It appears that the secret ingredient to becoming a property hotspot in today’s market is affordability. The latest data from OnTheMarket suggests that the majority of the UK’s most buzzing locations boast average house prices that sit comfortably below the national average. This revelation marks a clear shift in buyer preferences, with cost-effectiveness taking the front seat.
Wigan, a borough of Greater Manchester, has secured the second spot on this prestigious list, showcasing its allure as one of the region’s most budget-friendly locales. It had an average property price of £158,000 as of March 6, 2024—a figure that represents a 10.6 percent dip over the past year.
A Commuter’s Dream
The index highlights a fascinating trend: the ripple effect of urban exodus. As major city prices continue to soar, many are finding sanctuary in the more affordable, yet still accessible, urban areas. Bradford, claiming the top spot for the second consecutive year, lies near Leeds; Wigan finds itself nestled between Manchester and Liverpool; and Burnley, the bronze medalist and the UK’s most affordable area, rests just north of Manchester.
This trend is partly fueled by the post-pandemic world’s embrace of more flexible working conditions. With many no longer tethered to the office five days a week, the slightly longer commute from these hotspots becomes a small price to pay for the significant savings on property.
The North-South Divide
The index also sheds light on the ongoing north-south divide in the UK’s property market. All top ten hotspots reside in the northern regions or the Midlands, painting a stark contrast to London’s position at 47th, despite a relatively stable property price climate in the capital. This discrepancy underscores a growing trend: buyers are increasingly seeking value outside the southeastern bubble.
The Opportunity in Buying
OnTheMarket’s president, Jason Tebb, said, “Our Market Hotspots index suggests buying decisions are heavily influenced by affordability with some of the cheapest locations seeing the most activity. It is no coincidence that the average property price in all bar one of the ten hottest urban areas is below the national average. There are also suggestions of a ripple effect at work with people priced out of major cities opting for cheaper urban areas within easy commuting distance. Hence, Bradford, the top hotspot for the second year in a row, is close to Leeds while second-placed Wigan is midway between Manchester and Liverpool, and third-placed Burnley is north of Manchester. Post-pandemic, people seem willing to commute that little bit further than they might have previously, while more flexible working conditions mean they may not be required to be in the office every day. This is making areas outside the major cities increasingly popular with property buyers as there is more value to be had.W
Top 10 UK Property Hotspots:
- Bradford
- Wigan
- Burnley
- Stoke-on-Trent
- Blackpool
- Sunderland
- Derby
- Coventry
- Leicester
- Doncaster