The world’s first railway town named Britain’s most affordable place for families to buy a home
England’s first railway town has been named the most affordable place for families looking to buy a home in England.
Shildon in County Durham topped the list after Zoopla compared the average price of three-bedroom houses to the estimated earnings of full-time working couples.
The town in the North East, which became an industrial center with the opening of the Stockton and Darlington Railway (S&DR) in 1825, has an average house price-to-earnings ratio of 1.36.
In Wales, Ferndale in the Rhondda Valley was named the most affordable town for families, with homes there costing around 1.85 times earnings.
In Scotland, Cumnock in East Ayrshire was ranked first, with salaries around 1.68 times the cost of three-bedroom houses.
Towns in northern England, Scotland and Wales ranked first in the affordability ranking, which is based on 300 towns popular with people looking to buy a family-sized home.
Zoopla Executive Director Richard Donnell said: “The housing market is entering one of its busiest periods in recent years, with the most homes being sold in recent years and buyers increasingly focused on getting value for money.
“What stands out is the size of the affordability gap in the UK, with families in parts of the North East able to buy a home for much less than it would cost to buy in the most affordable towns in the south of England.
“While affordable options exist in every area, buyers often face a choice between low home prices and proximity to major employment centers.
“Many of the most affordable towns in the south of England are on the coast, meaning better affordability may come at the expense of pricier trips that may not work for everyone.”
Mortgage interest rates have risen in recent weeks as conflicts in the Middle East have affected financial markets and raised expectations that inflation could be higher than previously expected in the coming months.
The 10 most affordable cities
Towns are ranked by house price-to-earnings ratio, with the average value of a three-bedroom house followed by the average house price-to-earnings ratio for families:
- Shildon, North East, £82,500, 1.36
- Peterlee, North East, £98,750, 1.62
- Ferryhill, North East, £99,700, 1.64
- Cumnock, Scotland, £113,600, 1.68
- Irvine, Scotland, £120,900, 1.70
- Ferndale, Wales, £113,000, 1.85
- Stanley, North East, £114,450, 1.88
- Crook, North East, £118,100, 1.94
- Egremont, North West, £139,500, 2.02
- Ashington, North East, £130,800, 2.10
The most affordable towns in every country or region
Zoopla’s analysis includes the average value of a three-bedroom house, followed by the average house price-to-earnings ratio for families:
- North East, Shildon, £82,500, 1.36
- Scotland, Cumnock, £113,600, 1.68
- Wales, Ferndale, £113,000, 1.85
- North West, Egremont, £139,500, 2.02
- Yorkshire and Humber, Immingham, £157,700, 2.67
- East Midlands, Gainsborough, £175,300, 2.79
- West Midlands, Telford, £215,300, 3.35
- South West, Cinderford, £272,250, 3.64
- East of England, Lowestoft, £234,800, 3.79
- South East, Dover, £280,300, 4.07
