As mortgage rates drop following the Bank of England’s recent base rate cut, getting on the property ladder is becoming slightly more achievable. But with house prices still sky-high across the UK, where can you really make your money stretch?
In parts of London, £500,000 might only get you a small one-bedroom flat. Yet, in other areas, that same budget could secure you a spacious countryside estate. HCB Solicitors reveals what £500,000 can buy you in different parts of the UK.
Martin Edwards, a senior associate solicitor at HCB Solicitors said: “House prices went up by £2,200 last month, making it tougher for first-time buyers, but with lower mortgage rates, maintaining a property is getting easier.
“To land the best deal, make sure you get a mortgage in principle so you know how much you can borrow. Also, don’t forget to look into government schemes like Help to Buy, and don’t be afraid to haggle.”
“The recent price rise could be down to the Bank of England’s rate cut, making borrowing cheaper and driving up demand. In this fast-paced market, it’s all about being quick and prepared.”
