Phil Spencer shares ‘cheapest’ UK places to buy a house right now – ‘higher savings’

Although property prices are expected to fall in the UK over the next two years, the average property in the UK is valued at £294,559, according to the Office for National Statistics (ONS). For many, the rising cost of living and interest rates mean that the prospect of owning a home is dwindling. Speaking to Move iQ, Phil Spencer shared the 10 cheapest places to buy a house in the UK.

Phil said: “Obviously going north leads to higher savings, compared to the south east of England. Let’s break down the cheapest areas to buy a home and their zip codes.

So where is buying a house the cheapest? Here are the cheapest places to buy houses for sale in the UK, by postcode and average property price:

1. Middlesbrough, North Yorkshire, £54,978

Situated on the south bank of the River Tees, in Middlesbrough you are never more than 20 minutes from the coast, countryside or town centre. Phil said: “It’s also a great place to buy a house without breaking the bank.”

Where is the cheapest place to live in UK 2022? In Middlesbrough, claiming top spot for affordability, with an average property price of £54,978. TS1 is the postcode for Middlesbrough. Another top 10 most affordable area in the UK is the TS3 postcode, with an average price of £80,958.

READ MORE: Where to buy a house for under £250,000 and pay no stamp duty

2. Bradford, West Yorkshire, £58,673

In the BD1 postcode, house hunters can buy property for less than £60,000. Bradford is located in the foothills of the beautiful Pennines, popular with first time buyers, tenants and those looking to move up the property ladder.

The property guru pointed out: ‘If you like period homes you’re in luck as Bradford is largely made up of Victorian builds.

3. Sunderland, Tyne and Wear, 65,478

Sunderland is home to a stunning coastline and bustling city centre, depending on which side of the River Wear you are on. The SR1 postcode claims third place on this list, where buying a property will set you back around £65,478.

Phil commented: “Green outdoor spaces are now a major criteria for the best places to buy a home, so Sunderland has something to brag about!”

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4. Grimsby, North East Lincolnshire, £71,105

Grimsby features twice on the ‘cheapest places’ countdown, with the average house price in the DN31 postcode standing at £71,105. Meanwhile, a stone’s throw away property prices in the DN32 postcode are around £97,652.

This port city also has charm and heritage, with a rich history of fishermen and trawlers just waiting to be discovered.

5. Shildon, County Durham, £73,637

The DL4 postcode in Shildon is “one of the most affordable places to buy property in the UK”, according to the property guru.

The town is also ideal for those looking to live somewhere quieter – but still with easy access to town. It truly is the best of both worlds, home to a number of friendly locals.

READ MORE: The quiet life of Loose Women’s Gloria Hunniford in the royal town of Kent

6. Peterlee, County Durham, £85,274

Looking to save for a security deposit? It will be much easier in some parts of the UK than others, and Peterlee is no exception; especially the SR8 postal code. Peterlee is also affectionately nicknamed “Mexico City” by locals, due to its architecture.

7. Stanley, County Durham, £91,391

Also in County Durham is Stanley, where the average asking price is under £100,000. This former mining town is located a short drive from Newcastle and Durham, popular with singles, families and couples.

8. Lancashire, North West England, £91,516

Are you looking for a cheap rural area? Lancashire postcode BB11 is another affordable housing hotspot in the UK.

Lancashire is a beautiful place popular with tourists and locals, built on medieval and industrial heritage. Being close to Manchester, Leeds and Liverpool, it is also a good place for commuters.

9. Liverpool, Merseyside, £91,793

Liverpool’s L20 and L5 postcodes feature on this list, showing that Liverpool is famous for more than just its football club and is the birthplace of the Beatles. It’s extremely culturally diverse, offering something for everyone, whether you’re there to live, work or play.

Phil argued: “Although property in this town is in demand, you can still find plenty of homes well below the average UK asking price.”

10. Keighley, West Yorkshire, 91833

At just over £90,000, the average house price in Keighley’s BD21 postcode is a great place for first-time buyers and other buyers.

This Yorkshire town within the city of Bradford is home to a lovingly restored steam railway and offers some incredibly charming countryside scenes.

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