The latest data from the Office of National Statistics has revealed where the most affordable places to buy a home are in England and Wales based on the ratio of the average salary and the average property price.
The data shows that across England and Wales the affordability ratio has shown little change year on year with the average property costing 7.8 times the available wage in 2008.
However, while housing affordability remains a big issue, the diversity of the UK property market means that there are a whole host of areas where the gap is much smaller.
Copeland is currently the best place in England and Wales to get a foot on the ladder and with an affordability ratio of 2.5, it is just over three times cheaper than the national average and over 17 times more affordable than the worst area Kensington and Chelsea.
Barrow-in-Furness, Blaenau Gwent, Neath Port Talbot, Pendle, Merthyr Tydfil and Burnley are all also home to an affordability ratio where house prices are less than four times the average wage.
Knowsley, Derby and Hyndburn complete the top 10 more affordable areas in the UK where getting a foot on the ladder is concerned.
Founder and CEO of Springbok Properties, Shepherd Ncube said, “Housing affordability is a very hot topic and, the consistent escalation of house prices coupled with the slower rate of wage growth, means that for many the aspirations of owning their own home continues to move further out of reach.
However, our property market is a diverse one and amongst the many layers that form it there are 140 pockets of affordability offering a below average house price to wage ratio.
Of course, wider economic factors such as job availability have a part to play but this aside, these areas offer hope to those wishing to shed the shackles of the rental sector. By doing your homework, you can uncover hidden gems of property affordability dotted all over England and Wales.”
|Most affordable areas to buy in England & Wales|
|Area||House price/wage affordability ratio|
|Neath Port Talbot||3.6|
|England and Wales||7.8|