“Finding an affordable home can seem too good to be true, especially in more expensive areas of the UK.”
With the average house price in the UK rising 13.2% in the past year, up to £265,668, MyJobQuote has analysed the most affordable places in the UK for first-time buyers.
The firm analysed the average house cost for a first-time buyer across the UK along with the average annual income, working out the affordability rating of the towns and cities in question by dividing the house price by salary.
What is the most affordable country in the UK?
With three cities making the top ten of affordability, Scotland is the most affordable country in the UK, with the average house cost across the county being £165,703. Aberdeen is the most affordable city in the UK, with the average home costing £194,642 and the average salary being £35,000, giving an affordability rating of 5.86
The North of England is an affordable part of England, as the lists includes six towns and cities with a respectable affordability rating. Stoke-on-Trent is the highest listed affordable city, with homes costing an average of £177,351.
Where are the least affordable areas in the UK?
All three of the most expensive areas in the UK are in the South of England, with affordability increasing to a huge 26.9%. Perhaps unsurprisingly, London makes the list yet is not the most unaffordable area, with Harpenden in Hertfordshire seeing an eye-watering 26.9% affordability.
The reason for the high affordability rating is due to the average salary in Harpenden. The average salary for working in Harpenden is £31,000, however Harpenden is known for being a commuter town, as it is just 24 miles from the city. Many who live in Harpenden may commute into London, resulting in a potentially higher salary.
Thomas Goodman, building and construction expert at MyJobQuote, commented: “Finding an affordable home can seem too good to be true, especially in more expensive areas of the UK. If you discover a home in a more expensive area but a lot cheaper than the average price, ensure you do research before committing. The saying “if it’s too good to be true then it probably is” is common when it comes to property as many homes, especially older places, can have many hidden issues.
“By completing surveys and using reputable services, you can obtain a clearer image of why the home is under-priced and see if you could afford to make any renovations.
“If you do opt for a doer-upper, then make sure you plan and budget accordingly. A common mistake made by many property buyers is assuming it will be more economical to buy a less expensive property and fix it up, rather than an already ‘completed’ home. In theory this idea is good, however if you fail to plan and budget properly then you may end up spending a lot more than you initially intended. With 2 in 5 do-er uppers going over their budget by 20%, it is crucial you plan before.”
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