The most affordable locations to buy a home revealed

March 29, 2019

The latest data from the Office of National Statistics has revealed where the most affordable places to buy a home are in England and Wales based on the ratio of the average salary and the average property price.

The data shows that across England and Wales the affordability ratio has shown little change year on year with the average property costing 7.8 times the available wage in 2008.

However, while housing affordability remains a big issue, the diversity of the UK property market means that there are a whole host of areas where the gap is much smaller.

Copeland is currently the best place in England and Wales to get a foot on the ladder and with an affordability ratio of 2.5, it is just over three times cheaper than the national average and over 17 times more affordable than the worst area Kensington and Chelsea.

Barrow-in-Furness, Blaenau Gwent, Neath Port Talbot, Pendle, Merthyr Tydfil and Burnley are all also home to an affordability ratio where house prices are less than four times the average wage.

Knowsley, Derby and Hyndburn complete the top 10 more affordable areas in the UK where getting a foot on the ladder is concerned.

Founder and CEO of Springbok Properties, Shepherd Ncube, commented:

“Housing affordability is a very hot topic and, the consistent escalation of house prices coupled with the slower rate of wage growth, means that for many the aspirations of owning their own home continues to move further out of reach.

However, our property market is a diverse one and amongst the many layers that form it there are 140 pockets of affordability offering a below average house price to wage ratio.

Of course,  wider economic factors such as job availability have a part to play but this aside, these areas offer hope to those wishing to shed the shackles of the rental sector. By doing your homework, you can uncover hidden gems of property affordability dotted all over England and Wales.”

Most affordable areas to buy in England & Wales
Area
House price/wage affordability ratio
Copeland
2.5
Barrow-in-Furness
3.53
Blaenau Gwent
3.59
Neath Port Talbot
3.6
Pendle
3.65
Merthyr Tydfil
3.78
Burnley
3.99
Knowsley
4.11
Derby
4.26
Hyndburn
4.35
England and Wales
7.8

 

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Estate Agent Talk

A Guide To Moving To The UK

Are you considering moving to the UK, perhaps you are relocating for work or returning after some time as an expat elsewhere. Whatever the reason, to help you begin your journey smoothly, we have compiled all the relevant information on how to relocate to the UK. This guide to moving to the UK will cover…
Read More →
Breaking News

Breaking Property News – 30/04/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Will Yardi’s multi-million gamble on WeWork the former £37Bn Unicorn pay off? The word is that Adam Neumann the enfante terrible and former co-founder is unlikely to be the new owner of WeWork as it emerges out of the gloom of its present bankrupt…
Read More →
Love or Hate Rightmove
Breaking News

Rightmove rental tracker: 50,000 rental properties needed to bring supply back to pre-pandemic levels

Average advertised rents outside of London rise to a new record of £1,291 per calendar month (pcm), though the pace of rent growth continues to slow, with average rents now 8.5% higher than last year London rents reach a new record by two pounds, rising to £2,633 per calendar month. Average advertised rents in the…
Read More →
Letting Agent Talk

Half of Renters Don’t Know Where to Turn When Something Goes Wrong

Results come as TDS Charitable Foundation develops new service to support tenants to uphold their rights. HALF of all private renters would not know where to turn to if a landlord or letting agent failed to address a problem in a property. That’s according to interim results from a new representative survey of over 2,000…
Read More →
Estate Agent Talk

Liverpool’s Real Estate Market: What You Need to Know

Liverpool’s real estate sector presents a dynamic environment for investors, homebuyers, and tenants alike. As the city continues to expand and develop, understanding the nuances of this market is crucial for anyone looking to engage with property in the area. This article provides a comprehensive look at the current trends, investment opportunities, and potential challenges…
Read More →
Estate Agent Talk

Identifying Common Structural Issues in Balconies

Living in a city like Sydney, where a breathtaking view of the cityscape and ocean can be the crowning jewel of your property, it’s no surprise that balconies are key features sought after by homeowners. However, over time, these aesthetically pleasing elements can become a structural nightmare due to a range of issues that compromise…
Read More →