Britain’s most affordable towns for home buyers revealed in research
The analysis of 929 towns across Britain found that a typical home is valued at £299,100, equivalent to 4.3 times annual household earnings.
The property website identified Shildon in County Durham as the most affordable town, with homes there costing 1.15 times two full-time annual wages on average.
Scotland accounted for 23 of the 36 towns Zoopla identified where homes typically cost less than twice the annual wages of two full-time workers.
The north east of England made up eight locations, with the North West accounting for four.
Dover was identified as the South East’s most affordable town, although a home there would typically cost nearly three times annual household earnings typically, Zoopla said.
In London, the most affordable borough was Tower Hamlets, with homes there typically costing 4.91 times a household income with two full-time workers.
Richard Donnell, executive director at Zoopla, said: “House prices have been rising more slowly than incomes, helping to improve housing affordability, but higher mortgage rates continue to offset some of these gains by increasing the monthly cost of buying a home.
“Affordability varies widely across the country, with many towns in northern England and Scotland offering much better value relative to local household earnings.
“However, lower house prices don’t always mean it’s easier to buy, as access to employment, deposits and mortgage costs remain important considerations.
“Buyers have more homes to choose from than a year ago, and there is greater scope to negotiate on price, particularly in southern England.
“Anyone considering a move should take a fresh look at what they can afford and what’s available locally.
“Expanding a search to neighbouring towns could make a meaningful difference to their buying options.”
Only postal towns with 5,000 homes or more were taken into consideration by Zoopla for the research.
Here are the most affordable locations in each region or nation, according to Zoopla, with the average home value followed by the property-to-income ratio for two full-time workers in a household:
North East, Shildon, £73,600, 1.15
Scotland, Fraserburgh, £116,000, 1.59
North West, Workington, £114,900, 1.65
Wales, Ferndale, £116,200, 1.82
Yorkshire and the Humber, Kingston upon Hull, £131,400, 2.16
West Midlands, Stoke-on-Trent, £160,700, 2.64
East Midlands, Ilkeston, £192,100, 2.70
East of England, Great Yarmouth, £166,300, 2.72
South East, Dover, £206,300, 2.97
South West, Bideford, £224,700, 3.35
London, Tower Hamlets, £455,200, 4.91
Here are the 36 locations across Britain identified by Zoopla where homes typically cost less than twice the annual earnings of two full-time workers living in a household. Figures show the region, the main local authority area, average property value and the property-to-household income ratio:
1. Shildon, North East, County Durham, £73,600, 1.15
2. Ferryhill, North East, County Durham, £91,500, 1.43
3. Peterlee, North East, County Durham, £96,500, 1.51
4. Fraserburgh, Scotland, Aberdeenshire, £116,000, 1.59
5. Irvine, Scotland, North Ayrshire, £114,800, 1.62
=6. Peterhead, Scotland, Aberdeenshire, £120,600, 1.65
=6. Ardrossan, Scotland, North Ayrshire, £116,900, 1.65
=6. Workington, North West, Cumberland, £114,900, 1.65
=9. Methil, Scotland, Fife, £116,400, 1.69
=9. Saltcoats, Scotland, North Ayrshire, £119,600, 1.69
11. Nelson, North West, Pendle, £108,200, 1.72
=12. Wishaw, Scotland, North Lanarkshire, £126,500, 1.75
=12. Kilwinning, Scotland, North Ayrshire, £123,900, 1.75
14. Birkenhead, North West, Wirral, £118,300, 1.77
15. Bishop Auckland, North East, County Durham, £114,100, 1.78
=16. Alexandria, Scotland, West Dunbartonshire, £123,700, 1.81
=16. Kilmarnock, Scotland, East Ayrshire, £120,600, 1.81
=18. Bellshill, Scotland, North Lanarkshire, £131,700, 1.82
=18. Greenock, Scotland, Inverclyde, £108,500, 1.82
=18. Ferndale, Wales, Rhondda Cynon Taf, £116,200, 1.82
21. Ashington, North East, Northumberland, £113,800, 1.83
=22. Clydebank, Scotland, West Dunbartonshire, £130,000, 1.90
=22. Coatbridge, Scotland, North Lanarkshire, £137,400, 1.90
24. Aberdeen, Scotland, Aberdeen City, £138,300, 1.91
=25. Paisley, Scotland, Renfrewshire, £136,600, 1.92
=25. Glenrothes, Scotland, Fife, £132,300, 1.92
=25. Eston, North East, Redcar and Cleveland, £111,800, 1.92
=28. Newton Aycliffe, North East, County Durham, £123,500, 1.93
=28. Port Glasgow, Scotland, Inverclyde, £115,100, 1.93
30. Airdrie, Scotland, North Lanarkshire, £141,500, 1.95
31. Thornaby, North East, Stockton-on-Tees, £125,500, 1.97
=32. Grangemouth, Scotland, Falkirk, £132,500, 1.98
=32. Stranraer, Scotland, Dumfries and Galloway, £121,600, 1.98
=34. Hawick, Scotland, Scottish Borders, £124,200, 1.99
=34. Tranmere, North West, Wirral, £132,900, 1.99
=34. Kilsyth, Scotland, North Lanarkshire, £144,100, 1.99