Priced out: The least affordable places in the UK to buy a house

The worst places for buyers to get on to the property market have been revealed in a new study. Research on house prices and household incomes show that Walton-on-Thames in Surrey, near London, is the worst place for buyers to get on the property market

With the average home costing £747,070 and the average household being able to get a mortgage of £274,500, it would leave a difference of £397,863 The research was carried out by Pink Storage, using data from Rightmove and Payscale.

They looked at the average cost of a house in 275 towns and cities in the UK and then calculated the average income in those towns. This number was then used to see how much a household could borrow and if they could afford to live in the area.

Gateshead in the north east of England and Blyth in Northumberland were the most affordable towns in the UK to purchase a property. Houses cost £145,067 and £141,514 respectively and with an average household income of £62,000 per year, these houses were easily affordable on a 90% mortgage.

Least affordable places in the UK to purchase a property

  • Walton-on-Thames
  • St Albans
  • London
  • Winchester
  • Woking
  • Altrincham
  • Ewell
  • Guildford
  • Bath
  • Brentwood

Most affordable places in the UK to purchase a property

  • Blyth
  • Gateshead
  • Derry/Londonderry
  • Willenhall
  • Aberdeen
  • Glenrothes
  • Bootle
  • Barrow-in-Furness
  • Greenock
  • Washington Tyne and Wear

Key findings:

Walton-on-Thames is the worst place for buyers to get on the property market. With the average home costing £747,070 and the average household being able to get a mortgage of £274,500, it would leave a difference of £397,863.

St Albans is the second worst place for being able to afford a home in the UK. With the average home costing £636,707 and the average household income of £58,000, couples would only be able to borrow £261,000 leaving a difference of £312,036.

London was the third worst place in the UK for getting onto the property market. Properties on average sold in London for £708,713. Couples in London could borrow £360,000 leaving a difference of £277,842.

Gateshead and Blyth were the most affordable towns in the UK to purchase a property. Houses cost £145,067 and £141,514 respectively and with an average household income of £62,000 per year, these houses were easily affordable on a 90% mortgage.

A spokesperson from self storage company Pink Storage commented on the findings: “With house prices and the cost of living increasing it’s getting more difficult to get on the property ladder.”

“It’s clear to see why the least affordable cities and towns have made the list some of them have history, great schools or even good public transport connections but from an affordability point of view it’s useful for people to know the best and worst places where they can get onto the property market.”

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