Shildon in County Durham has been named the most affordable town in Britain for families looking to buy a home for the second year in a row, according to a new study by property website Zoopla.
The analysis identified more than 30 towns across Britain where homes can potentially be bought for less than two years' worth of household earnings. The top three locations were all in County Durham, with Shildon followed by Ferryhill and Peterlee.
Shildon leads affordability rankings
Zoopla said the average house in Shildon costs 1.15 times two full-time annual wages. The study of 929 towns across Britain found that a typical home is valued at £299,100, equivalent to 4.3 times annual household earnings.
The North East had eight of the most affordable locations, with Bishop Auckland, Ashington, Newton Aycliffe, Eston and Thornaby also listed.
Regional variations in affordability
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. However, lower house prices don't always mean it's easier to buy, as access to employment, deposits and mortgage costs remain important considerations."
The affordability list
Here are the 36 locations across Britain identified by Zoopla where homes typically cost less than twice the annual earnings of two full-time workers living in a household. Figures show the region, the main local authority area, average property value and the property-to-household income ratio:
- 1. Shildon, North East, County Durham, £73,600, 1.15
- 2. Ferryhill, North East, County Durham, £91,500, 1.43
- 3. Peterlee, North East, County Durham, £96,500, 1.51
- 4. Fraserburgh, Scotland, Aberdeenshire, £116,000, 1.59
- 5. Irvine, Scotland, North Ayrshire, £114,800, 1.62
- =6. Peterhead, Scotland, Aberdeenshire, £120,600, 1.65
- =6. Ardrossan, Scotland, North Ayrshire, £116,900, 1.65
- =6. Workington, North West, Cumberland, £114,900, 1.65
- =9. Methil, Scotland, Fife, £116,400, 1.69
- =9. Saltcoats, Scotland, North Ayrshire, £119,600, 1.69
- 11. Nelson, North West, Pendle, £108,200, 1.72
- =12. Wishaw, Scotland, North Lanarkshire, £126,500, 1.75
- =12. Kilwinning, Scotland, North Ayrshire, £123,900, 1.75
- 14. Birkenhead, North West, Wirral, £118,300, 1.77
- 15. Bishop Auckland, North East, County Durham, £114,100, 1.78
- =16. Alexandria, Scotland, West Dunbartonshire, £123,700, 1.81
- =16. Kilmarnock, Scotland, East Ayrshire, £120,600, 1.81
- =18. Bellshill, Scotland, North Lanarkshire, £131,700, 1.82
- =18. Greenock, Scotland, Inverclyde, £108,500, 1.82
- =18. Ferndale, Wales, Rhondda Cynon Taf, £116,200, 1.82
- 21. Ashington, North East, Northumberland, £113,800, 1.83
- =22. Clydebank, Scotland, West Dunbartonshire, £130,000, 1.90
- =22. Coatbridge, Scotland, North Lanarkshire, £137,400, 1.90
- 24. Aberdeen, Scotland, Aberdeen City, £138,300, 1.91
- =25. Paisley, Scotland, Renfrewshire, £136,600, 1.92
- =25. Glenrothes, Scotland, Fife, £132,300, 1.92
- =25. Eston, North East, Redcar and Cleveland, £111,800, 1.92
- =28. Newton Aycliffe, North East, County Durham, £123,500, 1.93
- =28. Port Glasgow, Scotland, Inverclyde, £115,100, 1.93
- 30. Airdrie, Scotland, North Lanarkshire, £141,500, 1.95
- 31. Thornaby, North East, Stockton-on-Tees, £125,500, 1.97
- =32. Grangemouth, Scotland, Falkirk, £132,500, 1.98
- =32. Stranraer, Scotland, Dumfries and Galloway, £121,600, 1.98
- =34. Hawick, Scotland, Scottish Borders, £124,200, 1.99
- =34. Tranmere, North West, Wirral, £132,900, 1.99
- =34. Kilsyth, Scotland, North Lanarkshire, £144,100, 1.99
