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- Property
- 10 most affordable towns in the UK for 2022 revealed
Planning a house move? Here's where you'll get more for your money...
Shildon in County Durham has been crowned the UK's most affordable town for the third consecutive year, Zoopla's annual report has found.
Planning a house move? The small town has an average property price of just £71,000, a price-to-earnings ratio of 1.1, and is driven by lower house prices with a dominance of terraced housing. If you're looking to get more for your money, then this is the place to consider.
In order to uncover the research, Zoopla analysed house price-to-earnings ratio based on a two-earner household on the average salary for the local area. While Shildon took the top spot, Cleator Moor in Copeland came in second place, while County Durham's Ferryhill and Peterlee also made the top 10.
As home buyers continue their pandemic-fuelled 'search for space', rural locations across Scotland, County Durham and Cumbria were also praised for their purse-friendly property prices. Elsewhere, Zoopla found that the commuter town of Dorking is the most improved, where buyers can expect to pay around £552,000 for a house. If you want to move closer to the sea, head to Dawlish in Devon where properties sit at around £278,700.
County Durham dominated the list
Other key findings include:
- The average two-earner household will pay four times their combined annual income to buy a home of average value in Britain of £263,00
- Brierley Hill in Dudley is the most affordable Birmingham suburb where the house price to earnings ratio is 3.2 for an average house price of £194,200
- In London, Barking and Dagenham and Bexley remain in the top two spots for affordability
- Unsurprisingly, Kensington and Chelsea and the City of Westminster remain some of the most expensive London boroughs
"The cost of living crisis has meant that affordability has been pushed to the forefront of buyers' minds this year, more than ever," Grainne Gilmore, Head of Research at Zoopla, says.
"Our affordability data helps buyers to make informed decisions about where their money may go further across Britain, especially those who may have hidden equity in their home. Once again, we are seeing that many of the most affordable areas for potential home buyers are across Scotland and the North of England which could be attractive to those still searching for the perfect post-pandemic family space."
Take a look at the full results below...
10 most affordable towns in the UK for 2022
- Shildon, County Durham (£71,000 average property price)
- Cleator Moor, Copeland (£105,700)
- Ferryhill, County Durham (£80,400)
- Stevenston, North Ayreshire (£88, 800)
- Cumnock, East Ayreshire (£89,400)
- Peterlee, County Durham (£84, 200)
- Egremont, Copeland (£120,900)
- Girvan, South Ayrshire (£105,000)
- Irvine, North Ayrshire (£102, 100)
- Millom, Copeland (£131, 500)
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