Best Places in the UK for Singletons to Buy Property
Research conducted by Zoopla has highlighted the most affordable locations in the UK for singletons to purchase property. According to the study, you may want to consider Newcastle-under-Lyme in Stoke-on-Trent, or East Riding of Yorkshire.
The research was carried out to alleviate the strain many single people face when trying to get on the property ladder. It also reveals the least affordable places in the UK, which include Brighton, Bath and Cambridge.
Based in Stoke-on-Trent, Newcastle-under-Lyme is ranked the most affordable place to get on the property ladder. For Newcastle-under-Lyme, prospective buyers need to sacrifice just 10.84% of their monthly wages in mortgage payments, which makes it the most affordable area on the market (compared to 36.14% in Cambridge, for example).
Affording Property in London
Findings for London demonstrate the near-astronomical price point of capital-city property: single buyers wanting to purchase in London would have to set aside more than half of their monthly wages.
Closer inspection of the study reveals that single buyers in Kensington and Chelsea would face a mortgage that eats into 82.44% of their monthly earnings. Elsewhere, single buyers in Westminster would have to set aside 82.12% of their monthly earnings on a mortgage.
According to Zoopla spokesman Lawrence Hall, “buying a property is a notoriously expensive process, and those looking to purchase a home on their own will likely feel the pressure all the more.”
Hall also spoke on the decision to leave London out of the study, saying that the money London-dwellers have to put down for their mortgages shows “just how eye-wateringly expensive the London property market is for single buyers, especially in central London”.
Here Is How They Ranked
Based on the areas in the study, here are the average percentages deducted from buyers’ monthly earnings to pay towards their mortgages.
- North East England – 14.6%
- Yorkshire and the Humber – 14.75%
- East Midlands – 14.93%
- Wales – 16.73%
- North West England – 17.82%
- West Midlands – 18.12%
- South West England – 21.41%
- South East England – 25.35%
- East of England – 25.67%
- London – 57.35%
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