It is no secret that house prices have risen massively over the last year, with the average cost of property in the UK rising by 0.9% each month.
For this reason, prospective buyers are finding it increasingly difficult to afford a home and get onto the property ladder.
House price forecasts would have you believe that you need to fork out more than nine times your salary to afford a home in the UK! However, it is still possible to find property gems for under £100K. You just need to know where to look!
With all that in mind, here are my best places to buy a home for under £100K in the UK.
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What kind of home could you buy for under £100K?
Before delving into where you can find sub-£100K housing, it’s important to understand what types of cheap property are available.
It probably comes as no surprise that sub-£100K homes have their quirks. This could mean that the property needs a lot of TLC or that it is fairly small. Furthermore, many homes priced at under £100K are in unusual locations or are rather imaginative dwellings that could see you living in a slightly ‘unusual’ set-up.
There are certainly many things to consider when buying a cheap home! However, if you’re prepared for some serious house hunting, there are a number of great properties on offer.
Where can you buy a home for under £100K?
While finding affordable property in the UK is a challenge, if you look in the right places and are prepared to compromise, there are some great options out there. Here are my top suggestions for under £100k.
The Isle Of Wight
The Isle Of Wight is best known for its seaside towns, countryside and iconic Red Funnel ferry service.
If you’ve never ventured onto the island before, it is just 19 miles from Southampton. This means that in good weather, it is a one-hour boat trip away.
It is because of this boat trip that homes on the Isle of Wight are considerably cheaper than those on the mainland. Therefore, you don’t have to look far to find property for sale that is less than £100K.
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Just like the rest of the UK, some homes may need a bit of refurbishment. Nevertheless, there are a number of properties available that you could move into straight away!
West Sussex – houseboats
If you consider yourself to be a water baby, then perhaps the houseboat life is for you.
The beautiful county of West Sussex has a number of fantastic houseboats for sale that won’t cost you an arm and a leg! Many of the cheaper options have only one bedroom and are therefore better suited to couples or individual buyers.
Despite their small size, houseboats can be incredibly charming and come with added character that you won’t find in a regular home.
West Sussex is home to a selection of stunning seaside towns and villages. These include Brighton, Bognor Regis and the castle town of Arundel.
Sunderland
If you head north, then you can find a number of properties for less than £100K. Sunderland South is situated in North East England, and I think it’s a fantastic option for those looking for cheap housing without sacrificing a great area.
Properties in Sunderland South will place you just minutes away from a lively town, a beautiful river and a scenic seafront.
This area is ideal for families who want to buy cheap, with a number of two- or three-bed houses available for under £100K. Many of these houses are terraced or semi-detached but will provide you with everything that you need from a good home.
North London
It may come as a shock that you can buy a house for less than £100K in the capital. However, North London has plenty on offer when it comes to affordable apartments and flats.
Living in London comes with the perks of being right on the doorstep of a number of employment opportunities. The capital also isn’t shy of great things to do and is a great place for younger people to live.
If an apartment or flat isn’t what you’re looking for, you could use your £100K to buy land in the area and build your own property. Building from the ground up is a popular option and often works out cheaper than buying a house directly!
If you look in the right place, it is absolutely possible to buy a home for less than £100K!
Need help saving for a deposit? Here are five tips to help you get onto the property ladder!
