Most affordable place to buy property in England where homes are just £144k on average
PROPERTY in England is an expensive purchase that can set Britons back thousands of pounds. Now, a new study has revealed the most affordable place to buy a property in England.
House prices: Expert discusses 'interesting' pricing differences
Despite house prices reportedly dropping across the UK, the average property in the UK is valued at £281,161, according to the Office for National Statistics (ONS). For many, the rising cost of living and interest rates means the prospect of owning a home is dwindling. Now, a new study by property loan experts Buzz Capital has revealed the most affordable places to buy a home in the UK.
Researchers at Buzz Capital calculated the economic disparities between property price and the average UK salary for 50 cities across England.
According to the expert’s data, Bradford has the smallest disparity between property cost and average yearly salary.
The city is rich in history and culture and is the third largest city in Yorkshire.
Bradford is also a great option for commuters to Manchester and Leeds via car or train.
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Bradford employees receive £31,700 per year from work, on average which is 22 percent of the average property price. The average property price in Bradford is £143,960.
Stoke-on-Trent was named the second most affordable place to buy a home in the UK.
The average house price is £147,697 and the average annual salary is £31,800.
Carlisle and Derby came in third and fourth place with homes costing £143,958 and £207,739 respectively.
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The average annual salary in Carlisle is £30,400 and in Derby the average salary is an eye-watering £40,500.
Kingston upon Hull came in fifth place where average homes can be bought for £150,782.
Sunderland, Doncaster, Preston, Liverpool and Lancaster completed the list.
In the past year, the average cost of a UK property has increased by 10 percent, according to ONS.
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Unsurprisingly, Westminster in London has the most significant disparity between property cost and average yearly salary.
On average, employees in Westminster receive £60,100 a year from work. This equates to just 3.5 percent of the average property price, which is £1,737,494.
The cheapest homes in Westminster were flats which sold, on average, for £1,382,836.
In Mayfair, the average property price was a staggering £5,521,083.
The average yearly wage is also high in London, Cambridge, Derby and Oxford.
Meanwhile, wages are lowest in Hull with employees earning, on average, £27,900 per year.
The average yearly wage is also low in Sunderland, Plymouth, Lichfield and Hereford.