With the average price of a London home soaring towards the £1million mark, it’s no wonder thousands are ditching the city.
The average house in the capital costs £733,000 but the average London salary is only £44,000 and most mortgages are capped at 4.5 times that, amounting to just £198,000.
Schemes like the Help To Buy ISA may have worked a decade ago but since savers can only receive a government bonus if they buy under £450,001, resources such as this have also been priced out.
Instead of buying in London, homeowners are flocking to more affordable towns that are often in the north of Britain, MailOnline previously revealed.
Now, we can unveil the cheapest postcodes to live in outside the capital and the priciest ones to avoid according to data compiled from the Land Registry by the Online Marketing Surgery and Cardinal Steels.
The cheapest place to buy a home is in Middlehaven (TS2), in North Yorkshire, where an average house costs just £49,833.
In fact, Yorkshire postcodes make up the top four cheapest places to buy, with Bradford (BD1), Middlesbrough (TS1) and Brambles Farm (TS3) all coming in with prices under £85,000.
Shildon (DL4), in County Durham is the fifth cheapest, with homes selling for an average of just £86,993.
Linz Darlington, the boss of leasehold extension experts Homehold, told MailOnline: ‘You can seek a better and more affordable quality of life elsewhere.
‘Greater flexibility around working from home has made making a cross-country move more accessible for many.’
Yet while many people are considering leaving the capital, not all postcodes outside of London are as affordable.
In fact, some are even approaching London property prices.
Cobham (KT11), in Surrey, was the most dear, with the average home selling for a shopping £1.4million.
Close behind was Beaconsfield (HP9), in Buckinghamshire, where homes go for £1.3million.
Mr Darlington added: ‘Increasingly buyers are looking for property outside of London and the South East — and so they should be.
‘While these areas may be the preference of many, as a proposition they are clearly overpriced.
‘Leasehold flats have historically been the ”first rung on the ladder” for many house-buyers in London and the South East, but constant woes from cladding issues, outrageous service charges and spiralling ground rents make these an ever less attractive proposition.
‘Issues with flat ownership are compounded by the fact the age of first time buyers has been increasing, which means people are needing for larger, family friendly properties for their first homes.’
Housing expert David Hall added: ‘It’s critical anyone buying always compares any recent sales in the area to ensure they are not being taken advantage of and that they get an accurate survey of the home.
‘Because so many are looking outside of London this has and will push prices up and could tip the situation in the opposite way they think.’
Below, MailOnline reveals the cheapest postcodes outside of London — and the priciest ones to avoid…
Cheapest postcodes outside London:
1 Middlehaven (TS2), North Yorkshire – Average house price: £49,833
This leafy three-bedroom semi-detached home is one of the only in the TS2 postcode for sale.
With a luscious front lawn and a spacious patio at the back, it comes in almost £10,000 below the area’s average, at £40,000.
It is also a stone’s throw from a lovely nature and wildlife reserve beside the River Tees.
2 Bradford City Centre (BD1), West Yorkshire – Average house price: £64,960
This stunning two-bed property in Bradford is at the end of a terrace and boasts marvellous stonework.
The average house price in this postcode is just £64,960.
With the average salary for the UK as a whole at £43,963, buying a home in this area is much more affordable than doing so in London.
3 Middlesbrough Town Centre (TS1), North Yorkshire – Average house price: £68,837
This dinky flat may seem on the small side but it still boasts three bedrooms and is within walking distance of Teesside University.
On sale for £75,000, it is slightly above average for the area but the property on Palmer Street also has good motorway links.
It is available on a freehold lease and is close to local parks and the River Tees.
4 Brambles Farm (TS3), North Yorkshire – Average house price: £83,838
In the Brambles Farm area of North Yorkshire, this three-bedroom semi-detached home is on sale for £115,00.
It has a long, stone pathway to the door and a large front lawn as well as a garage.
The home is nestled within the beautiful surroundings of North Yorkshire and was also recently renovated.
5 Shildon (DL4), County Durham – Average house price: £86,993
Coming in at just £92,700 this two-bedroom terraced house is around the average price for the area.
With a cafe next door and a bus stop nearby, it’s perfect for someone who enjoys a bit of hustle and bustle.
Inside the house, newly refurbished interiors show a clean and modern look while retaining the charm of the home.
Most expensive postcodes outside London:
1 Cobham (KT11), Surrey – Average house price: £1,395,369
It’s perhaps no surprise that this gorgeous five-bedroom detached house is priced at well over the average for the area at £2.9million.
With three en-suite bathrooms, a large back garden and a gated driveway that can fit four cars, it’s a home of luxury.
Close to good primary an secondary schools and less than two miles from Oxshott train station, the attraction is obvious.
2 Beaconsfield (HP9), Buckinghamshire – Average house price: £1,308,331
This Grade II-listed five-bedroom barn conversion would cost you £1.5million in Beaconsfield, Buckinghamshire.
Its interior has vaulted ceilings and exposed timber, while the property itself is surrounded by expansive countryside views.
The outside decking even has enough space for a jacuzzi and a basketball net.
3 Virginia Water (GU25), Surrey – Average house price: £1,281,660
This three-bedroom end of terrace house is on sale for less than the average price for the area at £775,000.
The stunning cottage is in Virginia Water, where average properties sell for £1.3million.
It also has a lovely white on red stonework pattern that adds to the quirky charm of the home.
4 Chalfont Saint Giles (HP8), Buckinghamshire – Average house price: £1,225,304
This four-bed home in Chalfont Saint Giles, Buckinghamshire, is on the market for £1.7million.
As well as stunning brickwork and a beautifully landscaped garden, it has a very large drawing room and an open plan kitchen and dining room.
It also has built-in wardrobes, an ornate fireplace and far-reaching views over the village of Chalfont Saint Giles.
5 Shenley (WD7), Hertfordshire – Average house price: £1,178,962
This five-bedroom detached home in Hertfordshire is on the market for £2.9million.
It boasts an indoor pool and spa as well as four en-suites and two other bathrooms.
The high price may also have been increased by the fact there are two self-contained annexes on the property.
Although it is in a semi-rural location, it remains close to shops, the M25 and larger town centres such as Rickmansworth and Uxbridge.