Homebuyers struggling with affordability may be overlooking thousands of properties within their budget by focusing their search too narrowly, according to new research from reallymoving.
The property comparison site has launched an interactive Home Affordability Map designed to help buyers identify locations where they can access the greatest choice of homes based on their budget and bedroom requirements.
The analysis highlights how affordability can vary dramatically within short distances, with some areas offering access to almost the entire local housing market while nearby locations remain out of reach for many buyers.
Using average regional buyer budgets, reallymoving found that some of the UK’s most affordable locations sit within easy reach of major cities.
AFFORDABILITY HOTSPOTS
In Wales, Ferndale in the Rhondda Valley emerged as one of the strongest affordability hotspots, with 99% of two-bedroom homes available within the average Cardiff buyer’s budget of £180,000.
Bradford offered a similar picture for Leeds buyers, with 97% of two-bedroom properties falling within budget, while Accrington provided the same level of affordability for those looking within commuting distance of Manchester.
The research also challenges assumptions about affordability in traditionally expensive areas.
For buyers around London, Purfleet in Essex stood out as one of the capital’s most accessible markets, with 95% of two-bedroom homes affordable within the average London buyer budget of £400,000.
Similarly, Eastbourne provided significantly greater choice for buyers searching around Brighton, with almost three-quarters of two-bedroom homes falling within budget.
But many of the most desirable postcodes surrounding major cities remain largely inaccessible to average buyers.
In London, virtually no two-bedroom homes in Knightsbridge fall within the average buyer budget, while areas such as Knutsford near Manchester, Wetherby near Leeds and Cowbridge near Cardiff also recorded very low affordability levels.
FLAT OR FALLING
Rob Houghton (main picture), Chief Executive Officer and Co-Founder of reallymoving, says: “House prices may be flat or even falling in some areas at the moment, but with high mortgage rates and ongoing financial pressures on households, buying a home or moving up the ladder still feels incredibly challenging.
“The key message for buyers is that affordability varies dramatically within just a few miles and there are areas within twenty miles of many major cities where they can get considerably more choice than they might expect.”
Houghton says many buyers could improve their chances of securing a property by focusing on transport links and value rather than traditional postcode preferences.
He adds: “By approaching their search strategically, buyers can identify specific postcodes they may not have considered before, where they have a much better chance of securing the type of property they want within budget.”
