Burnley in Lancashire is the Place to Look When Upsizing from a Flat to a Detached House

Tired of living in a flat and dream of owning a detached house? According to new data from One77 Mortgages, the most cost-effective way to do it is start property hunting in Burnley in Lancashire.

One77 analysed Land Registry house price data to highlight the smallest increases in property price between a flat and each type of house from terraced, semi-detached and detached for a property on the UK mainland.

Flat to a Terraced House
When upsizing, even the move from a flat to a terraced home can make a considerable difference and on average across the UK, this move costs an additional £12,432.

The Isle of Anglesey is home to the smallest jump between flat and terraced at £4,819, followed by Manchester (£6,615), Liverpool (£6,937), Newcastle-under-Lyme (£8,229), Nottingham (£9,829), Rossendale (£10,601) Oldham (£10,930), Salford (£11,815), Middlesbrough (£12,998) and Bradford (£13,047).

Flat to a Semi-Detached House
County Durham provides the most affordable step between a flat and a semi-detached home at £33,627. Again Anglesey ranks high, followed by Carmarthenshire (£37,611), South Yorkshire (£37,922), Newcastle-under-Lyme (£39,419), Copeland (£40,311) East Ayrshire (£41,228), Stoke-on-Trent (£41,521), Doncaster (£42,293) and North Ayrshire (£42,523).

Flat to a Detached House
The most notable upsize is of course between a flat and detached home, adding serious property potential although the cost is, of course, much larger with the most affordable upsize found in Burnley in Lancashire, home to a difference of £100,401 between the cost of a flat and detached home.

Country Durham, Stoke-on-Trent, Hyndburn, Carmarthenshire, Dumfries and Galloway, Blaenau Gwent, Blackpool, East Ayrshire and Neath Port Talbot are all home to a gap of between £102-112k.

Managing Director of One77 Mortgages, Alastair McKee, commented: “We don’t often consider upsizing straight off the bat and for many, the high cost of homeownership means that making it on the ladder at all is an achievement in itself. However, we’re currently enjoying a prolonged period of affordability where mortgage rates are concerned, in fact, some of the best on record, and this is likely to be the case for the mid-term at the very least.

Although we always advise strongly against anyone borrowing beyond their means, in current conditions it could pay to look a little harder, save for a little longer and increase your property potential now rather than later while taking advantage of a good rate of interest on your monthly payments.

While it’s unlikely that anyone will be making the jump straight from a flat to a detached home, the difference of between £1,500 and £12,00 to upsize to a terraced home would be a very manageable sum when considered on a monthly basis.”

Data sourced from the Land Registry House Price Index (House price by property type).

No Comments Yet

Comments are closed

Top

Send this to a friend