New research from Street.co.uk reveals that the North East of England is home to the most affordable places to buy, with Peterlee in County Durham taking the top spot.
Street.co.uk has revealed the top twenty places in the UK that are considered the most ‘affordable’ in the current housing market.
Street.co.uk found properties in Peterlee had an income ratio score of just 3.9 – this means that the average property price (£107,042) is just 3.9 times the average full-time earnings* of the county (* Source of average salary, Talent.com).
Following in second place is Seaham, County Durham, with a ratio score of 4 and an average property price of £135,138. In third place sits Stanley, County Durham with a score of 4.1 and an average property price of £106,834.
Bootle in Liverpool was named the North West’s most affordable location with a ratio score of 4.5 and an average property price of £135,422, followed by Blackpool, also with a score of 4.5 and an average property price of £147,776. In third place sits Nelson in Lancashire, with a score of 4.7 and an average property price of £135,379.
Top 20 most affordable places to live
|
Town |
Average Property Price |
Average Full-Time Salary |
Ratio Score |
|
Stanley, County Durham |
£106,834 |
£26,178 |
4.1 |
|
Peterlee, County Durham |
£107,042 |
£27,500 |
3.9 |
|
Ashington, Northumberland |
£121,210 |
£28,000 |
4.3 |
|
Bishop Auckland, County Durham |
£133,994 |
£31,200 |
4.3 |
|
Seaham, County Durham |
£135,138 |
£33,216 |
4.0 |
|
Nelson, Lancashire |
£135,379 |
£28,595 |
4.7 |
|
Bootle, Liverpool |
£135,422 |
£30,000 |
4.5 |
|
Accrington, Lancashire |
£139,422 |
£30,193 |
4.6 |
|
Hartlepool, County Durham |
£140,201 |
£31,167 |
4.5 |
|
Mexborough, South Yorkshire |
£142,076 |
£32,000 |
4.4 |
|
Blyth, Northumberland |
£145,295 |
£31,503 |
4.6 |
|
Consett, County Durham |
£146,118 |
£26,969 |
5.4 |
|
Blackpool, Lancashire |
£147,776 |
£33,000 |
4.5 |
|
Washington Houghton Le Spring, Sunderland |
£148,175 |
£30,000 |
4.9 |
|
Birkenhead, Cheshire |
£148,662 |
£30,000 |
4.9 |
|
South Shields, South Tyneside |
£148,667 |
£29,204 |
5.0 |
|
Burnley, Lancashire |
£150,264 |
£29,854 |
5.0 |
|
Darwen, Cumbria |
£151,026 |
£28,595 |
5.3 |
|
West Morland and Furness, Cumbria |
£155,201 |
£32,937 |
4.7 |
Source: Street.co.uk
Heather Staff, Co-Founder of Street.co.uk, comments: “The cost of a typical house is now 6.97 times the average full-time earnings in Britain, with an average home costing £264,900 and the average annual salary of a full-time worker being £38,000.
“As we can see from our research, lower-value housing markets in regions like the North East and North West are faring much better under rising mortgage and living costs, where buyers’ budgets can go further. The North has also experienced far fewer price reductions per listing, which suggests the region is seeing greater demand.
“Higher mortgage rates are having a pronounced effect on buying power in more expensive parts of the UK, as budgets are squeezed. Recent figures from Halifax show that monthly mortgage costs have increased by 22% over the past year, from £1,020 to £1,249 – this is based on the typical monthly cost of a five-year fixed rate mortgage, with a 25-year term and a 25% deposit. This equates to mortgage costs as a percentage of income rising from 30% to 35% over the last year.
“The good news for home buyers is that across the country house prices are falling at the fastest rate since 2009, according to the property portal Zoopla.”
Street.co.uk’s data comes from the leading market monitoring software, Spectre, which serves the UK’s estate agents. With one of the industry’s largest in-house data teams, Street.co.uk and Spectre use the most up-to-date data modelling and analysis solutions to produce accurate and reliable insights into the residential property market.
Established in 2020, Street.co.uk has quickly gained recognition for its bleeding-edge CRM that empowers agents to stay ahead of the curve in today’s fast-paced and competitive property market. The platform of choice for thousands of estate and letting agents across the UK, Street.co.uk’s pioneering solutions have automated archaic processes, modernised the client experience, and boosted agency market share.
For further information, please visit www.street.co.uk or email hello@street.co.uk.