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.
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To read more on the Halifax affordability ratio, here’s a great article from The Guardian.
