UK's top 10 most affordable towns for families according to Zoopla - see the full list
The UK's top 10 most affordable towns for families according to Zoopla have been revealed - see the full list.
A north east town has been named the most affordable place to buy a home for families. Property agent Zoopla has named Shildon at the top of a list of affordable locations for families after comparing average prices for three-bedroom homes with estimated earnings for couples working full-time.
The research showed towns in northern England, Scotland and Wales dominating the top of the affordability rankings, which were based on 300 towns that are popular with people looking to buy family-sized homes. And Shildon, in County Durham, topped the list with an average house price-to-earnings ratio of 1.36.
In Wales, Ferndale in the Rhondda Valley was named as the most affordable town for families, with homes there costing around 1.85 times earnings. In Scotland, Cumnock in East Ayrshire was placed top, with three-bedroom homes costing around 1.68 times dual wages.
Richard Donnell, executive director at Zoopla, said: "The housing market is entering one of its busiest periods, with the most homes for sale in many years and at a time when buyers are becoming increasingly focused on value for money. What stands out is the scale of the affordability gap across the UK. In parts of the North East, families can buy a home for much less than the cost of buying in the most affordable towns in southern England.
"While there are affordable options in every region, buyers often face a trade-off between lower house prices and their proximity to major employment centres. Many of the most affordable towns in southern England are coastal, meaning better affordability may come at the cost of more expensive travel which may not work for everyone."
Top 10 most affordable towns for families
The 10 most affordable towns in Zoopla’s analysis, ranked in order of the house-price to earnings ratio, with the average value of a three-bedroom home followed by the average house price-to-earnings ratio for families:
- Shildon, North East, £82,500, 1.36
- Peterlee, North East, £98,750, 1.62
- Ferryhill, North East, £99,700, 1.64
- Cumnock, Scotland, £113,600, 1.68
- Irvine, Scotland, £120,900, 1.70
- Ferndale, Wales, £113,000, 1.85
- Stanley, North East, £114,450, 1.88
- Crook, North East, £118,100, 1.94
- Egremont, North West, £139,500, 2.02
- Ashington, North East, £130,800, 2.10
Most affordable towns for families by region
Here are the most affordable towns in each nation or region according to Zoopla’s analysis, with the average value of a three-bedroom home followed by the average house price-to-earnings ratio for families:
- North East, Shildon, £82,500, 1.36
- Scotland, Cumnock, £113,600, 1.68
- Wales, Ferndale, £113,000, 1.85
- North West, Egremont, £139,500, 2.02
- Yorkshire and the Humber, Immingham, £157,700, 2.67
- East Midlands, Gainsborough, £175,300, 2.79
- West Midlands, Telford, £215,300, 3.35
- South West, Cinderford, £272,250, 3.64
- Eastern England, Lowestoft, £234,800, 3.79
- South East, Dover, £280,300, 4.07
The research comes as mortgage rates have seen jumps in recent weeks as the conflict in the Middle East escalated, affecting financial markets and prompted expectations that inflation in the months ahead could be higher than previously expected.