Historic market town in countryside named cheapest place to buy house in UK

Burnley, a historic market town in Lancashire, has been named one of the cheapest places to buy a house in the UK.

Known for its industrial heritage and picturesque countryside, Burnley offers affordable housing options that attract first-time buyers and investors alike.

Recent findings by HCB Solicitors reveal that Burnley tops the list of locations where buyers can stretch their money the furthest, especially in the wake of the Bank of England’s recent base rate cut, which has led to a drop in mortgage rates.

For £500,000, buyers in Burnley can secure a grand five-bedroom detached house, complete with extensive gardens, modern amenities, and ample parking.

This is a stark contrast to what the same amount can buy in central London, where £500,000 might only get a small one-bedroom flat with no outdoor space.

Burnley's position as the top choice for savvy buyers looking for value due to its blend of affordability and quality of life.

The town, located in Lancashire, offers not just spacious homes but also proximity to scenic landscapes, making it an attractive option for families and individuals alike.

"Burnley represents unbeatable value," said Martin Edwards, Senior Associate Solicitor at HCB Solicitors.

"As house prices rose by £2,200 last month, it’s become tougher for first-time buyers.

“However, with lower mortgage rates following the Bank of England's rate cut, maintaining a property has become more achievable."

"To land the best deal, make sure you get a mortgage in principle so you know how much you can borrow. Look into government schemes like Help to Buy, and don’t be afraid to haggle," he advised.

The recent increase in house prices could be attributed to the base rate cut, which has made borrowing cheaper and increased demand.

As buyers look to take advantage of the lower rates, being quick and prepared is key to securing the best properties.

Beyond Burnley, other parts of the UK, such as Stoke-on-Trent, Staffordshire and Swansea, Wales also offer good value for money, as they were ranked second and third respectively.

In many areas, £500,000 can buy properties that are not only larger but also come with additional benefits such as gardens and parking spaces, enhancing the overall living experience.