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Cheaper Homes Found Next to Expensive Postcodes
27 Jul
Summary
- Homes in neighboring postcodes are 28% cheaper on average.
- Significant savings are highlighted across UK regions.
- Shifting location can help first-time buyers get on the ladder.
Property seekers could achieve substantial financial savings by considering locations immediately next to affluent postcodes, according to a recent analysis. This study by Lloyds Bank compared expensive postcodes with their least costly neighbors across the UK.
On average, homes in these adjacent areas cost 28% less. For example, in the North East, a home in Blyth (NE24) was £141,947 cheaper, representing a 47% saving compared to nearby Whitley Bay (NE26).
Similar patterns emerged in London, Edinburgh, and Wales, with savings ranging from 20% to 47%. Amanda Bryden of Lloyds Bank emphasized that exploring areas just beyond sought-after postcodes can uncover more affordable options while maintaining proximity to essential amenities and transport links.
This research suggests that for many buyers, especially first-time purchasers, a small adjustment in their search area could significantly impact their ability to buy and the type of property they can afford.
