We all know that property prices and rents vary from place to place and there can be many contributing factors that impact on how much you’ll have to pay. Now a new interactive online tool from moneysupermarket.com allows you to compare your rent or property value across a number of different cities across the UK.
Users simply input their details, including the value of the property and the number of rooms, and instantly get a comparison for renting a home or buying. The tool works for flats and houses and gives you a breakdown comparison with 30 other cities, whether you are renting a one bedroom flat in London or buying a semi-detached in Liverpool.
Best Places to Rent
If you want to know where the cheapest place to rent a one bedroom flat in the UK, the answer is Belfast. Head to the Northern Ireland city and you should expect to pay just £375 each month for your property. Sunderland and Wolverhampton aren’t too far behind, offering the best value for money in England. You can also get some good deals in locations like Derby where renting a house with 3 bedrooms works out at just under £550 a month. If you prefer to live by the sea, then Plymouth at £566 and Swansea at £540 a month are your best bets.
Of course, renting in places like London can be astronomical with prices for a one bedroom flat in the heart of the City going at well over £5,000 a month. But even in other major cities, the price of rent hikes dramatically compared to the suburbs. For example, in Manchester you should expect to be paying in the region of £1,600 a month.
Best Places to Buy in the UK
For those looking to buy rather than rent, the Money Supermarket tool allows you to compare house prices across the same 30 cities. A 3 bedroom home in Liverpool, for example, might go for £150,000 but that cost shoots up to a staggering £2.5 million if you’re buying a similar property in London. Even a one bedroom flat in the capital can set you back a cool million. In fact, the cost of renting and small flat in London is the equivalent of putting down a full mortgage deposit on a house in another part of the country like Liverpool.
The cheapest location to set up home if you’re looking to buy is Bradford. It’s close to many big city hubs like Leeds and Manchester but you can expect to pick up a one bedroom flat for under £60,000. A comfy home with 6 bedrooms goes for just over £160,000. Not far behind are other northern cities like Hull and Sunderland where you can expect to pay similar prices.
Comparing prices across the UK provides an important insight into how property values and rents vary across the country. If you’re looking for the cheapest place to rent or buy, or simply want to see how your own home matches up, check out the moneysupermarket tool today.