House prices: Zoopla data shows the most affordable places to buy a property in the UK
HOUSE prices are in a state of flux at the moment as various global issues including the coronavirus pandemic and Brexit. Where are the cheapest places to buy property in the UK today? Zoopla reveals its latest data.
House prices: Most afford places with property for sale in the UK
Zoopla has revealed the most affordable towns to buy a property in the UK by analysing average property prices. It also analysed the price to earnings ratio. So, where is the cheapest place to buy a property looking at average house prices?
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Shildon is the most affordable place to buy a home with an average property price of just £60,000.
The second most affordable place to buy is in Scotland. It’s Cumnock, East Ayrshire, where the average property costs £74,000.
While it is more expensive than Ferryhill and Peterlee in County Durham, the price to earning ratio in the town in lower at 2.39.
This is because the average yearly annual salary there is £31,000.
Ferryhill has an average property price of £70,000 but an average yearly annual salary of £28,000, a ratio of 2.47.
House prices: So, where is the cheapest place to buy a property?
House prices: Shildon is the most affordable place to buy a home
In Peterlee the average property price is £71,000, with an average salary of £28,000, with a ratio of 2.50.
The fifth most affordable place is Girvan in South Ayrshire, Scotland. Here the average property price is £84,000, with an average salary of £32,000 – making a price to salary ratio of 2.61.
In Shildon a two bed terraced house costs around £60,000. Cumnock will see you pay £40,00 for a two bed flat.
A three bed end terrace house in Ferryhill costs around £60,000.
England is the least affordable country to buy a UK home at £100,000 more expensive, on average than Wales and Scotland.
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.
House prices: The second most affordable place to buy is in Scotland
“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.”
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