Aberdeen has been named as the most affordable city for single homebuyers with average monthly mortgage payments of £510 according to Zoopla’s latest report.
Buyers in Aberdeen of a one or two-bedroom home will need an average of £510 per month to meet monthly mortgage payments for, based on an average value of £119,350. This equates to 16% of the area's average monthly salary (£3,280).
Edinburgh meanwhile is top of the list of the least affordable cities for single homebuyers in Scotland, even if affordability has improved over the last 12 months, as a result of slowing house price growth and rising salaries.
Daniel Copley, Consumer Expert at Zoopla, said: “For singletons, buying a first home can feel a little bit like dating and just like dating, first impressions matter. However, it’s important to dig deep into your potential new home as it’s what's below the surface that determines long-term compatibility. Take your time and do your research before making that ultimate commitment to swipe right on a home.”
Conversely in London, all boroughs see mortgage payments of over £1,000 for an average-priced one or two-bed home. However some boroughs in the city are more affordable for single buyers, Havering in the East of London is the most affordable borough in the city with average house values coming in at £306,480. Single buyers will need to set aside £1,090 for mortgage payments, 28% of average salaries (£3,850). This is followed by Croydon, where the average monthly mortgage payment is £1,120, 30% of average monthly salaries.
Toby Leek, NAEA Propertymark President, said: “One of the positive trends that emerges on the back of remote working is that it allows most people to relocate to a more affordable or generally more convenient area based on personal choices and lifestyles.
“This report proves useful for those with such flexibility; however, not everyone is able to relocate with ease, and the fundamental issue of unaffordability and undersupply remains across the UK.”
Cheapest local authorities for one or two-bed properties
| City2 | Region | Median value of 1 & 2 bed home | Median monthly pay - gross (Adj to Nov 24) | Monthly mortgage repayment | Annual value to earnings ratio |
|---|---|---|---|---|---|
| Aberdeen | Scotland | £119,350 | £3,280 | £510 | 3.0 |
| Liverpool | North West | £130,800 | £2,980 | £540 | 3.7 |
| Glasgow | Scotland | £152,270 | £3,100 | £650 | 4.1 |
| Sheffield | Yorkshire and the Humber | £156,990 | £3,140 | £640 | 4.2 |
| Newcastle | North East | £150,360 | £2,990 | £640 | 4.2 |
| Leeds | Yorkshire and the Humber | £178,020 | £3,130 | £730 | 4.8 |
| Cardiff | Wales | £198,920 | £3,150 | £830 | 5.3 |
| Nottingham | East Midlands | £162,830 | £2,580 | £660 | 5.3 |
| Birmingham | West Midlands | £188,240 | £2,900 | £770 | 5.4 |
| Southampton | South East | £194,260 | £2,970 | £750 | 5.5 |
