Homebuyers can save up to 47% by moving to neighbouring postcodes, Lloyds finds
Analysis showed that homebuyers in NE24 in the North East could pay £141,947 less than in NE26, a saving of 47%.
Homebuyers can save up to 47% by searching in postcodes next to the UK’s most expensive locations, research from Lloyds found.
The study compared the priciest postcode in each region with the cheapest neighbouring postcode sharing its border.
Homes in these neighbouring areas were 28% cheaper on average.
The North East offered the biggest saving.
The most expensive postcode in the region is NE26, covering Whitley Bay, where the average price is £304,022.
Next door in NE24, which covers Blyth, the average price is £162,075.
Analysis showed that homebuyers in NE24 could pay £141,947 less than in NE26, a saving of 47%.
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, but this research highlights just how much value can sit right next door.
“Of course, neighbouring areas aren’t always directly comparable and each will have its own distinctive character, housing stock and local appeal.
“But in many parts of the country, looking just beyond the most sought-after postcodes can reveal more affordable options while still keeping buyers close to jobs, transport links, amenities and the communities that matter to them.”
Bryden added: “For first-time buyers in particular, a small shift in location could make a big difference – not just in getting on the ladder, but in what kind of property is within reach.”
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