A recent study by Adzuna has revealed the cheapest UK housing markets by calculating the affordability of areas by looking at average salaries for the top 50 cities in the UK and comparing this to property asking prices and typical mortgage multiples.
The research revealed that the Midlands performed well, led by Dudley, which has been named as the most affordable place to buy a home in the UK. The study suggests that nine out of 10 homes in Dudley are affordable for residents on average local incomes. The average local couple is also able to afford four out of five homes in Birmingham and Derby.
Meanwhile, Oxford and Brighton are the least affordable property markets, with locals priced out of buying 80% of all homes.
Andrew Hunter, co-founder of Adzuna, said: “While it's clear first time buyers in Southern Britain are finding it difficult to get a foot on the property ladder, pockets of opportunity are springing up around the country for those looking to pick up a bargain.”
Top 10 most affordable cities for homebuyers
1 Dudley
2 Hull
3 Birmingham
4 Stoke-on-Trent
5 Bradford
6 Derby
7 Wolverhampton
8 Manchester
9 Glasgow
10 Sunderland
Top 10 least affordable cities for homebuyers
1 Brighton
2 Oxford
3 Guildford
4 Chelmsford
5 High Wycombe
6 Cambridge
7 London
8 Reading
9 Norwich
10 Bristol
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