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England’s first railway town has been named as the most affordable place for families looking to buy a home in Britain.
Shildon in County Durham topped the list after Zoopla compared average prices for three-bedroom homes with estimated earnings for couples working full-time.
The town in the North East, which became an industrial hub with the opening of the Stockton and Darlington Railway (S&DR) in 1825, has an average house price-to-earnings ratio of 1.36.
In Wales, Ferndale in the Rhondda Valley was named as the most affordable town for families, with homes there costing around 1.85 times earnings.
In Scotland, Cumnock in East Ayrshire was placed top, with three-bedroom homes costing around 1.68 times dual wages.
Towns in northern England, Scotland and Wales dominated the top of the affordability rankings, which were based on 300 towns that are popular with people looking to buy family-sized homes.
Richard Donnell, executive director at Zoopla, said: “The housing market is entering one of its busiest periods, with the most homes for sale in many years and at a time when buyers are becoming increasingly focused on value for money.
“What stands out is the scale of the affordability gap across the UK. In parts of the North East, families can buy a home for much less than the cost of buying in the most affordable towns in southern England.
“While there are affordable options in every region, buyers often face a trade-off between lower house prices and their proximity to major employment centres.
“Many of the most affordable towns in southern England are coastal, meaning better affordability may come at the cost of more expensive travel which may not work for everyone.”
Mortgage rates have jumped in recent weeks as the conflict in the Middle East has affected financial markets and prompted expectations that inflation in the months ahead could be higher than previously expected.
The 10 most affordable towns
Towns are ranked in order of the house-price to earnings ratio, with the average value of a three-bedroom home followed by the average house price-to-earnings ratio for families:
- Shildon, North East, £82,500, 1.36
- Peterlee, North East, £98,750, 1.62
- Ferryhill, North East, £99,700, 1.64
- Cumnock, Scotland, £113,600, 1.68
- Irvine, Scotland, £120,900, 1.70
- Ferndale, Wales, £113,000, 1.85
- Stanley, North East, £114,450, 1.88
- Crook, North East, £118,100, 1.94
- Egremont, North West, £139,500, 2.02
- Ashington, North East, £130,800, 2.10
The most affordable towns in each nation or region
Zoopla’s analysis includes the average value of a three-bedroom home, followed by the average house price-to-earnings ratio for families:
- North East, Shildon, £82,500, 1.36
- Scotland, Cumnock, £113,600, 1.68
- Wales, Ferndale, £113,000, 1.85
- North West, Egremont, £139,500, 2.02
- Yorkshire and the Humber, Immingham, £157,700, 2.67
- East Midlands, Gainsborough, £175,300, 2.79
- West Midlands, Telford, £215,300, 3.35
- South West, Cinderford, £272,250, 3.64
- Eastern England, Lowestoft, £234,800, 3.79
- South East, Dover, £280,300, 4.07
