Zoopla has identified the 11 cheapest towns to buy a home in Britain by region, with the most affordable properties found in Shildon, County Durham, where the average price is £73,600.
The analysis of 929 towns across Britain found that a typical home costs £299,100, equivalent to 4.3 times annual household earnings. However, more than 30 towns have homes that could be bought for less than two years' worth of household income.
Most Affordable Areas by Region
Shildon in County Durham was identified as the most affordable town overall, with homes costing 1.15 times two full-time annual wages on average. The town, home to around 10,000 residents, originally made its name as the UK's first railway town in 1825.
In the North West, Workington was the cheapest area, with homes costing 1.65 times two full-time annual wages on average. The town, situated at the mouth of the River Derwent, has a population of around 25,000 and property prices averaging around £114,900.
Scotland and Wales Offer Value
Fraserburgh in Scotland was the cheapest area to buy a property, with homes costing 1.59 times two full-time annual wages on average. The town in Aberdeenshire, with a population of around 12,921, is one of Scotland's busiest fishing ports. Property prices there average around £116,000.
Ferndale in Wales was the cheapest area in the country, with homes costing 1.82 times two full-time annual wages on average. The town in the Rhondda Valley has a population of around 4,000 and properties average £116,200.
Yorkshire's Cheapest Town
Kingston upon Hull was the cheapest area in Yorkshire and the Humber, with homes costing 2.16 times two full-time annual wages on average. The historic port city has a population of around 273,000 and properties average £131,400.
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. Affordability varies widely across the country, with many towns in northern England and Scotland offering much better value relative to local household earnings."
He added: "However, lower house prices don't always mean it's easier to buy, as access to employment, deposits and mortgage costs remain important considerations. Buyers have more homes to choose from than a year ago, and there is greater scope to negotiate on price, particularly in southern England."
Donnell concluded: "Anyone considering a move should take a fresh look at what they can afford and what's available locally. Expanding a search to neighbouring towns could make a meaningful difference to their buying options."
