Phil Spencer reveals most affordable places to buy alone in UK
Getting a foot on the property ladder seems like an impossibility these days with house prices remaining high, mortgage rates edging upwards and surging energy bills. On May 11, the Bank of England’s monetary policy committee will unveil whether they will increase the base rate for the twelfth consecutive time.
According to reports, the base rate could increase to 4.5 percent next week.
Low wage growth coupled with the cost of living crisis means owning a home could put the average person in a difficult financial position.
With this in mind, the experts from PlumbNation have explored how much the average cost of properties (per region) and utilities has risen over the last decade.
The data revealed the most affordable locations to live in the UK as well as the least affordable for locals.
According to the data, Burnley is the location with the most affordable housing in the UK, with a salary-price ratio of 4.08.
Located in the North West, the area has the cheapest average house price in the country at £114,100.
Meanwhile the average annual salary in 2022 was £27,945. The town has a rich history but was hard hit by the decline in British manufacturing.
The second most affordable location in the UK is North Ayrshire which is located to the West of Glasgow.
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The area is rural and has the fourth lowest average house price in the country at £125,893.
Meanwhile, local annual salaries are £3,000 below the national average at £30,585.
Another North West gem comes in third place for locals looking to buy a home in the UK.
Hyndburn has a good salary-price ratio of 4.17 with average house prices at £126,109 in 2022, while the average salary was £30,264.
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The most affordable locations to live in the UK:
- North Ayrshire
- West Dunbartonshire
- County Durham
- East Ayrshire
- North Lanarkshire
- Aberdeen City
In terms of UK regions, the North West is the most affordable in the UK with an average house price of £157,242.
The North West was followed by Scotland, Yorkshire & The Humber, the North West, West Midlands, Wales and the East Midlands.
Meanwhile, London is the least affordable with an average house price of £532,629 in 2022. The data also named the least affordable housing for locals in the UK.
Camden is the area offering the least affordable housing with average house prices coming in at 17.583 times that of the average annual salary.
Local annual salaries are £15,305 higher than the national average but the average house price in the area is £856,416.
Westminster came in second place with an average house price of £976,041 while Hertsmere came in third place with an average house price of £529,794.
Meanwhile, Sevenoaks is the UK location that has seen the biggest increase in its salary-price ratio in the last 10 years, meaning it is becoming less affordable the quickest.
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