These are the most affordable places to buy a home in the UK

Friday, 18th September 2020, 4:46 pm
Updated Friday, 18th September 2020, 4:46 pm
Unsurprisingly, London came out as the most expensive UK location to buy a home. (Photo: Shutterstock)

New analysis has revealed the most affordable - and expensive - places to buy a house in the UK right now.

The data from the financial services comparison website GoCompare has also revealed the average salary you would need to purchase a home in the major towns and cities of the UK.

The average salary needed to buy a home was calculated on the basis of a third of take-home pay.

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For example, if a flat costed £150,000, monthly mortgage repayments would be £750, meaning you would need a minimum take-home pay of £2,300 a month after tax to keep costs below a third of take-home pay.

Unsurprisingly, London came out as the most expensive place to buy a home in the UK, with a detached house in the capital costing an average of £889.308.

A flat, meanwhile, costs an average of £429,401, requiring a salary of £77,331.

Average prices across the UK

The average price of a detached house in the UK comes in at £354,729, requiring an investment salary of almost £64,000.

Flats are the most affordable housing option, with an average price of £134,672 - requiring a salary of £24,253.

The most affordable locations

In terms of location, the most affordable place to buy right now is Burnley in Lancashire, where the average property price is £100,128 - requiring a salary of £18,032. These were the top five most affordable locations in the analysis:

  1. Burnley - average property price of £100,128 requiring a salary of £18,032
  2. Stoke-on-Trent - average property price of £109,450 requiring a salary of £19,711
  3. Blackpool - average property price of £114,532 requiring a salary of £20,626
  4. Barnsley - average property price of £119,803 requiring a salary of £21,575
  5. Middlesborough - average property price of £121,171 requiring a salary of £21,822

The most expensive locations

The most expensive places to buy a house in the UK right now are as follows:

  1. London - average property price of £601,562 requiring a salary of £108,335
  2. Cambridge - average property price of £499,429 requiring a salary of £89,942
  3. Oxford - average property price of £499,429 requiring a salary of £87,001
  4. Brighton - average property price of £461,021 requiring a salary of £83,025
  5. Edinburgh - average property price of £360,434 requiring a salary of £64,911