Shildon in County Durham has been identified as the most affordable town for families in the UK, according to research by property website Zoopla. The average house price in the town is £82,000, resulting in a typical monthly mortgage payment of just £325 for dual buyers.
The analysis, which ranks 300 popular towns for families seeking three-bedroom homes, places Shildon at the top with a price-to-earnings ratio of 1.36. The top three most affordable areas are all in the North East of England, with seven of the top ten also located in the region.
Shildon, known as the world's first railway town, is home to the Locomotion museum and lies 25 minutes from Durham. Zoopla notes that homes in Shildon are three times cheaper than the most affordable towns in South East England.
In Wales, Ferndale in the Rhondda Valley is the most affordable town, with an average three-bed home costing £113,000 and a price-to-earnings ratio of 1.85. In Scotland, Cumnock in East Ayrshire tops the list with an average value of £113,600 and a ratio of 1.68.
Richard Donnell, executive director at Zoopla, commented: "What stands out is the scale of the affordability gap across the UK. In parts of the North East, families can buy a home for much less than the cost of buying in the most affordable towns in southern England." He added that buyers often face a trade-off between lower prices and proximity to employment centres.
