With house prices rising steadily the media is full of stories about the difficulty of getting on the housing ladder. As a property investor, I see the sharp contrast in prices around different areas of the country. To give an insight, here is a little round up of what you can get for a budget of £100,000.
Are you looking for a pad in the capital? Then you may be out of luck, unless a houseboat is your style. It must certainly be the cheapest way of getting a riverfront property with a view of Canary Wharf.
What about central London? Well, for a total budget of £100,000 you are out of luck for residential properties, but you could get one garage in Kensington!
If you don’t mind a bit of a commute, Strood in Kent is just 34 minutes by train to St Pancras station, and £100,000 could get you this “spacious” 1 bedroom top floor flat.
For those not needing to live near the capital, there are bargains to be had in more far flung areas of the country. £100,000 could buy you 4 terraced houses in Wales! You’d probably have to budget the same again for refurbishment though, but for anyone who enjoys the outdoors, rolling Welsh valleys are a picturesque option.
What about other cities? Well in Birmingham £100,000 will get you a 2-3 bedroom terraced house in Bordesley Green. It needs some modernisation, but still offers a lot of space for the money.
In Manchester you can get a 2 bedroom flat, and still have change to spare for decorating.
In Hull a budget of £100,000 gets you a lot more for your money, like this great 5 bedroom house, done up and decorated to a lovely standard.
How about using that £100,000 as a deposit? In that case, an 80% mortgage extends the budget to £500,000, which can get you this palatial residence on the outskirts of Nottingham, with just enough change left over for a ride on mower to tackle those extensive grounds.
What does £100,000 buy in your area?
Whether you are looking to get on the property ladder, or looking for an investment property, it may be worth expanding your search area a little. You may be surprised by what you find.
Not sure where to look? Contact us, we can help!