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Top ten affordable property locations

Monday, 21 August 2006 12:00 AM

Ipswich has come top of a list of the ten most affordable places for first-time property investors.

Experts at the Property Investor Show have put their list together based on locations where the average price of a starter home is still below the stamp duty level of £125,000, and prices are also set to deliver the highest house price inflation in the UK over the next few years.

In the top five along with Ipswich are Gillingham in Kent, Peterborough in Cambridgeshire, Middlesbrough in the Tees Valley and Chatham in north Kent.

The affordable hotspot areas are ranked in order of predicted house price inflation this year, based on current performance.

The property experts said of their number-one choice: "With the average flat/maisonette in Ipswich at just £121,700, well below the UK average price of £167,000, cash-strapped first-time buyers and investors could avoid paying stamp duty."

They added: "Ipswich is benefiting from an impressive regeneration project [and buyers] should expect to see higher than average returns on their investment. Already this year the average property price in Ipswich has increased by five per cent, outstripping the performance of its region, Suffolk, by three per cent."

Two out of the top five emerging hotspots, Gillingham and Chatham, were chosen for their location in the Thames Gateway, Kent, where there are government-backed plans to build 200,000 homes, create 150,000 jobs and improve transport links into London.

Nick Clark, managing director of The Property Investor Show, commented: "With prices soaring over recent years it is incredibly difficult for novice property investors to get started. However, there are many emerging areas that are still very affordable and benefit from extensive regeneration projects.

"These present excellent investment prospects. The identified investment hotspots offer investors and first-time buyers the opportunity to buy homes at some of the lowest prices in England and Wales and are also set to see some of the highest price rises in the next few years."

  • Top ten affordable property locations
    1. Ipswich, Suffolk. Average flat price: £121,700. Predicted price increase for 2006: Ten per cent.
    2. Gillingham, Kent. Average flat price: £81,800. Predicted price increase for 2006: Eight per cent.
    3. Peterborough, Cambridgeshire. Average flat price: £106,600. Predicted price increase for 2006: Six per cent.
    4. Middlesbrough, Tees Valley. Average flat price: £72,500. Predicted price increase for 2006: Five per cent.
    5. Chatham, north Kent. Average flat price: £124,000. Predicted price increase for 2006: Five per cent.
    6. Nelson, Lancashire. Average flat price: £49,800. Predicted price increase for 2006: Five per cent.
    7. Colchester, Essex. Average flat price: £120,000. Predicted price increase for 2006: Three per cent.
    8. Plymouth, Devon. Average flat price: £117,600. Predicted price increase for 2006: Three per cent.
    9. Grimsby, east Yorkshire. Average flat price: £58,600. Predicted price increase for 2006: Two per cent.
    10. Hastings, Sussex. Average flat price: £96,000. Predicted price increase for 2006: two per cent.

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