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Average Home Price Nearly Four Times Household Incomes

The latest research from Zoopla has revealed that despite annual earnings growing by 3.7% over the last 12 months, outpacing house price growth, UK homebuyers can still expect to pay 3.8 times average annual household incomes. Furthermore, the 35% of homebuyers who are single, will expect to pay 7.6 times their annual income on average.

Zoopla has uncovered the most affordable towns and cities within Britain to help those who plan to buy a home in the coming months. To calculate which areas are the most affordable, Zoopla analysed house value-to-earnings ratios, based on a two-earner household on an average salary for the local area.

Scotland and the North are home to the most affordable towns
Whilst the average home in Britain is valued at 3.8 times the local average annual household income, there are many areas where this ratio is much lower, making homes significantly more affordable.

Ayrshire, in the southwest of Scotland, has a particularly high concentration of affordable towns to buy, with the average home in the four most affordable parts of Ayrshire valued at less than 1.3 times the annual household income. Four out of five of Britain’s most affordable towns, Cumnock, Girvan, Saltcoats and Ardrossan, are located in this area.

Cumnock is Britain’s most affordable town to buy, with average property values of £80,300, significantly below the UK average house price of £267,500. Shildon, Peterlee (both in county Durham) and Ashington (Northumberland) are the most affordable towns for buyers in England, with homes valued at less than 1.4 times local household incomes. 

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