Data has revealed that Aberdeen and Dundee are among the cheapest cities in which to own a home in Britain.
L&C Mortgages analysed house price data from the Office for National Statistics (ONS), calculated with a 4.5% interest rate repaid over 25 years, and combined with the average price of utilities and council tax per location.
This total was compared with the median salary in each city to reveal the least expensive British cities to own a home.
Aberdeen was the cheapest British city to own a home; average house prices were £139,551 as of May 2023, with the total mortgage cost repaid over 25 years at 4.5% interest at £209,349.
This equated to a monthly mortgage payment of £698, £988 combined with utilities and council tax, amounting to 37% of the median salary (£2,696).
In second place was Dundee, with the average cost of a home being £142,777 as of May 2023. Repaid over 25 years at 4.5% interest, the total mortgage cost is £214,189.
This made monthly mortgage payments £714, £1,049, including utilities and council tax, which is 42% of the median salary (£2,524).
In Kingston-Upon-Hull, the average cost of a home was £134,582 as of May 2023, the total mortgage cost over 25 years at 4.5% interest equalled £201,895, with monthly payments of £673.
This jumped to £989 with utilities and council tax, 42% of the median salary (£2,332).
Glasgow was the fourth least expensive city to own a home, with average house prices being £168,415 as of May 2023.
The total mortgage costs were £252,650 when repaid over 25 years at 4.5% interest; monthly mortgage payments equalled £842 and £1,209 with utilities and council tax.
Overall, this cost represented 45% of the median salary (£2,684) in the Scottish city.
In Durham, the average cost of a home was £127,047 as of May 2023, with total mortgage costs repaid over 25 years at 4.5% interest being £190,591.
Monthly mortgage payments were £635 and £1,010 with utilities and council tax, which was 46% of the median salary (£2,200).
A spokesperson at L&C Mortgages said: “During the first six months of 2023, 291,568 mortgages were approved across Britian.
“This has allowed both first-time buyers and seasoned homeowners to invest in property in a location they’re happy to call home.
“This study reveals the cheapest cities to own a home throughout the nation.
“The research, which has considered monthly mortgage rates alongside utilities and council tax, shows that the least expensive cities are predominantly located in the nation’s northern regions.
“Scotland, for example, is highlighted three times in the top five cheapest cities to own a home.
“Aberdeen ranks first with homeowners paying 37% of their monthly salaries towards mortgage, utilities and council tax costs.”
