Zoopla Unveils Most Affordable Locations in the UK to Buy a Home
Byline: UK Correspondent
Zoopla, a leading property website, has conducted a study revealing the most affordable places in the UK to buy a one or two-bedroom home. According to Wales Online, Aberdeen in Scotland has emerged as the most financially viable city for single individuals seeking to own a property in Britain. With an average property price of £119,350, one can purchase a one or two-bedroom home in Aberdeen for 3.0 times the typical local earnings.
In second place is Liverpool, where the average price for a one or two-bedroom home stands at £130,800, amounting to 3.7 times the average local earnings. Zoopla noted that wage growth has played a significant role in enhancing home affordability in southern England over the past year. House prices in southern England, excluding London, have risen by just under 1.5% in the last 12 months, compared to earnings growth of 5.6%.
This positive trend in earnings relative to housing costs has led to improved affordability in cities like Bristol, Oxford, Portsmouth, and Cambridge. Daniel Copley, a consumer expert at Zoopla, advised prospective buyers to take their time and thoroughly research potential homes before making a purchasing decision. He compared buying a first home to dating, emphasizing the importance of ensuring long-term compatibility rather than just being swayed by initial impressions.
The top 10 most affordable locations to buy a one or two-bedroom home, as identified by Zoopla, include:
1. Aberdeen, Scotland – £119,350, 3.0
2. Liverpool, North West – £130,800, 3.7
3. Glasgow, Scotland – £152,270, 4.1
4. Sheffield, Yorkshire and the Humber – £156,990, 4.2
5. Newcastle, North East – £150,360, 4.2
6. Leeds, Yorkshire and the Humber – £178,020, 4.8
7. Cardiff, Wales – £198,920, 5.3
8. Nottingham, East Midlands – £162,830, 5.3
9. Birmingham, West Midlands – £188,240, 5.4
10. Southampton, South East – £194,260, 5.5
Conversely, the top 10 least affordable areas to buy a one or two-bedroom home are dominated by London boroughs, with Kensington and Chelsea taking the top spot. The average property values in these locations are significantly higher, leading to house price-to-earnings ratios that are much less favourable for buyers.
It is evident from the study that there are stark regional variations in home affordability across the UK. While some areas offer opportunities for first-time buyers or single individuals to enter the property market, others present significant challenges due to soaring property prices relative to local incomes.
The findings from Zoopla’s research serve as a valuable resource for individuals looking to make informed decisions about purchasing a home. Understanding the affordability landscape in different regions can help prospective buyers navigate the property market more effectively and find a suitable home within their budget constraints.