UK's most affordable property hotspots where you can buy homes for £64,000 - full list
Zoopla has revealed the most affordable property hotspots for single buyers across the UK. Couples typically dominate the first-time buyer landscape, accounting for almost 60% of home purchases, but Zoopla said that over the last 12 months, lower mortgage rates have helped make home ownership a reality for single buyers.
It crowned Aberdeen as the most affordable city in the UK for singles, where homes cost around 3.7 times an annual wage. An average one or two-bed in the Granite City came in at £114,700. Cities in the North of England and Scotland dominated the rankings, making up six of the top ten most affordable spots for single buyers, with Sunderland and Hull coming second and third place.
In Sunderland, homes cost just £106,700, which Zoopla estimated would cost the average single buyer £408 every month in mortgage repayments. In Hull, singletons will have to put down a deposit of £23,100 on an average home of £115,300.
But not everywhere in the North was as affordable. It found an average one to two-bedroom home in York cost £256,100, representing 34% of the area's average monthly income, with typical monthly mortgage repayments coming in at £978.
In Stockport, the average value of a one or two bedroom home was £225,100 with mortgage payments of £860 accounting for 30% of gross monthly incomes.
In the South of England, Milton Keynes was the least expensive city to buy a home with an average house price of £230,400 and mortgage repayments of £880, compared to an average annual income of £36,900 in the area.
In contrast, Brighton topped the list of the least affordable cities to buy in outside of London, with mortgage repayments averaging at £1,238 per month, based on an average house price of £324,100.
Richard Donnell, executive director at Zoopla, said: "Buying a home can feel out of reach for many singles who have to rely on just one income to cover mortgage and other costs of home ownership. Rising incomes and lower mortgage rates mean that owning a home by yourself is increasingly possible.
"For many that means buying a smaller sized home where property prices have risen more slowly than for larger, family sized homes in recent years.
"It's important to do your research digging into mortgage affordability and products aimed at singles while considering alternative locations and selecting the right area for you. It's important to know that buying as a singleton is an option."
Aside from cities, Stevenson in Scotland emerged as the cheapest area overall. The average one to two-bed home came in at £70,650, less than double the average annual salary of £35,473. It would cost single buyers just £270 a month, or 9% of their gross monthly income.
Shildon, in County Durham, told a similar story with an average house price of £64,200 and an average annual income of £30,400. It is also revealed as the area with the lowest average mortgage repayments at just £245 per month.
- Scotland - Aberdeen (£114,700)
- North East - Sunderland (£106,700)
- Yorkshire and The Humber - Hull (£115,300)
- North West - Liverpool (£137,100)
- West Midlands - Stoke-on-Trent (£134,400)
- Wales - Swansea (£149,000)
- East Midlands - Derby (£169,100)
- East of England - Peterborough (£183,200)
- South West - Plymouth (£184,000)
- South East - Milton Keynes (£230,400)
- Scotland - Stevenson (£70,650)
- North East - Shildon (£64,200)
- North West - Workington (£99,700)
- Wales - Ferndale (£93,900)
- Yorkshire and The Humber - Mexborough (£104,500)