Zoopla, the UK’s most comprehensive property destination, highlights the most affordable places to buy a property in the UK*, analysing 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).
Zoopla is pleased to present 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.
Furthermore, purchasing a property, whilst being an exciting journey, can also bring an element of uncertainty. Therefore, it’s more important than ever, during these unprecedented times, to shine a light on the locations in the UK where your money can go further, getting you one step closer to making those happy memories in your new home. So, if you’re looking to get more house for your money, find out below where the UK’s most affordable towns are located.
Ferndale in Wales ranks as the eighth most affordable town in the UK with the average property price coming in at £87,000. The average salary in that area is £27,000, therefore purchasing a home in Ferndale would need 2.76 average annual salaries combined to afford a property.
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.
Ferndale ranks as the cheapest within the Welsh region, so if Welsh residents are looking for a more affordable location to move to, why not consider the small town located in the valley?
Commenting on the analysis, Tom Parker, Consumer Expert at Zoopla says:
“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.”
For more information, visit: https://www.zoopla.co.uk/treehouse/the-least-expensive-places-to-live-in-the-uk/