Looking for the most affordable place in the country to buy a home? Head for Stoke-on-Trent because house prices there are within reach of those on average salaries.
Research by comparethemarket.com has identified both the most expensive and the most affordable places in the UK.
North-south divide apparent
London, naturally, is the most expensive and therefore more unaffordable city in which to buy a house and live based on median salaries.
Head north, however, and it’s a much brighter picture for home buyers.
In Stoke, in the West Midlands, average house prices are £109,894. Median salaries are £22,399.
This means a buyer on an average salary can buy for less than five times their income or 498 percent.
Affordable on average salary
The next most affordable places to buy are Dundee on Scotland’s east coast (526 percent), Sunderland in north-east England (553 percent), St Helens on Merseyside (567 percent) and Blackburn in Lancashire (571 percent).
Comparethemarket has worked out the house price to income ratio required for home buying across the UK. That is done by dividing average house prices by median salaries.
In London, buyers face a ratio of 15.34, with Oxford (15.20) and Hove (14.95) the next least affordable places.
The well-documented north-south divide in house prices is revealed in the price to income ratio: 6.72 in the north and 12.38 in the south.