The UK’s cheapest places to rent and buy a home
Belfast is the cheapest place to rent in the UK, based on the cost of a one-bed flat, according to Moneysupermarket.
The price comparison site found that a flat in the Northern Irish capital is just £375 per month.
It’s followed by Sunderland and Wolverhampton, where it’s £383 and £437.50 respectively to rent a one-bed apartment.
The cost of renting isn’t just based on regional factors. Moneysupermarket found a huge difference in rental costs in some neighbouring towns. For example, Portsmouth was revealed as the cheapest city in the South, with a one-bed flat costing £812 a month in rent, compared to £1072.50 in nearby Southampton.
Below are the top 10 cheapest cities to rent in, based on a one-bed flat:
Belfast – £375 per month
Sunderland – £383 per month
Wolverhampton – £437.50 per month
Derby – £457.50 per month
Stoke-on-Trent – £487.50 per month
Wakefield – £500 per month
Salford – £527.50 per month
Swansea – £540 per month
Plymouth – £566 per month
Bradford – £608.50 per month
By contrast, the most expensive cities to rent outside of London are Edinburgh, Manchester and Brighton.
The average cost of a one-bed flat in Manchester is £1,646, which, though expensive compared to many cities, is still less than half of what the average price to rent in London is – £5,139.
Where is it cheap to buy?
If you’re ready to get a foot on the property ladder, you may not want to travel across the country to find the cheapest towns. But there could be one closer than you think.
Unsurprisingly, the cheapest places to buy a property are outside the South of England.
Despite being a busy Northern city, Bradford proved to be the cheapest place to buy in the country – with the average cost of a one-bed flat only £57,400. The overall average cost across all property types was £140,832.
Hull came second in terms of all properties, with an average overall cost of £160,397, while a typical home in Sunderland would set you back £176,002.
Moneysupermarket has developed an interactive tool to help you work out where you can afford to rent or buy. Enter the amount you currently spend on rent or how much your property is worth, and it will compare it to the average prices in 30 of the biggest UK cities.