Analysis by Zoopla reveals that, despite annual earnings growth of 3.7% over the last 12 months that has outpaced UK house price growth, borrowers are still facing affordability challenges of varying degrees depending on where they live.
Cumnock in Scotland is Britain’s most affordable town to buy in 2024, with average property values of £80,300, significantly below the UK average house price of £267,500. Households here would need to spend 1.1 times their average joint earnings to purchase a property.
Ferndale in South Wales is Wales’ most affordable town, where the average home comes with a price tag of £101,600. Residents here can expect to pay one-and-a-half times their joint salaries. In the North West, Workington takes the title of most affordable town, where locals can snap up a £123,700 property for 1.6 times the average joint salary.
In London and the South East, Croydon and Dover were found to be most affordable, while in the South West, the prize goes to Plymouth.
Affordability in Southern England improves
Due to house price falls over the last 12 months, homes in some areas of Southern England became more affordable.
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The largest improvements in affordability were found in the South East, South West and East of England.
Wisbech in Cambridgeshire and the coastal towns of Dover in Kent and Great Yarmouth in Norfolk were the most affordable places to buy in the South of England, with affordability ratios in these areas ranging at 3-3.2.
However, affordability remains a significant challenge for many looking to buy in Southern England, with eight in 10 towns typically valued at more than four times the annual household income.
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: Average home costs almost four times joint earnings
