Cumnock in East Ayrshire, Scotland, and Shildon in County Durham in the North East of England have emerged as Britain’s most affordable towns, with Croydon identified as the most budget-friendly area within London, according to data from property site Zoopla.
In both Cumnock and Shildon, the average house price stands at just 1.1 times the typical household income, making them the most affordable places for property ownership in the UK.
In Cumnock, property values average around £80,300, significantly lower than the UK-wide average of £267,500.
Ayrshire, in southwestern Scotland, stands out as a region with a high concentration of affordable areas for buyers. Four out of the five most affordable towns in the UK — Cumnock, Girvan, Saltcoats, and Ardrossan — are located in this area, with home prices in these towns remaining below 1.3 times the typical household income.
To pinpoint affordability hotspots across the UK, Zoopla’s analysis considered local earnings in relation to house prices.
While Cumnock and Shildon lead in affordability, London remains the priciest region, with Croydon identified as the most affordable borough in the capital. Even so, homes in Croydon are priced around 4.7 times the average household income, a ratio that remains above the national average.
Outside of London, there are 33 towns within a one-hour commute to the capital where affordability ratios sit below the London average of 5.8. Chatham (3.7), Southend (3.9), and Basingstoke (3.9) rank as the most affordable commuter towns, according to the study.
“London remains the least affordable area for home-buyers,” said Izabella Lubowiecka, senior property researcher at Zoopla. “Those in London looking to get more for their money may want to consider buying in one of the South East and East of England’s commuter belt, where there are many towns that are more affordable than London. The same is true in markets around many regional cities and we see buyers seeking value for money. “
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The report also revealed that dual-income households in the UK typically face spending about 3.8 times their combined annual income to purchase a property. Single buyers face a more challenging landscape, often needing to spend 7.6 times their yearly income on housing.
Meanwhile, shifting lifestyle factors and inflationary pressures are influencing many buyers’ decisions.
Toby Leek, president of NAEA Propertymark, said: “Affordability for many is a real issue, and as purse strings remain tightened despite easing factors such as slight drops in inflation, prospective and current homeowners will be looking to enter the market with caution, but also, in some cases, further flexibility in where they nest themselves.
