House prices fall: Top 10 most affordable places to buy a UK home including Hull & Dumfries - full list

The top ten most “affordable” places to buy a home in the UK have been revealed in new research by Halifax Bank. The lender found that Inverclyde in Scotland, near Glasgow, was the most affordable place in Britain in which to snap up a house.

Halifax said properties in Inverclyde had an income ratio score of 2.9, meaning that property prices are just 2.9 times the average full-time earnings in the county. Dumfrie and Galloway came second with a score of 3.2, followed by East Ayrshire (3.3).

Hull is England’s most affordable area with a ratio score of 3.3, followed closely by Blackpool (3.4) and Burnely (3.7) in Lancashire. These were the only locations in England to make the list.

It comes after Halifax found that the cost of a typical house was 7.3 times the average full time earnings in Britain last summer. The bank said this was a “record high” with a home costing an average of £293,586 - meanwhile, the average annual salary of a full-time worker is £40,196.

Unsurprisingly, London is home to the least affordable areas in for buyers. Westminister and the City of London came out tops with a whopping ratio score of 16.

Kim Kinnaird, mortgages director at Halifax, said: “We don’t yet know what the ‘new normal’ looks like for mortgage rates and house prices over the longer-term. But we expect the market to rebalance as both buyers and sellers adjust their expectations to reflect higher costs and lower demand.

“It’s likely the gap between average earnings and property prices will narrow over time, which will be welcome news to first-time buyers in particular, especially in areas which could offer better value for money.” Here is the list of top ten most - and least - affordable places to buy a home in the UK.

Top 10 most affordable places to live in the UK

1. Inverclyde - Scotland - 2.9
2. Dumfries and Galloway - Scotland - 3.2
3. East Ayrshire - Scotland - 3.3
4. Hull - Yorkshire and Humberside - 3.3
5. West Dunbartonshire - Scotland - 3.3
6. Dundee - Scotland - 3.4
7. Blackpool - North West - 3.4
8. North Lanarkashire - Scotland - 3.5
9. North Ayrshire - Scotland - 3.5
10. Burnley - North West - 3.7

Top 10 least affordable places to live in the UK

1. Westminster / City of London - Greater London - 16
2. Kensington and Chelsea - Greater London - 15.7
3. Mole Valley - South East - 13.2
4. St Albans - Eastern England - 13.1
5. Elmbridge - Greater London - 12.7
6. Hammersmith and Fulham - Greater London - 12.6
7. Waverley - South East - 12.6
8. Epsom and Ewell - South East - 12.2
9. Guildford - South East - 11.7
10. Epping Forest - South East - 11.7