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Next Door Savings: Unlock Cheaper Homes
27 Jul
Summary
- Homes next to pricey postcodes cost 28% less on average.
- Buyers could save up to £232,419 in London's NW2.
- Analysis based on Lloyds mortgage approval data for 2025 sales.
Homebuyers can discover substantial savings by considering properties located next to more expensive postcodes. Analysis reveals that homes in these adjacent areas are, on average, 28% less costly.
For example, in North East England, properties in Blyth (NE24) were £141,947 cheaper than those in Whitley Bay (NE26), representing a 47% saving. London offers similar opportunities, with buyers in Cricklewood (NW2) potentially saving £232,419, or 30%, compared to Hampstead (NW3).
Similar price gaps were identified across Scotland, Wales, and Northern Ireland, with savings ranging from 11% to 24%. Even in areas like Edinburgh, Gorgie and Stenhouse (EH11) offered a 20% reduction compared to central Edinburgh (EH3).
The research, utilizing Lloyds' mortgage approval data for 2025 sales, suggests that a small shift in location can yield significant financial benefits, particularly for first-time buyers. This approach allows buyers to remain close to essential amenities and transport links while accessing more affordable housing options.
