With the British Government recently announcing the introduction of 5% deposits for mortgages once more to help first time buyers get on the property ladder, many people will be working out what they can afford and what areas they should look at moving to. And right on time, help is at hand as Britain’s 10 most affordable towns have been revealed.
And it’s good news if you’re interested in investing in a property in County Durham.
The ceremonial county in the North East has an average property price just £6,000 above the average household’s annual income, with a typical home in Shildon costing just £59,468. On average, couples in the area earn £53,446 a year.
Elsewhere in the county, Ferryhill is also in the top 10 nationwide, with a house price-to-earnings ratio of 1.35, according to the research compiled by Zoopla.
North of the border, in Scotland, Ayrshire dominates proceedings, with Kilbirnie and Cumnock ranking in third and fourth place respectively, and Stevenston, Irvine and Girvan also in the top 10.
Zoopla’s research found that strong earnings, coupled with reasonable property prices are the reason why affordability is so high in Scotland, with the same also being said of Cleator Moor and Egremont in Cumbria.
Down South, the areas of London where you’ll get more bang for your buck are Barking and Dagenham, the average cost of a home is below 5.7 times the annual salary for a two-earner household’s average salary.
Meanwhile, in Greater Manchester, Coldhurst in Oldham tops the list with average house prices of £104,416, with Lozells coming out on top in Birmingham at £141,431.
Grainne Gilmore, head of research at Zoopla, said: “This data shows where buyers can benefit from some of the most affordable markets across the country, especially movers who have built up some equity in their current home.
“Capital values in the north of England and Scotland are relatively lower than in the south of England, meaning that many of the most affordable areas are clustered in these regions.”
So, basically, the north is cheaper to live in than the south. Which we all knew already, anyway. But good to know we can all move to County Durham on the cheap, isn’t it?
(h/t the mirror)