Some may offer you a smaller or larger loan, depending on your circumstances, your credit history and how much of a risk they deem you to be. Our research compared average house prices throughout towns in Britain with average incomes* to discover where the most affordable homes are. Find out more: buying a house or flat in London. The majority of sales in South East during the last year were terraced properties, selling for an average price of £352,713. Homeowners in Copeland spend just 13.2% of their income on their mortgages. Southampton — 7.75 . If you're wondering where the best place to live in Scotland is for you, then look no further. Live as Queen addresses the nation in annual speech UK News The broadcast happens every year on BBC One at 3pm Aldi worker's wonderful gesture to mum after seeing her burst into tears in the shop Simply enter your annual income. The least affordable mortgage title goes to Brent, where the average resident’s mortgage is eating up a huge 67.8% of their disposable earnings. Median gross i With countryside, moors and beaches never too far away, here are the best value-for-money towns for those eyeing up a move to the South West. There’s no denying the city was once considered the butt of many a joke. There is no data for the areas in grey. Here are a few tips to help you make that important decision: Mortgage lenders will commonly lend you up to 4.5 times your annual income to buy a property. 1 Answer. Favourite answer. Indeed, Lambeth’s house prices measure at 14.49 times the average salary – comparatively affordable, if still prohibitive for most people. var pymParent = new pym.Parent('which-signup', 'https://www.which.co.uk/static/tools/new-reviews/money-signup/money-signup-rhythmyx.html', {}); The map below shows the affordability of each local authority in England and Wales. This is far more affordable than the likes of Stratford-on-Avon (which came out at 10.41), Daventry (10.27) and Basildon (10.59). At the other end of the spectrum is Kensington and Chelsea, the UK’s least affordable area. Located in the north east of Scotland, this region is fondly referred to as 'the oil capital of Europe'. But despite rents dropping by 0.4% over the past year, the North East has also seen the largest month-on-month increase by a huge 2.8% from March 2018 to April 2018. It can be difficult to find the right area to buy in, that’s both affordable and somewhere you want to live. You need to head to the Forest of Dean in Gloucestershire to find the most affordable town to live in the South West. Shildon in County Durham is the most affordable town to live in Britain, according to our latest data. Areas in light blue are the most affordable; areas in dark blue the least affordable. Aberdeen & Aberdeenshire. The table below shows a regional breakdown of how much people spent on their mortgage throughout the UK in the last three months of 2018. Bexley. The port city on England's south coast is considered one of the safest in the whole of the UK. The least affordable region, unsurprisingly, is London, with an average price of £496 per sq ft, followed by South East England with an average price of £309 per sq … The Lancashire area, which is named after the River Wyre, offers flats for an average of £79,703. Somewhere near good schools, a park, or lots of shops? Blaenau Gwent, South Wales – 3.84 times salary 3. Want to know more? Here, local workers would have to fork out 44.51 times their annual salary to buy a house – meaning very few people that work in this area would have the luxury of owning a property nearby. We use cookies to allow us and selected partners to improve your experience and our advertising. The 10 cheapest seaside towns to buy property. House price affordability has increased for those living and working in Northern Ireland and the north east of England. As well as having the most affordable house prices, Copeland was revealed to have the cheapest mortgage payments, too. 2. You’ll need to take some time to think about which factors are most important to you, and narrow down your options from there. 1.Wyre, North West, £79,703 The top spot on the list of 10 cheapest rural locations in the UK goes to Wyre. Looking for the cheapest place to rent a 2 bedroom property preferably close to London. Meanwhile, workers in Barrow-in-Furness, Pendle and Burnley would all need to spend less than four times their annual salary to buy locally. East Ayrshire, Scotland The figures show the average house price as a multiple of the average salary in that area. After months and years of careful plotting, planning and dreaming, retirement can be thrilling and daunting in equal measures. Data from Halifax shows how much of people’s post-tax earnings was spent on monthly mortgage payments. This is considerably more affordable than the averages for Lenzie and Bearsden, which stand at … Even if you can afford a property in your desired area, you should consider what your monthly mortgage payments will be. In this blog, we share our latest list of the top 5 seaside towns, and for some, what may be the best places to live in 2020. Areas in and around Oxford, meanwhile, such as South Oxfordshire, Vale of the White Horse and West Oxfordshire, all ranked well in the Halifax chart. Here, you can compare how affordable your area is, find out where Brits spend the most on their mortgage and how to choose where to buy a house. The 50 best places to live in the UK: South East of England dominates 2014 quality of life league with Hampshire district retaining top spot. It may be unsurprising to find the least affordable places are in London and the South East of England, while you’ll have much better chance of being able to buy a house if you work in North West England and South Wales. Instead, you’ll need to look at how much specific properties are being listed for, and how much they’ve recently sold for. The cheapest places to live in Suffolk are in Ipswich and Lowestoft, while the most expensive is in the heart of Constable Country, new figures reveal. The most affordable place to live in the West Midlands has been identified - and it's bad news for those living in Birmingham. By continuing to browse you consent to our use of cookies. December 17, 2018 Zoopla. See the top 10 most affordable towns to buy in: 1. Overall sold prices in South East over the last year were 3% up on the previous year and 7% up on the 2017 level of £391,172. var pymParent = new pym.Parent('which-tool', 'https://www.which.co.uk/static/tools/new-reviews/borrow/borrow.html', {}); If buying a home still seems out of reach, you may need to build up your deposit. Regionally, Runcorn in Cheshire is the best choice for those looking for value in Northern England, as prices in this industrial town are £108,381 less than the county average. As recorded by the Land Registry, the average price for a house in the district as a whole is £181,151, while in Kirkintilloch it's £182,492 (according to rightmove.com). So while the average wage in London is likely to be higher than Daventry, for instance, it’s all relative if you want to buy a house in the area where you work. On average, a UK full-time worker could expect to pay around 7.8 times their annual salary buying a home in England and Wales in 2018 – but there is huge variation across the UK, as the latest housing affordability data from the Office for National Statistics suggests. You can compare these figures to your own finances and see whether you’re likely to be able to afford to buy in that area. 5. How will Brexit impact your pensions and investments? Our borrowing calculator below can give you an idea of how much a lender is likely to give you to put towards a home. 10 most affordable places to live in South West England. While average prices can give you a general idea of how much properties cost in certain areas, there’ll be a lot of variation within that. The cheapest place to buy a house, relative to local earnings, is Burnley where the average home costs 3.5 times the average salary. 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