The cheapest town to buy a three-bedroom house in the UK has been revealed by Zoopla, with an asking price of just £82,000.
In Shildon, a quiet town in County Durham, ‘dual buyers’ can get onto the ladder with a value to earnings ratio of just 1.36.
Homes in Shildon are three times cheaper than the most affordable towns in the South East.
Greatest challenge
Families can get on the housing ladder for as little as £325 a month, with towns in the North East among the UK’s most affordable locations, according to new analysis from Zoopla.
Locations in Northern England, Scotland and Wales top the ‘affordability rankings’ with six places in the North included, as well as Ferndale in Wales and both Cumnock and Irvine in Scotland.
The greatest challenges for families are in the South, with Dover being the region’s most ‘cheapest’ town, with a £1,100 monthly mortgage payment.
Lowestoft in the East of England and Cinderford in the South West top the affordability ranking for families across the south of England with value to earnings ratio of 3.6 and 3.8 respectively.
Ferndale is the most affordable town in Wales, with the average three-bedroom home values of £113,000 and a price to earnings ratio of 1.85.
Buyers often face a trade-off between lower house prices and their proximity to major employment centres.”
Richard Donnell, Executive Director at Zoopla, says: ““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.
“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.”
Picture: Rightmove
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