UK's most affordable towns revealed by Zoopla property analysis

Summarised from 4 outlets · 5 reports · Updated 6 Nov, 00:22 · Archive

Zoopla identified more than 30 UK towns where homes cost less than two years' household earnings, with Shildon in County Durham the most affordable.

Property website Zoopla has released an analysis of housing affordability across 929 towns in Britain. The analysis found that a typical home is valued at £299,100, which works out at 4.3 times annual household earnings. Zoopla identified more than 30 towns where homes can potentially be bought for less than two years' worth of household earnings.

Shildon in County Durham was named the most affordable town, with homes there costing 1.15 times two full-time annual wages on average. This is followed by Ferryhill in the north-east, where property prices average around £91,500, and Peterlee, also in the north-east, with average prices at £96,500. County Durham claimed Britain's three most affordable towns, all with typical home values below £100,000.

Scotland dominated the affordability rankings, accounting for 23 of the 36 towns identified where homes typically cost less than twice the annual wages of two full-time workers. Other regions with affordable towns included the North East of England, which made up eight locations, and the North West, which accounted for four. In London, Tower Hamlets was the most affordable borough, with homes typically costing 4.91 times a household income with two full-time workers. In the South East, Dover was identified as the most affordable town, although homes there would typically cost nearly three times annual household earnings.

Richard Donnell, executive director at Zoopla, said house prices have been rising more slowly than incomes, helping to improve housing affordability, but higher mortgage rates continue to offset some of these gains by increasing monthly mortgage costs. He noted that affordability varies widely across the country, with many towns in northern England and Scotland offering much better value relative to local household earnings. However, he cautioned that lower house prices do not always mean it is easier to buy, as access to employment, deposits and mortgage costs remain important considerations.

How it is being reported

• Britain's most affordable towns revealed – where houses can be snapped up for less than two years' wagesThe analysis of towns across Britain indicated that a typical home costs around 4.3 times annual household earnings, according to the property web site ZooplaThe Mirror · 6 Nov, 00:02
• The towns where a couple can still buy a home for less than two years' salaryAcross the 929 towns in Britain that Zoopla analysed, the average home took up 4.3 times annual household earnings - but these places are much more affordable.This is Money · 6 Nov, 00:01
• Mapped: London's most and least affordable places to buy a homeInteractive map shows the boroughs where house prices are most affordable relative to household incomeEvening Standard · 6 Nov, 00:01
• Mapped: UK's most affordable towns where homes can be snapped up for less than £300kZoopla’s analysis covers 929 towns across BritainThe Independent · 6 Nov, 00:01
• Britain’s most affordable towns for home buyers revealed in researchThe analysis of towns across Britain indicated that a typical home costs around 4.3 times annual household earnings, Zoopla said.Evening Standard · 6 Nov, 00:01

In this story: Shildon · County Durham · Ferryhill · Peterlee · Scotland · Tower Hamlets · Dover · Zoopla

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