Hull is the most affordable place to live in the UK
New research by Adzuna suggests that 98 per cent of homes in Hull are within financial reach for first-time buyers on average local incomes. Meanwhile, Oxford and Guildford are the least affordable cities, with 3 out of 4 of properties on the market too expensive for locals.
The affordability of areas was calculated by looking at average salaries for the top 50 cities in the UK and comparing them to property asking prices and typical mortgage multiples across the UK.
The study reveals that first-time buyers should do well in West Midlands locations like Dudley, Stoke-on-Trent and Birmingham where average property prices at £157,000 are only 2.5 times the average local couples’ earnings. Not only is the average couple able to afford 9 out of 10 properties for sale in these areas, but also 96% of rental properties are within budget.
Londoners’ high incomes mean it is only the fifth least affordable place to live. Wealthy home counties towns like Guildford, Cambridge and Oxford are even less affordable than London. The typical home in the Guildford area now sells for seven times earnings at £448,000. Plymouth and Cambridge have suffered the most drastic change in affordability, with 8 per cent fewer properties within reach than in March this year.
By comparing the markets for rentals and sales, the figures also show that Cambridge, Plymouth and Maidstone are the UK’s rental hotspots with up to 30 per cent more properties affordable to rent than to buy in these areas.
Andrew Hunter, Co-Founder of Adzuna, said: “With clear indicators of house price stagnation across the UK, pockets of opportunity are springing up around the country for those looking to pick up a bargain.”
Top 10 Cities for Renting
1. Dudley 99.31%
2. Hull 98.71%
3. Bradford 98.17%
4. Wigan 96.95%
5. Stoke-on-Trent 96.30%
6. Motherwell 95.83%
7. Preston 95.81%
8. Wolverhampton 93.07%
9. Stockton-on-Tees 93.01%
10. Middlesbrough 91.91%
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