Property prices have gone through the roof but there are still some places where you can get great bang for your buck – find out where you can pick up a property for as little as £71,000
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We all know that real estate prices are exploding and whole generations are being pushed out of the real estate market.
But there are still some affordable areas, including Shildon in County Durham, where the median price for a property is just £71,000 – thanks largely to the dominance of terraced houses.
The north east city tops property website Zoopla’s latest affordability list, based on average property prices across the UK combined with average earnings for each area.
In 2022, the average UK household can expect to pay up to four times their total salary to buy a home, falling to just 1:1 to buy a house in Shildon.
The cheapest cities are in northern England and Scotland.
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There are three other homes in County Durham in the top 10, with buyers expecting to pay just 1.5 times the average double-income household salary for a home.
Additional values are found north of the border in Scotland where the historic areas of Ayrshire include Girvan, Stevenson, Cumnock and Irvine. Egremont, Cleaton Moor and Millom in Cumbria complete the list.
Post-pandemic, these rural retreats are highly sought-after for those looking for extra space or some tranquility.
Country life isn’t for everyone, and according to Zoopla’s research, the appetite for city life remains high. But there are affordable places in all our big cities.
In London, Barking and Dagenham is the cheapest area, with average house prices around £300,000. In Newcastle it’s Wallsend around £150,000, Manchester Leigh around £155,000 and finally for the Birmingham area £185,000 at Brierley Hill, just outside the city in Dudley.
Top 10 cheapest UK cities to buy a property
1. Shildon, County Durham (average property price of £71,000)
2. Cleator Moor, Copeland (£105,700)
3. Ferryhill, County Durham (£80,400)
4. Stevenston, North Ayrshire (£88,800)
5. Cumnock, East Ayrshire (£89,400)
6. Peterlee, County Durham (£84,200)
7. Egremont, Copeland (£120,900)
8. Girvan, South Ayrshire (£105,000)
9. Irvine, North Ayrshire (£102,100)
10. Millam, Copeland (£131,500)
Grainne Gilmore, Head of Research at Zoopla, said: “The cost of living crisis has pushed affordability to the forefront of shoppers’ minds more than ever this year. Our affordability data helps buyers make informed decisions about where their money can go across the UK, particularly those who may have equity hidden in their home.
“Once again we are seeing that many of the most favorable areas for prospective home buyers are across Scotland and Northern England, which could be attractive for those still looking for the perfect spot for families in the post-pandemic.
https://www.mirror.co.uk/features/topic-desking/money/uks-ten-most-affordable-areas-26866552 The ten cheapest areas in the UK to buy a home - including properties from £71,000