Zoopla has identified more than 30 towns across Britain where homes can be bought for less than two years' worth of household earnings, with Shildon in County Durham the most affordable.
The property website's analysis of 929 towns found that a typical home is valued at £299,100, equivalent to 4.3 times annual household earnings. In Shildon, homes cost 1.15 times two full-time annual wages on average.
Regional breakdown
Scotland accounted for 23 of the 36 towns where homes typically cost less than twice the annual wages of two full-time workers. The north east of England made up eight locations, and the North West accounted for four.
Dover was identified as the south east's most affordable town, although a home there would typically cost nearly three times annual household earnings. In London, the most affordable borough was Tower Hamlets, with homes typically costing 4.91 times a household income with two full-time workers.
Market context
Richard Donnell, executive director at Zoopla, said: "House prices have been rising more slowly than incomes, helping to improve housing affordability, but higher mortgage rates continue to offset some of these gains by increasing the monthly cost of buying a home."
He added: "Affordability varies widely across the country, with many towns in northern England and Scotland offering much better value relative to local household earnings. However, lower house prices don't always mean it's easier to buy, as access to employment, deposits and mortgage costs remain important considerations."
Buyer advice
Donnell noted that buyers have more homes to choose from than a year ago and greater scope to negotiate on price, particularly in southern England. He advised anyone considering a move to take a fresh look at what they can afford and what's available locally, adding that expanding a search to neighbouring towns could make a meaningful difference to their buying options.
Zoopla only took postal towns with 5,000 homes or more into consideration for the research. The most affordable locations in each region include Ferryhill (£91,500, 1.43), Peterlee (£96,500, 1.51), Fraserburgh (£116,000, 1.59) and Irvine (£114,800, 1.62), with other towns such as Workington, Birkenhead and Aberdeen also featuring prominently.
