I was delighted to read the amazing articles in the papers this week saying that northern English towns are beyond saving and residents should move south. “Urban regeneration in the North is failing its citizens so much that only mass migration to London, Cambridge and Oxford would lift them out of poverty.” Isn’t this the most ridiculous thing you’ve ever heard? The report has called for more affordable houses to be built in Oxford, Cambridge and London, with northern cities allowed to decline. This is like the dark days of the Thatcher era all over again. Worst of all, the think tank that came up with this crazy plan has admitted that the idea is crazy! An advertising plan seems to me.
It would actually promote the idea of living in the North of England anyway. Firstly let me clarify that I count “the north” as everything from Luton to Lerwick. The key to paying off your mortgage early is planning. Always, always, always buy the cheapest property in your city that you would be happy in, out of the two worst areas, with 3 bedrooms and off-street parking. Generally, these will be decent ex-council actions. Try Me: Take a look at property listings online and run this experiment for your city.
Here is how a search of the above properties in Corby, Northants would work today:
3 bed end terrace £85,000
3 bed end terrace £85,000
3 bedroom semi £85,000
This is what a search for these properties in Wellingborough, Northants would look like:
3 bed mid terrace £89,995
3 bedroom semi £95,000
3 bed mid terrace £99,995
I have been very picky in completing this search and am confident that a similar exercise carried out in any ‘northern’ town would return three suitable properties under the £125,000 stamp duty threshold. On the other side of the coin, you could easily double the cost if you venture inside the M25. What is the point?
If you’re happy in your hometown, you have people there you love, follow my instructions and find one of the many bargain properties currently in real estate agents’ windows!
By finding a cheap property, where you can live ten years without moving (hence the need for 3 bedrooms and ORP) it is more than feasible that you can have your mortgage paid off within a decade. So go ahead, citizens of Leicester, Coventry, Stoke, Newcastle, Bolton, Blackpool and Doncaster. Climb the property ladder and laugh all the way to the bank, as Oxbridge families work 80-hour weeks to manage large mortgages. Good luck.