Shildon named Britain’s most affordable for families to buy a home
Zoopla has carried out research
Shildon in the North East has been named as the most affordable town in Britain for families looking to buy a home.
Zoopla, which carried out the research, compared average prices for three-bedroom homes with estimated earnings for couples working full-time.
Towns in northern England, Scotland and Wales dominated the top of the affordability rankings, which were based on 300 towns that are popular with people looking to buy family-sized homes.
Shildon, Co Durham, topped the list with an average house price-to-earnings ratio of 1.36.
In Wales, Ferndale in the Rhondda Valley was named as the most affordable town for families, with homes there costing around 1.85 times earnings.
In Scotland, Cumnock in East Ayrshire was placed top, with three-bedroom homes costing around 1.68 times dual wages.
Richard Donnell, executive director at Zoopla, said: “The housing market is entering one of its busiest periods, with the most homes for sale in many years and at a time when buyers are becoming increasingly focused on value for money.
“What stands out is the scale of the affordability gap across the UK. In parts of the North East, families can buy a home for much less than the cost of buying in the most affordable towns in southern England.
“While there are affordable options in every region, buyers often face a trade-off between lower house prices and their proximity to major employment centres.
“Many of the most affordable towns in southern England are coastal, meaning better affordability may come at the cost of more expensive travel which may not work for everyone.”
Mortgage rates have jumped in recent weeks as the conflict in the Middle East has affected financial markets and prompted expectations that inflation in the months ahead could be higher than previously expected.