Preston named the seventh cheapest city to own a home - here's 9 on the market right now for less than £60,000

Preston is the seventh cheapest city to own a home, with the average cost of a mortgage, utilities and council tax being only 49 per cent of the median monthly salary.

By Catherine Musgrove

Published 23rd Aug 2023, 13:56 BST

Updated 23rd Aug 2023, 16:22 BST

The research, conducted by L&C Mortgages, analysed house price data from the Office for National Statistics, calculated with a 4.5 per cent interest rate repaid over 25 years and combined with the average price of utilities and council tax per location.

This total was then compared to the median salary in each city to reveal the least expensive British cities to own a home.

Aberdeen, Dundee, Kingston-Upon-Hull, Glasgow and Durham round out the top five least expensive cities to own a home.

In seventh place is Preston. As of May 2023, the average cost of a home was £158,204.

At 4.5 per cent interest repaid over 25 years, this totals £237,332, with monthly mortgage payments of £791 and £1,135 with utilities and council tax. Overall, this cost represents 49 per cent of the median salary (£2,340).

With this in mind, we looked at some of the cheapest homes available to buy right now in Preston.

There were multiple listings for flats in the Samuel Street and Leighton Street areas, as well as in Avenham, Ribbleton and the city centre.

Click on the pages below to see more details.

This one bedroom flat is being offered at auction for a guide price of £10,000.
It's described as a "larger-than-average one-bedroom ground floor apartment with designated parking space" and although it needs some TLC, can achieve rental in the region of approximately £6,000 per annum.

1. 2 Severn House, Samuel Street, Preston

This one bedroom flat is being offered at auction for a guide price of £10,000. It's described as a "larger-than-average one-bedroom ground floor apartment with designated parking space" and although it needs some TLC, can achieve rental in the region of approximately £6,000 per annum. Photo: Auction House/Rightmove

This fourth floor, two-bedroomed apartment is offered to the market at £40,000 with no onward chain and vacant possession.
The property benefits from communal parking and gardens.

2. Conway House, Samuel Street, Preston

This fourth floor, two-bedroomed apartment is offered to the market at £40,000 with no onward chain and vacant possession. The property benefits from communal parking and gardens. Photo: Kingswood/Rightmove

This one-bed flat in a Grade-II listed Victorian house, is on offer for £50,000.
It is located in the prestigious Winkley Square area in the heart of Preston City Centre, conveniently located for access to Avenham Park, shopping centers, bus routes, UCLAN and the train station.

3. Bank Parade, Preston

This one-bed flat in a Grade-II listed Victorian house, is on offer for £50,000. It is located in the prestigious Winkley Square area in the heart of Preston City Centre, conveniently located for access to Avenham Park, shopping centers, bus routes, UCLAN and the train station. Photo: Jones Cameron/Rightmove

This one bedroom apartment in the original mill building within the Centenary Mill Court development is being offered for £35,000.
The property comprises of a lounge/dining area, fitted kitchen and bathroom.
The agent states: "This would make a perfect buy to let property."

4. New Hall Lane, Preston

This one bedroom apartment in the original mill building within the Centenary Mill Court development is being offered for £35,000. The property comprises of a lounge/dining area, fitted kitchen and bathroom. The agent states: "This would make a perfect buy to let property." Photo: Farrell Heyworth/Rightmove

Preston Aberdeen Office for National Statistics Glasgow Dundee