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After years of large house price increases, some locations are now unaffordable.
But fear not, there are a plethora of new venues near old favorites coming into their own.
Here are five of the best.
On the rise: demand for property in the coastal town of Exmouth, Devon, with its two-mile stretch of sandy beach (pictured), is growing
Worthing instead of Brighton
The median house price in Worthing is around £385,000, a cool 75 grand less than Brighton’s £460,000. It’s good for hybrid workers to be in the office a few days a week – it’s 90 minutes by train to London or 20 minutes to Brighton.
Karen Standing, director at Hamptons real estate agency, has moved from Brighton to Worthing without regret. “Worthing is no longer the old town it used to be, but a lively and vibrant place by the sea,” she says.
‘It has seen tremendous growth in independent restaurants, alfresco dining along the coast and beachfront cafes.
A five-storey Georgian townhouse on Worthing’s coast, which rarely comes up for sale, will set you back around £1.5 million, but inland you can buy a six-bedroom Edwardian semi-detached family home for less than £800,000 – a far cry from Brighton prices.
Banbury instead of Oxford
There is a clear difference in house prices. Banbury only costs £357,000 on average, compared to £554,000 in Oxford, but there are other benefits.
Oxford is introducing controversial new traffic restrictions for residents, while Banbury has a fast rail link to London Marylebone in 65 minutes.
A new out-of-town retail park, Gateway Banbury, has opened just off the M40, while the town’s existing Castle Quay shopping center has been upgraded to include a popular arts centre. Waitrose has also opened a superstore in Banbury.
James Shaw, director of buying agency Prime Purchase, says: ‘Going a little further afield gives better value for money and a more affordable family home, and I wouldn’t be surprised if we don’t see any upward pressure on prices as a result. ‘
Ely instead of Cambridge
With its spectacular medieval cathedral, cluster of parks, well-regarded schools and a host of annual fairs and festivals, Ely, officially one of the UK’s smallest towns, cannot be described as the second best town after Cambridge.
But it certainly offers better value for money homes – an average of £321,000 compared to Cambridge’s £493,000.
“Buyers often come from London or Cambridge, two of the most expensive cities in the UK,” says Edward Russell of broker Jackson Stops.
Rapid trains to the capital are about 70 minutes away and new homes are being built: the largest scheme is Orchards Green, a 200-acre site just north of the city with 1,200 homes.
Ely’s family-friendly image is enhanced by the modern Ely Leisure Village.
Exmouth instead of Exeter
The university city of Exeter may have an academic and sporting background, but the city lacks a beautiful coastline.
That’s why Exmouth, with its two miles of sandy beach and a 200-mooring marina, is so popular as a family-friendly alternative just 35 minutes from Exeter by train.
Prices are similar to Exeter (Zoopla states that both locations sold houses for an average of £377,000 last year), but Exmouth has a fast-growing reputation as a water sports hotspot.
A three-bedroom semi-detached house in Exmouth starts at £280,000, while a two-bedroom apartment in the marina costs £325,000.
Inland, a detached house with a garden will cost up to £550,000, while exceptional properties with uninterrupted sea views will cost £1 million.
‘Demand has grown because of Exmouth’s strong appeal to a range of buyers and because houses are cheaper than other popular locales in the area, such as Budleigh Salterton and Sidmouth,’ says Nick Cunningham of Stacks Property Search.
Salford instead of Manchester
Ten years ago you could buy a house in Salford for less than £100,000, but then the area was put on the map when the BBC built its MediaCity giant and now ITV and a range of other creative giants have joined.
No wonder the median property price (£217,000, Zoopla says) isn’t far behind the Manchester norm of £241,000.
There’s more to come in this new community dominated by modern apartments, many of which are rented to professional tenants.
Investment specialists are tipping the location for future price growth thanks to the council’s local plan that predicts 40,000 new jobs and an 11 percent increase in the local population by 2037.