Where is currently the most affordable UK town to purchase a home?

In the current economic climate and general uncertainty swirling around the UK at the moment, you can be forgiven for ditching the old property mantra of "Location, location, location" for "Budget, budget, budget".

Related topics:  Property
Property Reporter
9th July 2020
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Indeed, budget-friendly property has always been popular amongst UK house hunters, however, today, this is more true than ever.

Bearing this in mind, property portal, Zoopla, has been crunching the numbers once again and reveals the findings of new research which highlights the most affordable places to buy a property in the UK. The research analysed the average property prices and average earnings in more than 1,000 UK towns to show a price to earnings ratio. The price to earnings ratio represents the number of average salaries it would take to afford a property in each town.

Owning a home is a milestone the majority of people desire to achieve at some point through their life. Whilst we all have different personal circumstances, reaching that goal should never feel unattainable or unaffordable. In order to help those looking to get on the property ladder, Zoopla has analysed the average salary against property prices and can reveal the most and least affordable towns to buy a property in the UK (excluding Northern Ireland).

The UK’s most budget-friendly towns to purchase a property with price ranges between £60,000 and £104,000. What’s more, due to a difference in yearly average salary earnings for town residents, purchasing a property in some areas around the country is far more achievable than others.

So where came out top?

Famous for its railway history, Shildon in County Durham, takes the top spot as the most affordable town in which to purchase a UK property, with the average property price coming in at £60,000. When looking at annual earnings, per person, they average at £28,000, which equates to 2.11 price to earnings ratio. The quaint town is just 13 miles outside of Durham, putting it in the perfect position for city commuters who are looking to escape the hustle and bustle after work.

Coming in second and third place as the most affordable towns are Cumnock in Scotland and Ferryhill in England. The beautiful town of Cumnock in Ayrshire has a strong industrial heritage, with the town centre boasting stunning views of Crichton Church, built using orange and red stone - perfect for weekend exploring.

The average property prices are considerably higher in Cumnock in comparison to Shildon (ranking in first place) with a home setting you back £74,000. Gross annual earnings per person in Cumnock average at £31,000, equating to a 2.39 price to earnings ratio to buy a property in this area.

Relocating to an entirely new region or country in the UK in order to get on the property ladder may not be a viable option for everyone. Zoopla’s analysis highlights the most affordable town across each region, to highlight the more budget-friendly locations that could be just down the road.

When analysing the top 20 most affordable towns in the north and south of England, the most affordable are all situated in the northeast and northwest regions - no towns in the south rank, making the north region more affordable to purchase a property in.

Tom Parker, Consumer Expert at Zoopla, comments on the findings: “With the UK housing market opening up again, we know, now more than ever, that it’s important for buyers or potential buyers to know where they can get the most for their money when purchasing a property. With budgets tighter than usual, we want to ensure that buying a property is still attainable - even during these unprecedented times.

“Lockdown has resulted in a shift in the way we work, as more employers are allowing their employees to work from home for the foreseeable - and as a result, our property priorities are changing. The desire for greater indoor and outdoor space and fewer people having to commute into the office means that the property field is larger and more achievable than ever before - so make use of the analysis and find out a suitable, but most importantly affordable, location to find your dream home.”

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