Lancashire town named most affordable in the UK where you can buy a house for just £101,000
Burnley is the most affordable town in the UK when it comes to residents being able to buy a house, new data shows
Burnley, a town in Lancashire, has been named the most affordable place to buy a house in the UK.
The average property in Burnley was bought for £101,000 in the year to January, according to the latest data from the Land Registry. That makes it the cheapest local authority in which to buy a house in the whole of the country.
When you take local salaries into account, it’s also the most affordable. The average full-time employee who lives in Burnley earns £30,932 a year. That means the average home in the area is 3.3 times greater than the average salary. That’s the lowest house price to income ratio of any local authority in the UK for which data is available.
Hyndburn is the sixth most affordable town in the UK at 3.9 while Blackburn with Darwen is 13th on the list at 4.5. Elsewhere in Lancashire, both Blackpool and Preston’s average homes are 4.9 times the average salary while in Pendle it’s 5, reports Lancs Live. At the top end of the scale, Chorley’s average home is 7.2 times the average salary while West Lancashire’s is 6.9.
East Ayrshire is the second most affordable place to buy a home. The average property there cost £129,000 in the year to January. The average house price in the UK is 3.6 times the average local salaries, with North Ayrshire being the next most affordable place where homes cost an average of £131,000 each, or 3.7 times the average salary.
Houses in Hartlepool are priced at an average of £124,000 each, which is 3.8 times the local salary. In Aberdeen city, the average home costs £137,000, or 3.9 times the local salary, and in Hyndburn, the average home costs £123,000, also 3.9 times the local salary.
In the year to January, the average home in the UK was sold for £282,000. This is compared to an average full-time salary of £34,963 a year. This means that the average house costs 8.1 times the average salary in the UK.
Kensington and Chelsea is the least affordable place to buy a home in the country, with the average house there selling for £1.2 million in the year to January. This is the highest average of any local authority in the UK. It also works out as 28.6 times the average local salary, which is the highest ratio in the country.
The average home in the City of Westminster cost £937,000 in the year to January – this works out as 18.4 times the average salary, which is the second-highest ratio in the country. In Camden, homes sold for an average of £797,000 each, or 17.7 times the average salary, and in Hammersmith and Fulham, they sold for an average of £725,000, or 16.1 times the local salary.
