Shildon in County Durham has been identified as the most affordable town in Britain for families looking to buy a home, according to research by property website Zoopla. The average house price in the town is £82,000, with typical monthly mortgage payments of just £325.
The analysis, which examined 300 popular towns for families seeking three-bedroom homes, found that Shildon offers a value-to-earnings ratio of 1.36. This means the average property costs just over a third more than the typical dual income, making it highly accessible for buyers.
Seven of the top ten most affordable towns are located in the North East of England, with the first three all in the region. Homes in Shildon are three times cheaper than the most affordable towns in South East England, Zoopla reported.
Richard Donnell, executive director at Zoopla, said: "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."
The town, known as the world's first railway town and home to the Locomotion museum, offers a blend of history and affordability. The research comes as the housing market enters the busy Easter buying season, with more homes for sale than in recent years.
