A new analysis has revealed Britain's most affordable towns, where a home can still be bought for less than twice a couple's annual earnings. 

A low house price to earnings ratio means people do not have to stretch their finances as much in order to buy a home, and that their mortgage payments are more affordable. 

Shildon in County Durham was found to be the most affordable town, with property prices averaging around £73,600, at just 1.15 times salary. 

The earnings figures are based on a couple both working full-time in the local area. 

Ferryhill in the north-east of England was crowned the second most affordable town in Britain, with average property prices at £91,500 and a house price to earnings ratio of 1.43. 

Peterlee, also in the north-east of England, was the third most affordable town in Britain to buy a home.

Average property prices stand at £96,500 and the property price to earnings ratio was 1.51. 

County Durham claimed Britain's three most affordable towns, all with typical home values below £100,000. 

Fraserburgh, a historic fishing port on the Aberdeenshire coast known for its sandy beaches, also scored highly, with property valuations typically coming in at about £116,000, giving a house price to earnings ratio of 1.59. 

Irvine, also in Scotland, was found by Zoopla to be the fifth most affordable town in Britain, with property prices coming in at about £114,800, giving a local house price to earnings ratio of 1.62. 

Peterhead and Ardrossan, Methil and Saltcoats in Scotland also made it to the top 10 list of the most affordable towns in Britain, as did Workington in the north-west of England. 

In Workington, buyers can purchase a home for around £114,900, just 1.65 times local people's earnings. 

Scotland accounted for almost two-thirds of the 36 towns where home values were less than twice local household earnings, followed by the north-east of England, the north-west and Wales. 

Across the 929 towns in Britain that Zoopla analysed, the average home was valued at £299,100. 

This is equivalent to 4.3 times annual household earnings, which are at around £69,600. 

Where are the most affordable towns in the south?

In the south-east of England, Dover was the most affordable town to buy a home, with average property prices at £206,300 and a house price to earnings ratio of 2.97. 

In the south-west, Bideford was found to be the most affordable town. In Bideford, average property prices are around £224,700, equivalent to 3.35 times local annual earnings. 

In London, the borough of Tower Hamlets was the most affordable location for buyers, but still pricey. The average cost of a home in Tower Hamlets was £455,200, giving a house price to earnings ratio of 4.91.  

Greenwich and Croydon followed, both at 5.26 times household earnings. Zoopla said this demonstrated the 'considerable affordability gap' between the capital and Britain's cheapest towns.

London remained the least affordable region, with a typical home valued at £524,100, or 6.11 times household earnings. 

Homes in the most affordable towns in southern England still cost around three times average local household earnings. 

The south-east of England was the second least affordable region in Britain, behind London, with a typical home valued at £395,700, equivalent to 5.33 times annual household earnings. 

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.'

He added: '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.'

Nathan Emerson, chief executive of estate agent body Propertymark, added: 'These findings highlight the significant differences in housing affordability across the UK, with some towns offering real opportunities for buyers, particularly those looking to get onto the property ladder.'

He added: 'Yesterday’s decision by the Bank of England to increase the base rate to 4 per cent adds further pressure, potentially increasing borrowing costs and creating another barrier for aspiring homeowners.

'Buyers are increasingly looking beyond larger towns and cities to find better value. The challenge is ensuring these areas have the housing supply, infrastructure and economic opportunities needed to support sustainable communities and make homeownership achievable.'