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Where are the most affordable homes in the UK?

Alex Johnson

da4fbb514fa5774ce3194cb9a883cb245d299743 300x207 Where are the most affordable homes in the UK?In 2012, 59% of homes for sale have been within financial reach for the average UK residents, according to Adzuna (working on the basis that the average home now costs £282,117). This figure has improved by 7% over the last 12 months and they estimate it will continue to improve in early 2013.

Adzuna ‘Affordability Index” is calculated by looking at average salaries for the top 50 cities in the UK and then comparing them to property asking prices and typical mortgage multiples. Here are the results:

Most Affordable

For people in Belfast, Hull and Birmingham, 84% of homes are within reach for locals. Hull is the cheapest city to live in (average house price £136,115), with properties just over double the average couple’s yearly income

Least Affordable
Londoners’ high incomes mean it is only the 5th least affordable place to live in Britain in 2012. Wealthy home counties towns like Guildford, Cambridge and Oxford are even less affordable than London

Renting
Stoke-on-Trent, Bradford and Hull (where the average rent is only 15% of net monthly couples’ income) are the most affordable cities for renting property with over 94% of rental properties within reach for local incomes. In terms of the least affordable, Oxford, London and Guildford come ‘top’ with only 1 in 5 rental properties within budget


Top 10 Most Affordable Cities for Homebuyers

1    Belfast
2    Hull
3    Birmingham
4    Bradford
5    Stoke-on-Trent
6    Manchester
7    Dudley
8    Sunderland
9    Wolverhampton
10  Glasgow

Top 10 Least Affordable Cities for Homebuyers

1    Guildford
2    Oxford
3    Brighton
4    High Wycombe
5    Chelmsford
6    Cambridge
7    Reading
8    London
9    Maidstone
10    Wirral

Top 10 Most Affordable Cities to rent

1    Stoke-on-Trent
2    Bradford
3    Hull
4    Wolverhampton
5    Derby
6    Belfast
7    Swindon
8    Preston
9    Sheffield
10    Glasgow

Bottom 10 Least Affordable Cities to Rent

1    Oxford
2    London
3    Guildford
4    High Wycombe
5    Brighton
6    Southampton
7    Portsmouth
8    Cardiff
9    Reading
10  Milton Keynes

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  • adder

    hehehheeh

  • http://www.facebook.com/kingal86 Alex Wright

    It’s not just the North. Technically Guildford and Milton Keynes aren’t cities either – although MK calls itself a city, and Guildford is bigger than the nearby cities of Winchester and Chichester

  • http://www.facebook.com/people/James-Bell/565565893 James Bell

    I would say that ‘affordable’ conjures a comparison to ones wealth or income whereas ‘cheap’ conjures a comparison to how much one would normally expect to pay. This study compares house prices to income and therefore ‘affordable’ would be the more appropriate word to use. I’m against using long or posh words just to sound more sophisticated but refusing to use more appropriate words or judging people who do so out of a dislike for social climbers could be just as damaging if it goes too far. For instance I like the word ‘one’ because it distinguishes that I’m talking about a generic person and not particularly the person I’m talking to which using the word ‘you’ would not and I refuse to use less effective language just because some people will prejudge me as a posh snob.

  • Jeremy Hunter

    Yes I see what you mean, cheap is relative to the market, affordable is relative to salaries.

  • Carol

    No the most affordable homes in Britain are the MPs state funded second homes. Which they buy and furnished at the publics expense. And at the expensive of the jobless, working poor, disabled and homeless who are soon to be losing in many cases their homes due to the housing benefit reductions.

  • melstin

    and in the past, they could flip them, like Osborne did, and laugh all the way to the bank with £55K of tax free money.


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