Where you can buy next to trendy postcodes to save up to 47% on house prices

Buyers looking for a home in a trendy zip code can save up to 47 percent by looking next door.

New research from Lloyds Bank reveals house hunters can shave up to hundreds of thousands of pounds off the purchase price of their home by looking at areas adjacent to the most expensive locations across the country.

It looked at the most expensive areas in each region across the country and then looked at the cheapest neighboring zip code that shared its border.

Buyers are currently struggling with sky-high house prices, which average £271,000 across the country, which has weakened affordability and pushed many households away from their dream property.

However, postcode envy, a term used to describe the desire to live at a prestigious address, has also increased.

But families who choose these chic neighborhoods can save an average of 28 percent by looking at less sought-after areas right next to chichi postcodes, and some can cut the purchase price by as much as 47 percent.

You can make the biggest savings here.

Biggest postcode price difference in North East

The North East region’s most expensive location is NE26, which covers the scenic Whitley Bay and Seaton Canal in North Tyneside.

Homeowners can enjoy the beautiful St Mary’s Lighthouse and Blue Flag award-winning beach, but they’ll have to pay a hefty £304,022 for the privilege.

However, if they shift their home search to NE24, which includes the port town of Blyth, they could buy a property for £162,075; that is £141,947, a saving of 47 per cent.

Of course, the area won’t be quite the same, but buyers will be just a 17-minute drive from exclusive Whitley Bay.

Amanda Bryden, head of mortgages at the bank, says: ‘It’s easy to focus on the must-haves when looking for a home, but this highlights just how much value can be right on your doorstep.

‘Of course, neighboring areas cannot always be directly compared and each will have its own unique 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 keeping buyers close to jobs, transport links, amenities and communities that are important to them.’

‘For first time buyers ‘A small change in location, in particular, can make a big difference not only to getting on the ladder but also to the type of property within reach.’

Replace Harpenden with Luton

The biggest monetary savings can be found in suburban London, where the gap in house prices between exclusive Harpenden and less desirable neighbor Luton creates a huge saving.

Harpenden’s AL5 is one of the most expensive postcodes in the country. Houses in the affluent and leafy Hertfordshire town sell for an average of £587,884. But at nearby LU1 – South Luton, just nine minutes’ drive away, prices average a more reasonable £351,742. That’s a massive 40 per cent discount and, at £236,142, it’s the biggest pound and pence saving on the list.

Looking at in-demand areas in the North, Yorkshire and the Humber, buyers could save £135,294 if they look for a home in Selby rather than stylish York South Bank. This represents a 36 per cent discount on the house price of £378,295.

Moving from Altrincham to Carrington in Manchester in the North West will save 30 per cent.

Meanwhile in the South West, swap Clifton in Bristol for Portishead to shave 25 per cent off your purchase price.

Londoners should avoid Hampstead

NW3 is one of the most sought-after places in the capital. Hampstead and Belsize Park are two of the city’s most exclusive neighborhoods, but they’re eye-wateringly expensive.

Buyers need to spend an average of £778,767 to secure a home in this stylish area.

However, there’s a 30 per cent discount on the price when you move to neighboring NW2 in Gladstone Park, home to Cricklewood and Dollis Hill.

Price tags here are £546,348, which is £232,419 less than the price in Hampstead.

In the wider South East, switching from KT6 to Surbiton to KT9 to Chessington could reduce the £625,840 house price by 28 per cent.

Buyers save the least in Northern Ireland

Some areas offer bumper savings on keys, while others offer less attractive savings for giving up a trendy postcode.

Get BT4 – East Belfast – in Northern Ireland. Houses here typically sell for £278,143. But moving to the cheapest neighboring areas (BT16) shaves just £31,075, or 11 per cent, off the price.

The West Midlands is similar. Leamington Spa – CV32 – is a stylish neighborhood full of royal architecture and beautiful gardens. But the average price for homes is £392,988. Opt for CV35 – Wellesbourne – 13 percent off instead.

In the East Midlands, switching from Towcester (NN12) to Daventry (NN11) reduces the price tag by 17 per cent to £300,112.

Meanwhile, buyers in Scotland can get a 20 per cent discount by switching from Edinburgh Central (EH3) to Stenhouse (EH11).

The most expensive area in Wales is CF24, which covers the seaside town of Penarth in South Wales, with houses priced at around £342,753.

But if you move to Barry, made famous by sitcom Gavin and Stacey, you’ll spend 24 per cent less, with homes priced at £260,234 on average.