We all know house prices are spiralling and entire generations are being priced out of the property market.
But there are still some affordable areas including Shildon in County Durham, where the average price for a property is just £71,000 - thanks largely to its dominance of terraced housing.
The north east town tops property website Zoopla’s latest affordability list, based on average house prices across Britain combined with average earnings for each area.
In 2022, the average household in the UK can expect to pay up to four times their combined salary to buy a home, which falls to just 1:1 to buy a house in Shildon.
The most affordable towns are clustered around the North of England and into Scotland.
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There are three other County Durham homes in the top 10, with buyers expecting to pay a mere 1.5 times the average double-income household salary for a home.
Further value can be found north of the border in Scotland, where the historic areas of Ayrshire include Girvan, Stevenson, Cumnock and Irvine. Egremont, Cleaton Moor and Millom in Cumbria round off the list.
Following the pandemic, these rural retreats are highly sought-after for those looking for extra space or some peace and quiet.
The country life isn’t for everyone, and according to Zoopla’s research the appetite for city life is still as strong as ever. But there are pockets of affordability in all our big cities.
In London, the most affordable area is Barking and Dagenham, with an average house price setting you back around £300k. In Newcastle it’s Wallsend at around £150k, Manchester it’s Leigh at around £155k and finally for the Birmingham area it’s £185k in Brierley Hill, just outside the city in Dudley.
Top 10 most affordable UK towns to purchase a property
1. Shildon, County Durham (£71,000 average property price)
2. Cleator Moor, Copeland (£105,700)
3. Ferryhill, County Durham (£80,400)
4. Stevenston, North Ayrshire (£88,800)
5. Cumnock, East Ayrshire (£89,400)
6. Peterlee, County Durham (£84,200)
7. Egremont, Copeland (£120,900)
8. Girvan, South Ayrshire (£105,000)
9. Irvine, North Ayrshire (£102,100)
10. Millam, Copeland (£131,500)
Grainne Gilmore, head of research at Zoopla, said: “The cost of living crisis has meant that affordability has been pushed to the forefront of buyers' minds this year, more than ever. Our affordability data helps buyers to make informed decisions about where their money may go further across Britain, especially those who may have hidden equity in their home.
“Once again, we are seeing that many of the most affordable areas for potential home buyers are across Scotland and the North of England which could be attractive to those still searching for the perfect post-pandemic family space.
