Tower Hamlets easiest place to climb housing ladder

Michael Lloyd

November 19, 2019

Tower Hamlets in London is the easiest place for homebuyers to buy their second property, research from Compare The Market has found.

In Tower Hamlets a flat will cost £437,007, significantly more than the national average of £165,783.

But the average price difference on each of the steps up towards a detached home is only 19%, compared with a national average of 39%.

In Manchester it costs the least amount to climb up the housing ladder with only marginal price increases from one property type to another.

Here, a flat costs £154,424 on average, rising to £157,736 for a terraced home, £207,315 for a semi-detached, and £303,042 for a detached.

A flat in Nottingham starts at £109,704 and prices only rise by £150,084 for a semi-detached home. The overall average price difference between property types is 30%.

Meanwhile in London it costs 30% more to step up and buy a detached house than a flat with a detached house priced at £901,123.

For those looking to get out of London, Bristol can be a good option with the average terraced house price about two thirds of the average starting price of a flat in London.

In Bristol it costs only £277,194 for a flat, with a low increase of 18% to buy a semi-detached.

With a terraced house price only £87,814, Stoke-on-Trent is one of the easier places to get a foot on the ladder.

And with a step of 27% to a semi-detached property of £111,702, it’s an accessible place for climbing the housing ladder.

At the other end of the housing ladder is the London Borough of Haringey, where there is the steepest increase in price between property types.

Starting at £475,967 for a flat, the prices spike up by 29% to £615,902 for a terraced house – and the jump from a semi-detached home to a detached property is 93%.

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