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Study Indicates How Much Home Buyers Could Save by Picking Less Pricey Postcodes
Lloyds said neighbouring postcodes were 28% cheaper on average, with some buyers able to save nearly half the price by moving one area over.
- Lloyds found homebuyers can save significant sums by choosing properties in neighboring, less expensive postcodes rather than focusing solely on "must-have" locations, according to a new study.
- Amanda Bryden, head of mortgages at Lloyds, said: "It's easy to focus on the must-have locations when you're searching for a home," yet value often sits overlooked just next door.
- In the North East, buyers can save £141,947—or 47%—by choosing postcode NE24 in Blyth over neighboring NE26 in Whitley Bay, demonstrating the gap's scale.
- Across the UK, homes in neighboring areas cost 28% less on average, though gaps vary widely; London buyers can save £232,419 by shifting postcodes.
- For first-time buyers, a small shift in location could mean the difference between being priced out of a preferred area or successfully getting onto the property ladder.
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Coverage Details
Total News Sources11
Leaning Left2Leaning Right1Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 29%
C 57%
14%
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