Burnley, a town in Lancashire, has been named the most affordable place to buy a house in the UK.
The average house price in Burnley was just £101,000 last year, according to data from the Land Registry. This makes it the cheapest local authority area in the country to buy a house. When you consider local salaries, it’s even more affordable. The average full-time worker in Burnley earns £30,932 a year.
This means that the average house price is only 3.3 times greater than the average salary. This is the lowest house price to income ratio of any local authority in the UK.
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Other towns in Lancashire also offer good value for money. Hyndburn is the sixth most affordable town in the UK with a ratio of 3.9, while Blackburn with Darwen is 13th on the list at 4.5, reports Lancs Live. In Blackpool and Preston, the average house price is 4.9 times the average salary, while in Pendle it’s 5.
However, not all parts of Lancashire are as affordable. In Chorley, the average house price is 7.2 times the average salary, while in West Lancashire it’s 6.9. The second most affordable place to buy a home in the UK is East Ayrshire, where the average property cost £129,000 last year.
The average house in Copeland, Cumbria, costs just £114,000, which is 3.6 times the local salary. North Ayrshire comes next with homes costing about £131,000, or 3.7 times the average wage. Hartlepool’s houses cost around £124,000 each, which is 3.8 times the local income.
In Aberdeen, a house will set you back £137,000 on average, or 3.9 times the local wage, and it’s the same ratio in Hyndburn where houses cost about £123,000. Across the UK, the average house sold for £282,000 last year, compared to an average full-time wage of £34,963. This means that a typical house costs 8.1 times the average UK salary.
Kensington and Chelsea is the priciest place to buy a house in the country, with the average house selling for a sizeable £1.2 million last year. That’s 28.6 times the local wage, the highest ratio in the UK.
In the City of Westminster, houses cost about £937,000 on average, or 18.4 times the local wage. Camden’s houses sell for around £797,000 each, or 17.7 times the average wage, while in Hammersmith and Fulham they go for about £725,000, or 16.1 times the local wage.
