The latest study by Zoopla has unveiled the top affordable locations for single home buyers in the UK. Among them is Sunderland, where the average monthly mortgage cost is a mere £408, representing 17% of the typical monthly salary.
According to Zoopla, Sunderland stands out as the most budget-friendly city in England, with an average home price of £106,700 for a one or two-bedroom property, matched with a single person’s average income of £28,600.
In the London region, Havering emerges as the most economical borough, with an average price of £305,200 for a one or two-bedroom home, equivalent to around 7.3 times the average earnings of £41,600 for a single buyer.
In Scotland, Aberdeen takes the spotlight as the most affordable city for single buyers, with average monthly mortgage payments of £438 based on an average property value of £114,700.
Swansea leads as the most cost-effective location in Wales, with an average property price of £149,000 and typical monthly mortgage payments of £569.
Zoopla notes that purchasing a house as a single individual can be challenging since lenders evaluate affordability based on a single income rather than dual incomes. The analysis focused on smaller homes with one or two bedrooms compared to the average incomes of single earners.
Richard Donnell, Zoopla’s executive director, mentioned that buying a home on a single income is becoming more achievable due to increasing incomes and lower mortgage rates. Donnell advised prospective buyers to research mortgage affordability, explore products designed for singles, consider alternative locations, and choose the right area wisely.
It is crucial to recognize that purchasing a property as a singleton is a viable option for those looking to step into homeownership.