Recent data from the Office for National Statistics (ONS) and the Land Registry’s House Price Index has unveiled the most affordable towns in Britain, where average house prices are as low as £112,000.
This information is particularly valuable for first-time buyers seeking to enter the property market without incurring substantial debt.
The most affordable towns ranked
- Burnley, Lancashire: Average house price of £112,910, with an affordability ratio of 3.77.
- Hyndburn, Lancashire: Average house price of £129,386, affordability ratio of 4.39.
- East Ayrshire, Scotland: Average house price of £132,335, affordability ratio of 4.35.
- North Ayrshire, Scotland: Average house price of £140,873, affordability ratio of 4.3.
- North Lanarkshire, Scotland: Average house price of £146,342, affordability ratio of 4.3.
An affordability ratio is calculated by dividing the average house price by the average annual salary. A lower ratio indicates greater affordability.
For instance, in Burnley, the average house price is approximately 3.77 times the average salary, making it more accessible for potential homeowners.
Emma Johnson, 29, from Burnley, told The London Property News, “Moving to Burnley was a game-changer. The affordability allowed me to purchase my first home without the burden of a massive mortgage.
The data highlights that the most affordable areas are predominantly located in Scotland and the North of England.
Liam Bradley, 39, from North Ayrshire, shared with The London Property News, “I never thought owning a home was within reach until I discovered North Ayrshire. The lower property prices here made it possible.”
In contrast, regions such as London exhibit significantly higher affordability ratios.
For example, the City of Westminster has an affordability ratio of 21.13, where the average property price is £969,914, compared to an average annual salary of £45,910.
While the average house price in England stands at £298,000, with an affordability ratio of 8.6, these findings reveal that more affordable options are available in certain towns.
Prospective homeowners should consider these areas to find properties that align with their financial capabilities.