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:
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
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
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
Top 10 Least Affordable Cities for Homebuyers
4 High Wycombe
Top 10 Most Affordable Cities to rent
Bottom 10 Least Affordable Cities to Rent
4 High Wycombe
10 Milton Keynes
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