Rising incomes and recent falls in mortgage rates may make getting on the property ladder easier for some people who are buying on their own, according to a property website.
Zoopla analysed prices for smaller homes with one or two bedrooms, and compared this with average incomes for single earners to pinpoint cities where single home buyers may have a particularly good chance of getting on the property ladder.
It said that first-time buyer couples often favour bigger properties, with around three bedrooms.
The website said that single buyers account for around two-fifths (39 per cent) of first-time purchases, with affordability constraints often working against single earners and making it harder to “go it alone”.
Zoopla found that Havering was the most affordable London borough for solo buyers, with a one or two-bedroom home there costing £305,200 on average – around 7.3 times average earnings of £41,600 for a single buyer.
in Scotland, Aberdeen was the most affordable city for single buyers, with a typical first-time buyer home there costing around three and-a-half times average earnings.
In Wales, Swansea was identified as the most affordable city, with a home costing around four-and-a-half times the earnings of a single first-time buyer.
Richard Donnell, executive director at Zoopla, said: “Buying a home can feel out of reach for many singles who have to rely on just one income to cover mortgage and other costs of home ownership.
“Rising incomes and lower mortgage rates mean that owning a home by yourself is increasingly possible.
“For many that means buying a smaller-sized home where property prices have risen more slowly than for larger, family-sized homes in recent years.
“It’s important to do your research digging into mortgage affordability and products aimed at singles while considering alternative locations and selecting the right area for you.”
Kesha Foss-Smith, regional director at John D Wood & Co, said: “Single buyers are becoming far more strategic about where and what they buy.
“Many are prioritising affordability over postcode prestige and choosing areas that still offer good transport links, local amenities and long-term value.
“The combination of stabilising house prices and improved mortgage rates has opened doors again, and we’re seeing renewed confidence in the market, particularly for one and two-bed homes.
“With more choice coming on to the market and sellers being more open to negotiation, this is one of the more favourable windows we’ve seen for single buyers in recent years.”
Here are the most affordable cities to buy a home for a single buyer in Britain’s nations or regions, according to Zoopla. The figures show the average house price of a one or two-bedroom home, followed by the average income of a single earner and the average house price-to-income ratio:
Scotland, Aberdeen, £114,700, £33,100, 3.5
North East, Sunderland, £106,700, £28,600, 3.7
Yorkshire and the Humber, Hull, £115,300, £27,900, 4.1
North West, Liverpool, £137,100, £31,600, 4.3
West Midlands, Stoke-on-Trent, £134,400, £29,700, 4.5
Wales, Swansea, £149,000, £32,800, 4.5
East Midlands, Derby, £169,100, £31,200, 5.4
East of England, Peterborough, £183,200, £30,500, 6.0
South West, Plymouth, £184,000, £29,600, 6.2
South East, Milton Keynes, £230,400, £36,900, 6.3
