New research shows where in the UK it is possible to find a home below the national average price of £200,000 but in areas where there has also been storing price growth in recent months.
Liverpool's central L1 postcode is the top affordable area on the up, having seen a property price increase of 41.2% in the last year. An average property increased in value from £85,000 between December 2011 and November 2014, to an average of £120,000 for the year to November 2015.
The analysis of Land Registry data by consumer organisation Which? Mortgage Advisors, also shows that second and third were 'LL27 in Conwy North Wales and BD1 in Bradford, just east of the city's University.
Average property prices in these postcode areas increased by 37% and 36% respectively. In LL27 the average property price rose from £135,000 between 2011 and 2014, to £185,000, and in BD1 they rose from £42,000 to £57,000. Despite the significant increase in average property prices in these areas, they remain under the national average.
Even in London where prices are higher there are pockets with affordable homes with the potential to increase in value such as DA18 in Bexley DA18. The average property price in DA18 was £191,500, up by 32% in the last year.
‘For a first time buyer or a buy to let investor, these up and coming areas can provide an affordable alternative to buying in an already established area,’ said David Blake at Which? Mortgage Advisers.
‘You could see your property grow in value quickly, but it's important to remember that property markets can change, and there is never a cast iron guarantee that values will continue to rise,’ he explained.
The organisation says there are a number of signs that an area may be 'on the up' such as being next to currently thriving town and if a local authority plans to regenerate the town centre as well as plans to improve transport links.
Other signs include the arrival of new trendy shops, restaurants, cafes and nightlife while skips and scaffolding can be an indication of increased prosperity and improved housing stock.
New build properties appearing can often increase the value of surrounding properties as well as new schools being built or current ones climbing Ofsted rankings while new estates agents appearing are also regarded as a sign of a growing property market.
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