An estate agent claims to have found the places in the UK with the lowest house prices and highest happiness rates.
Pendle in Lancashire comes out top with the highest happiness rating of 8.1 while enjoying an average house price of £141,069 - less than half the national average,tThe study by London estate agent Benham and Reeves (opens in new tab) has found
A survey by the Office of National Statistics (opens in new tab) (ONS) found the average happiness rating across the UK is 7.45 while the UK House Price Index (HPI) (opens in new tab) puts the average house price at £295,000.
Other unassuming happiness hotspots include Newry Mourne & Down in Northern Ireland, which has a happiness rating of 8.06 and an average house price of £191,053, and Richmondshire in North Yorkshire, which has a happiness rating of 7.99 and an average house price of £278,074.
On the other end of the scale, Colchester has the lowest happiness score in the UK at 6.76, while the average house price of £330,435 is also 12% higher than the UK average.
Other unhappy hotspots include Tunbridge Wells and Lambeth, with happiness scores below 7 alongside average house prices at £489,846 and £553,424 respectively.
Lower house prices and higher happiness
| Location | Average house price- Nov 2022 | Happiness score average mean (out of 10) |
|---|---|---|
| Pendle, Lancashire | £141,069 | 8.10 |
| Newry Mourne and Down, Northern Ireland | £191,053 | 8.06 |
| Richmondshire, North Yorks | £278,074 | 7.45 |
Higher house prices and lower happiness
| Location | Average house price- Nov 2022 | Happiness score average mean (out of 10) |
|---|---|---|
| Colchester, Essex | £330,435 | 6.76 |
| Tunbridge Wells, Kent | £489,846 | 6.94 |
| Lambeth, London | £553,424 | 6.99 |
Director of Benham and Reeves, Marc von Grundherr, says: “It could well be that the high cost of homeownership in these areas has zapped the happiness from homebuyers. So those with the greatest freedom when looking to purchase are best advised to set their sights to more affordable areas if they wish to live a happier life.”
In other positive news for potential homebuyers UK house prices fell 1.5% in December, according to Halifax - the fourth fall in a row for Halifax - and is the latest sign to indicate the property market is slowing down in the face of the cost of living crisis and higher mortgage rates.
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