As the UK struggles with the cost of living crisis, property website Zoopla has revealed the most affordable places to buy a house in Britain.
Shildon in County Durham retains its position as Britain’s most affordable town for the third year in a row. Nearby Ferryhill took third and Peterlee sixth.
According to the researchers, the average house price in Shildon was £71,000, while the median income for two-earner households is £62,500, giving a price/benefit ratio of 1.14.
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Meanwhile, in Ferryhill, with an average house price of £80,400 and two households earning £62,500 a year, the ratio is 1.29. And in Peterlee the respective figures are £84,200 for houses, £62,500 for income, giving a ratio of 1.35.
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Grainne Gilmore, Head of Research at Zoopla, said: “The cost of living crisis has meant affordability has been pushed to the forefront of shoppers’ minds this year, more than ever.
“Our affordability data helps buyers make informed decisions about where their money can go further in Britain, especially those who may have hidden equity in their home.
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“Once again we find that many of the most affordable areas for potential home buyers are in Scotland and the North of England, which could be attractive to those still looking for the perfect family space. after the pandemic.”
Overall, Zoopla found that the average two-income household will pay four times their combined annual income to buy a house with an average value in Britain of £263,000 – a 5% increase since 2021, reflecting this annual house price growth (as of January 2022) is almost double the annual wage growth.
Cities in Scotland and the North retain pole position as the most affordable areas in Britain. Four towns in Scotland also feature, with all areas of historic Ayrshire including Stevenson, Cumnock, Girvan and – the only new entrant – Irvine making the top ten, thanks to stable property prices and equal salary increases.
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Cleator Moor, Egremont and Millom in Cumbria complete the top 10 affordable towns in Britain.
As homebuyers continue their pandemic-fueled ‘search for space’, these rural areas across Scotland, County Durham and Cumbria could be the perfect haven for those looking for more space and tranquility, said Zoopla.