Home buyers forced out of London

The relentless rise in property prices is forcing more and more would-be homeowners to move out of London every month.

While some are resigned to paying rent for years ahead, others have joined a growing exodus to purchase homes in Northamptonshire, Brighton or even further afield.

But the town emerging as the best value for money is deep in the Welsh valleys.

For here, in Merthyr Tydfil, the astute buyer can exchange a single London property - at the average value of £232,830 according to Land Registry statistics released this week - for up to 10 properties in the Welsh principality.

Merthyr Tydfil, the former steel and coal town, boasts Cyfartha Castle as its biggest attraction, a 365-room residence built in the 19th century and home to iron baron William Crawshaw.

The town, population about 59,000, also makes much of its closeness to the Brecon Beacons, an area of great natural beauty. It has a large number of churches of all denominations, with 15 at the last count.

Property sellers in the historic town are deadly serious about its allure for those intent on leaving the capital. Rachel O'Shea, of Peter Alan estate agents, believes it offers excellent value for money. She said: "Although the prices are rising here it is nothing like London. You can still get a decent house for an excellent price.

"It provides a good location for someone working in Cardiff who doesn't want to pay those prices."

And Julie Pearson, of Derek B Phillips estate agents, claimed despite the bargain prices, Merthyr Tydfil was a great place to live.

"It's very cheap but I love it here," she said. "You're surrounded by beautiful scenery - you wouldn't get that in London. It's a close community and people who are born here rarely leave."

At the bottom of the market a threebedroom end- of- terrace house costs £16,950. For £25,000 you can get a pretty semi-detached, twobedroomproperty with a large 22ft by 11ft living area on the popular outskirts of town. Just £26,950 buys you a cottage-style terraced property with two bedrooms and a large front garden, £29,950 gets you a twobedroom place with a fitted kitchen and £31,500 buys you an endofterrace property with two bedrooms in the village of Abercanaid, just outside Merthyr Tydfil.

At the more expensive end of the market you can purchase a large semidetached house with incredible views of the valleys, three bedrooms, a separate entrance lobby, lounge, dining room, sitting room and kitchen.

And nearer the top of the market is a large four-bedroom property in a sought-after location close to the town centre. Along with the bedrooms you will get a separate lounge, dining room, living room, kitchen and pantry for your £56,000.

For property magnates, the asking price for all seven properties is £231,350 - without any haggling.

That's £1,480 less than the cost of the average London home.