Britain’s most affordable town – where houses cost £80k

London remains the most expensive region, with an average house value of £560k

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Homebuyers looking for a bargain may want to turn to Cumnock in Scotland, which has been named Britain’s most affordable town.
The average house in the historic coal-mining community in East Ayrshire costs £80,300, just 1.1 times typical household incomes in the area, according to property platform Zoopla.
Comparatively, the average property in Great Britain costs £307,600 – 3.8 times more than the typical estimated income for a two-person household.
The findings lay bare the affordability crisis facing Britain’s first-time buyers as house prices continue to outstrip wages, despite earnings growing 3.7pc in the last 12 months.
Ayrshire, in south west Scotland, is home to four out of five of Britain’s most affordable towns – Cumnock, Girvan, Saltcoats and Ardrossan – all with affordability ratios of between 1.1 and 1.3.
Cumnock is most famous for its historic buildings dating back to the 1800s. It was the home of Scottish Labour Party founder, James Keir Hardie, for most of his life.
Shildon and Peterlee, both in county Durham, and Ashington in Northumberland are the most affordable towns for buyers in England, with homes valued at less than 1.4 times local household incomes.
Wisbech in Cambridgeshire, renowned for its elegant Georgian architecture, is the most affordable town to buy in southern England with average property values of £209,800 and average earnings of £70,900 – giving it an affordability ratio of 3.
As well as Wisbech, the coastal towns of Dover in Kent and Great Yarmouth in Norfolk are the most affordable places to buy in the South, with house value-to-income ratios ranging from 3 to 3.2.
London remains the country’s least affordable region, with an average house value of £560,800 – 5.8 times typical household earnings in the capital.
The most affordable (postal) town in London is Croydon, where the average house value of £417,800 is 4.7 times estimated household income of £84,800.
Eight in 10 towns in the South are valued at more than four times local household average incomes. However, affordability improved in all 12 regions in Great Britain compared to last year, according to the analysis.
The biggest improvement was in the South West, where the value-to-earnings ratio fell from 4.5 to 4.3, followed by the South East and East of England where ratios fell from 5.1 to 4.9 and 4.6 to 4.4 respectively.
Izabella Lubowiecka, of Zoopla, said: “Affordability remains a concern for many homebuyers so it is positive to see that there are areas of the UK, such as Southern England, where the affordability of housing has improved.
“Those in London looking to get more for their money may want to consider buying in one of the South East and East of England’s commuter belt, where there are many towns that are more affordable than London. The same is true in markets around many regional cities and we see buyers seeking value for money.”
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