The Perfect Match: Zoopla reveals the most affordable places for single Brits to buy a home
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Aberdeen has been named as the most affordable city for single homebuyers with average monthly mortgage payments of £510, around 16 per cent of average salaries
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In England, Liverpool has been named the most affordable city for single Brits with average mortgage payments accounting for 18 per cent of monthly salaries
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Affordability for singletons has improved in parts of Southern England, most notably Bristol in the South West, Oxford and Portsmouth in the South East and Cambridge in the East of England
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All London boroughs see mortgage payments of over £1,000 for an average-priced one or two-bed home
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Havering in the East of London is the most affordable London borough, with average house values coming in at £306,480
New analysis1 from Zoopla, one of the UK’s leading property websites, has revealed that Aberdeen in Scotland is the most affordable area for singles when it comes to buying a home in Great Britain.
Aberdeen buyers will need an average of £510 per month to meet monthly mortgage payments for a one or two-bedroom home, based on an average value of £119,350. This equates to 16 per cent of the area’s average monthly salary (£3,280).
Whilst Edinburgh tops the list of the least affordable cities for single homebuyers in Scotland, affordability in the city has improved over the last 12 months, a result of slowing house price growth and rising salaries.
Table 1: Cheapest local authorities for one or two-bed properties
|
City2 |
Region |
Median value of 1 & 2 bed home |
Median monthly pay – gross (Adj to Nov 24) |
Monthly mortgage repayment |
Annual value to earnings ratio |
|
Aberdeen |
Scotland |
£119,350 |
£3,280 |
£510 |
3.0 |
|
Liverpool |
North West |
£130,800 |
£2,980 |
£540 |
3.7 |
|
Glasgow |
Scotland |
£152,270 |
£3,100 |
£650 |
4.1 |
|
Sheffield |
Yorkshire and the Humber |
£156,990 |
£3,140 |
£640 |
4.2 |
|
Newcastle |
North East |
£150,360 |
£2,990 |
£640 |
4.2 |
|
Leeds |
Yorkshire and the Humber |
£178,020 |
£3,130 |
£730 |
4.8 |
|
Cardiff |
Wales |
£198,920 |
£3,150 |
£830 |
5.3 |
|
Nottingham |
East Midlands |
£162,830 |
£2,580 |
£660 |
5.3 |
|
Birmingham |
West Midlands |
£188,240 |
£2,900 |
£770 |
5.4 |
|
Southampton |
South East |
£194,260 |
£2,970 |
£750 |
5.5 |
Source: Zoopla
Markets in northern England are most affordable for single buyers
Liverpool has been named the most affordable city for single Brits in England. To buy a one or two-bedroom home valued at £130,800, singles will need to set aside an average of £540 for monthly mortgage payments, 18 per cent of their average monthly salary (£2,980).
Sheffield and Newcastle make the top five on the list of affordable cities for single Brits with a one or two-bed home valued at £156,990 and £150,360 respectively. Single buyers in Sheffield will need to allocate £640 or 20 per cent of their monthly salary (£3,140) to mortgage payments, with those in Newcastle seeing this increase to 21 per cent of their monthly salary (£2,990).
On the other end of the scale, Manchester and York are amongst some of the least affordable areas in the North of England for single homebuyers. A one or two-bed home in Manchester will cost on average £197,400, with mortgage payments of £810 accounting for 29 per cent of monthly salaries (£2,810). In York, the average value of a one or two-bed home currently sits at £263,000, with mortgage payments of £1,070 accounting for 38 per cent of monthly salaries (£3,080).
Affordability in the South improves for single buyers
Over the last 12 months, house prices have risen by just under 1.5 per cent in southern England (excluding London) however, this growth has been lower than earnings growth (5.6 per cent3), helping to increase affordability in some areas. Bristol in the South West, Oxford, Portsmouth in the South East and Cambridge in the East of England are amongst the most improved cities for affordability.
Table 2: Cities with the most improved affordability for single buyers
|
City2 |
Region |
Median value of 1 & 2 bed home |
Median monthly pay – gross (Adj to Nov 24) |
Monthly mortgage repayment |
Annual value to earnings ratio |
|
Bristol |
South West |
£302,570 |
£3,350 |
£1,210 |
7.5 |
|
Oxford |
South East |
£364,430 |
£3,480 |
£1,470 |
8.7 |
|
Edinburgh |
Scotland |
£230,100 |
£3,440 |
£950 |
5.6 |
|
Portsmouth |
South East |
£220,780 |
£3,020 |
£890 |
6.1 |
|
Cambridge |
East of England |
£391,470 |
£3,850 |
£1,490 |
8.5 |
Source: Zoopla
In Bristol, the average value of a one or two-bed home comes in at £302,570. Affordability in the city has been improved by the slowdown of house price growth and increased average salaries. Single buyers will need to set aside £1,210 in mortgage payments, 36 per cent of their monthly salary (£3,350).
In Oxford, a one or two-bed home is valued at £364,430 and is the second most improved city for affordability. Here, single buyers will need to set aside £1,470 in mortgage payments, 42 per cent of average monthly salaries (£3,480).
Single Londoners see monthly mortgage payments of at least £1,000
Whilst London is notorious for some of the highest house prices in the country, with average mortgage payments in even the most affordable areas over £1,000 for a one or two-bed home, some boroughs in the city are more affordable for single buyers.
Havering in the East of London is the most affordable borough in the city with average house values coming in at £306,480. Here, single buyers will need to set aside £1,090 for mortgage payments, 28 per cent of average salaries (£3,850). This is followed by Croydon where the fantastic transport links into central London will be attractive to single Londoners, who will need to set aside £1,120 in monthly mortgage payments, 30 per cent of average monthly salaries.
Table 3: Cheapest London Boroughs to buy
|
Local authority |
Median value of 1 & 2 bed home |
Median monthly pay – gross (Adj to Nov 24) |
Monthly mortgage repayment |
Annual value to earnings ratio |
|
Havering |
£306,480 |
£3,850 |
£1,090 |
6.6 |
|
Croydon |
£313,580 |
£3,770 |
£1,120 |
6.9 |
|
Bexley |
£323,780 |
£3,830 |
£1,160 |
7.0 |
|
Sutton |
£323,350 |
£3,780 |
£1,160 |
7.1 |
|
Redbridge |
£328,950 |
£3,720 |
£1,180 |
7.4 |
|
Bromley |
£379,120 |
£4,070 |
£1,350 |
7.8 |
|
Harrow |
£355,870 |
£3,800 |
£1,270 |
7.8 |
|
Enfield |
£349,190 |
£3,730 |
£1,250 |
7.8 |
|
Hillington |
£344,760 |
£3,630 |
£1,230 |
7.9 |
Source: Zoopla
Daniel Copley, Consumer Expert at Zoopla comments: “For singletons, buying a first home can feel a little bit like dating and just like dating, first impressions matter. However, it’s important to dig deep into your potential new home as it’s what’s below the surface that determines long-term compatibility. Take your time and do your research before making that ultimate commitment to swipe right on a home.”
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