While buying a leasehold property comes with some advantages such as being cheaper and in some areas leasehold properties are more available, generally people prefer to pay extra for a freehold property. In England the current average price for a freehold property is over £300,000, that’s 73% more than a leasehold property.
Over the past 12 months 80% of all sales in England were for freehold homes, with up to 92% of sales in Wales being for freehold properties.
If you want to buy a freehold property, research areas to see where the best prices are. Spend time looking online, take a look at a property news blog for detailed information about where to find property hotspots.
Freehold Property Hotspots
There are freehold property hotspots to be found, with Bolsover being the best place in the UK to get a freehold property. Here 99% of transactions in the last year were for freeholds. Elsewhere, 98% of transactions were for freehold properties in Barrow-in-Furness, Amber Valley, Melton, North West Leicestershire, Ashfield, Fenland, North Lincolnshire and Merthyr Tydfil. 93% of all properties listed in the East Midlands were for freehold properties, compared to just 47% in London.
Areas around the City of London were the hardest to find freehold properties, with just 1% of transactions in the past year being for freehold properties.
When you’re looking for a property, consider whether you are happy to pay the extra premium for a freehold. Reading through a property news blog will highlight the things you need to think about and help you make an informed decision.
Because of all the other associated costs of buying a house, you need to ask if you can afford to buy a freehold or whether a leasehold will be the best option, at least initially, for you to get your foot on the property ladder. Take a look through this property news blog to see all the things that you need to take into account and add up the costs of buying your house and what the options available to you are.
When you’ve taken the time to work out the costs and the area that you need to live in, you can make a more informed decision as to whether you’re happy to pay the extra premium for a freehold or whether a leasehold property is the best option for you.