News that asking prices for an average Tower Hamlets home has risen by £100,000 in just a year always prompts the question among Generation Rent – should I leave the capital to get on the housing ladder?
The answer usually comes back in the form of another question: How much do you want it?
And if the answer to that is “a lot” then we may have the solution. And that solution comes in the form of Pendle.
Chapel House Road, Pendle, Lancashire to be exact because in that hotspot you can snap up a property for £6,000. That’s the price paid in January this year.
In fact, exclusive research from the Trinity Mirror Data Unit has revealed that 276 properties have sold for £20,000 or less in the last year.
But if Lancashire is not your thing then try Brereton Avenue, Cleethorpes, where a home was sold for up for £6,500 in November 2014.
Or The Paddock, North Tyneside, was sold for the princely sum of £7,015 in the same month.
In total, there have been an incredible 10,394 sales of houses and flats in England and Wales for less than £50,001 in the 12 months to September this year.
The vast majority have been in postcodes in the north of England.
The figures come with the average house price, nationally, now standing at more than £200,000 and the average house price in London £459,000 – enough to buy 76 houses in Chapel House Road.
Cheapest house sales, year to August 2015
£6,000 - Chapel House Road, Pendle (Jan 2015)
£6,500 - Brereton Avenue, Cleethorpes (Nov 2014)
£7,015 - The Paddock, Killingworth NE12 (Nov 2014)
£8,000 - King Street, Middlesbrough (Feb 2015)
£9,000 - Grange Street, Burnley (Nov 2014)
£9,000 - Eastbourne Road, Hornsea (Feb 2015)
£9,200 - Church Road, Tarleton PR4 (Feb 2015)
£9,431 - David Street, Grimsby (June 2015)
5 Pendle facts
- Pendle is represented in Parliament by a Conservative – Andrew Stephenson. He is president of the East Lancashire Ramblers Association and his latest mission is “to encourage people across Pendle to step up and help survey their local paths as part of the Ramblers’ Big Pathwatch”.
- The area is best known for the Pendle Witch Trials. In 1612, a dozen people, mostly women, were accused of the murder of 10 by means of witchcraft. Of the 11 who went to trial, 10 were found guilty and hanged.
- The ancient lordship of Pendle Forest has been under the Honour of Clitheroe since medieval times, and a title continues to be held by the Barons Clitheroe – although the forest doesn’t exist any more.
- Pendle Hill rises 557m above mean sea level and gives the area its name. It is popular with ramblers, like Mr Stephenson. Features of interest include the Devil's Apronful and Little Skirtful of Stones, which feature stones to an almost indecent degree.
- The nearest railway station is Colne. The 05.31 would get you in to London Euston at 09.07 with one change at Preston. The journey is a tad over three hours and the cheapest single is £170. The 18.30 would get you home to the warm embrace of Lancashire at 22.59 for £145.