New data from L&C Mortgages has identified Aberdeen as the most affordable city in Britain for owning a home.
The research took into account the average cost of a mortgage, utilities, and council tax, and compared it to the median salary in each location.
Aberdeen came out on top, with these costs making up just 37% of the median monthly salary. Dundee, Kingston-Upon-Hull, Glasgow, and Durham also ranked highly in terms of affordability.
The study used house price data from the Office for National Statistics, and calculated costs based on a 25-year mortgage with a 4.5% interest rate. In Aberdeen, the average house price is £139,551, and the average monthly mortgage payment, utilities, and council tax come to £988. This accounts for 37% of the city’s median monthly salary of £2,696.
Dundee is the second most affordable city, where the monthly housing cost of £1,049 takes up 42% of the median salary (£2,524). Kingston-Upon-Hull ranks third, with housing costs accounting for 42% of a £2,332 median salary. Glasgow and Durham complete the top five, with housing costs constituting 45% and 46% of median salaries, respectively.
The data also highlighted a geographical trend, with the least expensive cities largely found in the north of Britain.
A spokesperson at L&C Mortgages said: “During the first six months of 2023, 291,568 mortgages were approved across Britain. 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.”
