Determined to get on the property ladder? Moving to Sunderland could be your best bet.
The city in the north east of England has been identified by Zoopla as the most affordable area in England and Wales for single people to get on the property ladder.
The property site compared the costs of one-bedroom flats in local authority areas with local average wages. The research also found that, outside London, Hertsmere in Hertfordshire is the least affordable location for single people to buy a property.
Within London, Kensington and Chelsea was found to be the most expensive borough, where the mortgage payments needed could equate to a mind-boggling 77.7% of a typical monthly local pre-tax wage. Scroll down for the full list.
Bexley was found to be the most affordable London borough, with mortgage payments on homes equating to about 27.76% of monthly wages.
The research isn’t completely foolproof as it did make the assumption that someone would have a 15% deposit to put down – hard to save if you live in an area with sky-high rental costs.
The calculations of potential mortgage payments are also theoretical – in reality, lenders must carry out strong checks to make sure people’s mortgages are affordable and that they are not borrowing more than they will comfortably be able to pay back. In other words, you (probably) won’t be offered a mortgage in Chelsea if you earn the average wage. We can all dream.
The top 10 cheapest areas for single buyers, according to Zoopla (and the percentage of wages your mortgage could take up):
1. Sunderland, 9.19%
2. North Tyneside, 10.67%
3. Wakefield, 11.53%
4. Blackpool, 11.54%
5. Wirral, 11.65%
6. Kirklees, 11.91%
7. East Riding of Yorkshire, 12.11%
8. Bradford, 12.72%
=9. Derby, 13.02%
=9. Kingston upon Hull, 13.02%
The top 10 most expensive areas for single buyers (and the percentage of wages your mortgage could take up):
1. Hertsmere, 35.07%
2. Brighton and Hove, 34.37%
3. Watford, 33.61%
4. Spelthorne, Surrey, 33.52%
5. Oxford, 32.25%
6. Cambridge, 32.06%
7. Slough, 31.74%
8. Mole Valley,Surrey, 31.23%
9. Epsom and Ewell, Surrey, 30.76%
10. Windsor and Maidenhead, Berkshire, 30.59%