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Britain's most affordable town to buy property – where average price is £60k

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The average property price is only £6,000 more than the average household’s annual income. A typical property in Shildon costs around £59,468 while the average earnings for a couple in the area is £53,446 – giving an average house price-to-earnings ratio of 1.1 according to Zoopla.

Ferryhill in County Durham was also flagged as an affordable town for home buyers.  

In Ferryhill the house price-to-earnings ratio is 1.35 with an average house price of £72,264. 

A list of the top ten most affordable towns according to Zoopla: 

1.Shildon, County Durham, North East 
Average household earnings: £53,446, average house price: £59,468, 1.11 

2. Cleator Moor, Copeland, North West 
Average household earnings: £82,924, average house price: £96,269, 1.16 


3. Kilbirnie, North Ayrshire, Scotland
 
Average household earnings: £62,338, average house price: £76,303, 1.22 


4. Cumnock, East Ayrshire, Scotland
 
Average household earnings: £61,859, average house price: £77,414, 1.25 


5. Egremont, Copeland, North West
 
Average household earnings: £82,924, average house price: £80,694, 1.29 


6. Stevenston, North Ayrshire, Scotland
 
Average household earnings: £62,338, average house price: £106,771, 1.29 


7. Ferryhill, County Durham, North East
 
Average household earnings: £53,446, average house price: £72,264, 1.35 


8. Ferndale, Rhondda Cynon Taf, Wales
 
Average household earnings: £55,297, average house price: £77,421, 1.40 


9. Irvine, North Ayrshire, Scotland
 
Average household earnings: £62,338, average house price: £87,478, 1.40 


10. Girvan, South Ayrshire, Scotland
 
Average household earnings: £63,102, average house price: £88,587, 1.40

Five towns in Ayrshire in Scotland dominated Zoopla’s top 10 list with Kilbirnie and Cumnock ranking in third and fourth place respectively. 

Zoopla said: “Scotland’s affordability is linked to two key factors; strong earnings locally and more reasonably priced property, with average house prices in all of these towns below £65,000.”  

Zoopla’s research also identified the cheapest city locations. 

READ MORE House prices: How to increase your home value by £50k

In London, the house price-to-earnings ratio is most favourable in Barking and Dagenham, Bexley and Tower Hamlets.

Zoopla said: “In these boroughs, the average cost of a home is below 5.7 times the annual salary for a two-earner household’s average salary, making these boroughs among some of the most affordable in London.”

In Greater Manchester, Coldhurst in Oldham was identified as the most affordable, with average house prices of £104,416, and a price to earnings ratio of 2.01.

Lozells is the most affordable area in Birmingham. The average house price in the area is £141,431, while ther’ss a price to earnings ratio of 2.5.

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Grainne Gilmore, head of research at Zoopla, said: “This data shows where buyers can benefit from some of the most affordable markets across the country, especially movers who have built up some equity in their current home.

“Capital values in the north of England and Scotland are relatively lower than in the south of England, meaning that many of the most affordable areas are clustered in these regions.”

Earlier this month Chancellor Rishi Sunak confirmed a government guarantee meaning first-time buyers should get a wider choice of mortgages that require a five per cent deposit.

It was also confirmed the current stamp duty holiday in England and Northern Ireland will also be extended until 30 June.



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