Becoming a homeowner is an expensive goal – but especially if you’re going it alone. New research from Coulters Property has looked at 30 of the most populated towns and cities across the UK to reveal which are the most affordable for solo buyers.
The research looks at the average one-bed property price, as well as how much of a person’s average salary in different locations goes towards the mortgage and living costs.
Bradford in West Yorkshire is the most affordable place for those looking to buy a home on their own, as cheap house prices means that those in Bradford only need to put around 44% of their earnings towards their mortgage and living expenses.
It’s no surprise to see London is the least affordable city when buying on your own, and each of the three least affordable cities were located in the south of England – with Brighton & Hove, on the south coast, taking second place and Reading taking third.
The most affordable towns for solo buyers…
Of the 30 towns and cities that we analysed, Bradford, West Yorkshire, came out as the most affordable for those looking to buy a home on their own, with the average one-bed property costing as little as £67,370, equating to estimated mortgage payments of just £272. On an average monthly wage of £1,983, that means that those in Bradford only need to put around 44% of their earnings towards their mortgage and living expenses.
In Derby, the average one-bed property costs around £86,000, making it among the cheapest major towns and cities in the country. With an estimated monthly cost of living of £640, plus average mortgage repayments of £349, that means that just 45.1% of earnings go on day to day living and paying off the average mortgage.
Over in Northern Ireland, those living in Belfast also get a relatively good deal, with living expenses and mortgage repayments making up 45.5% of their £2,129 monthly earnings. There, the average one-bed property costs just under £100,000, with around £569 a month being spent on day to day essentials.
…and the least affordable
It’s perhaps no surprise to see that London is the least affordable city when buying on your own (or even with someone else for that matter), but what is shocking is that monthly mortgage costs and living expenses for a one-bed property in the capital equate to almost all of a Londoner’s average wage (98.7%), suggesting that if you want to buy in London, you’re going to have to be earning well above average and perhaps seek out properties at the cheaper end of the scale too.
2. Brighton & Hove
In fact, each of the three least affordable cities were located in the south of England, with Brighton & Hove, on the south coast, taking second place. Brighton had the highest house price and cost of living outside of London of the cities that we looked at, taking up just over three-quarters (76.7%) of the average monthly income.
Another area with high house prices, a one-bed property in Reading costs around £227,000 and although earnings are also high, at £2,333 per month, just over two-thirds is taken up by estimated mortgage payments (£914) and cost of living (£692).