The Halifax bank has named the top 10 most affordable places to buy a home in Great Britain – spoiler alert…they’re a long way from London!
Drum roll please…….Inverclyde in Scotland is the most affordable place to buy a house in Great Britain.
How is it calculated?
At its peak in June 2022, a typical UK home cost £293,586, while the typical annual earnings was £40,196. Based on these stats, Halifax calculated the house price to income ratio to be 7.3, the highest and therefore least affordable ratio ever recorded!
So how does Inverclyde fare?
Well based on this same ratio calculation, Inverclyde has a score of 2.9, followed closely by Dumfries and Galloway at 3.2, and East Ayrshire at 3.3.
Hull was found to be England’s most affordable place to buy, with Blackpool and Burnley also making the top 10.
Least affordable places to buy…
It’s no surprise that the house prices in central London far outweigh the wages for workers, with Westminster named the least affordable place to live in Great Britain with a ratio score of 16, followed closely by Kensington and Chelsea.
Are you an estate agent or property manager?
Did you know that we specialise in supporting businesses in your sector? We’re acting as a central receptionist, or overflow service for hundreds of companies. We can answer your incoming calls, direct your calls, take messages, book in appointments, deal with enquiries and even handle mail outs. Our service is always tailored to your individual needs, whenever, and however you need our support. For more information about the services we offer, just visit our website here.
To read more on the Halifax affordability ratio, here’s a great article from The Guardian.