part of the North West you look at, the prices could fluctuate a lot. However, for under £250,000 you could feasibly get a 2-3 bedroom house with a decent-sized garden in this part of England.
The Wharf in Altrincham is one of our latest developments, and you can get a 1-bed full ownership apartment from £189,950-£212,950. Although not a house, these luxury apartments are a great choice for first-time buyers, and their location in the thriving Cheshire town of Altrincham makes them a popular choice.
One of the most stunning regions of England – Yorkshire is a popular place for tourists and homebuyers alike. Despite this popularity though, the price of a 3 bedroom home averages at just £188,538.
In Yorkshire, you will notice a focus on nature, and many of the homes on the market have historical value or natural features. For £250,000 you could purchase a stunning open plan bungalow, a 3-4 bedroom house, or a cottage in the countryside.
One of the main things to note about this region is the time it takes on average to find a buyer. It takes only 6 days on average to find a buyer, making it the fastest turnaround in England. For a 3 bedroom home the average is £218,545 – making it the priciest so far.
For £250,000 you could purchase a simple 3 bedroom semi-detached home with a sizeable garden and driveway. This is ideal for those looking for a family home.
As we move across the other side of the midlands, we see a decrease in the average price, this time at £211,814. If you are looking to move somewhere more rural and make a fresh start post-pandemic, this is a great region to choose.
For £250,000 you could purchase a small 3 bedroom cottage set away from the road and with a small garden.
As we move further south and toward London, there is a clear increase in the average price of a 3 bedroom home, and in the South East, this is a whopping £372,655. Locations like Kent are idyllic and popular so it is no real surprise that homebuyers jump at the chance to move here.
For £250,000 you will likely be able to find a terraced home with 2 bedrooms and the size of the home will be modest. Your outdoor space will likely be minimal but it is a good option for those looking to downsize. One of our developments currently under construction – St. Bartholomew’s Place in Rochester, offers luxury studio,1, 2, and 3 bedroom houses starting at £154,000.
The South West has a slightly more modest average price for a 3 bedroom home coming in at £291,861. For £250,000 and under you could find a lovely spacious terraced home with 3 bedrooms and a garden. The main draw in this region is the plethora of green spaces to enjoy locally.
Boulevard View is one of our properties on the outskirts of Bristol in the ever-popular South West of England with local transport links to the centre and national transport links as a few miles down the road is the international Bristol airport. For prices starting at £145,000, you will be able to purchase a 1 or 2 bedroom apartment with a fully fitted kitchen fridge freezer, washer dryer, oven hob, and hood microwave. These properties also come with a fully tiled bathroom with a shower and shower screen.
It is no surprise that London is a steep hike above any of the regions we have discussed today. For a 3 bedroom home, you would on average pay £644,648. Even with London being the only region to suffer a price drop of 1.1% in the last 12 months, it is still worlds away from other areas of the country.
If you had a budget of £250,000 and were searching for a home in London, you’ll be able to purchase a sleek and modern apartment with 2 bedrooms. Outdoor space is unfortunately not commonplace in London, which is why this part of the country is more popular with working professionals.
One of our developments, The Old Works, is located in Hig Wycombe which is only a 30-minute commute from London. These apartments range from 1-3 beds and start at a price of £189,950. Often, when considering your options close to London, searching further afield may be the best option.
MCR Property Group has a range of stunning properties for sale across the UK. Browse our active listings to find your forever home.