Cumnock in Scotland was named among the most affordable towns to purchase property, according to the latest research from Zoopla, with an average property value of £80,300.
With a national average price standing at £267,500, Zoopla’s findings revealed that an average property in Britain is valued at 3.8 times the average annual household income.
Wisbech in Cambridgeshire ranked as the most affordable town in southern England, with average property values of £209,800.
Gainsborough in the East Midlands recorded average values of £170,000 with a ratio of 2.4, while Wisbech in the East of England had a ratio of 3.0.
In the South East, Dover had a ratio of 3.2, and Plymouth in the South West sat at 3.3.
In addition, Ferndale in Wales offered a ratio of 1.5, and Hull in Yorkshire and The Humber was at 1.9.
Research also found improvements in affordability ratios up to 5% in some southern English areas, while other regions saw little change.
In total, there were 33 towns within one hour’s commute of London where affordability ratios fall below the London average of 5.8.
Izabella Lubowiecka, senior property researcher at Zoopla, said: “Affordability remains a concern for many homebuyers so it is positive to see that there are areas of the UK, such as Southern England, where the affordability of housing has improved.
“London remains the least affordable area for home buyers. Those in London looking to get more for their money may want to consider buying in one of the South East and East of England’s commuter belt, where there are many towns that are more affordable than London.
“The same is true in markets around many regional cities and we see buyers seeking value for money. ”
Toby Leek, NAEA Propertymark president, said: “Affordability for many is a real issue and as purse strings remain tightened despite easing factors such as slight drops in inflation, prospective and current homeowners will be looking to enter the market with caution, but also in some cases, further flexibility in where they nest themselves.
“As many people no longer have the restriction of basing themselves from a static office full time, they are able to look elsewhere to actually step onto the housing ladder for the first time or find their next, more affordable dream home.”
