New research from Zoopla shows the area which is the most affordable in England, with average monthly payments equating to 17% of the typical monthly salary
Zoopla has revealed for the most affordable places for singletons(Image: Tim Graham/Getty Images)
The UK’s most single-friendly property hotspots have been revealed – including a city where average monthly mortgage payments cost just £408.
New research from Zoopla shows Sunderland is the most affordable city in England, with average monthly payments equating to 17% of the typical monthly salary.
The average price of a one or two bedroom home here is £106,700, while the typical income for a single person is £28,600.
In the London area, Havering was identified by Zoopla as the most affordable borough, with a one or two-bedroom home there costing £305,200 on average – around 7.3 times average earnings of £41,600 for a single buyer.
In Scotland, Aberdeen was name the most affordable for single buyers, with average monthly mortgage payments of £438, based on an average property value of £114,700.
Swansea is the most affordable place in Wales, where an average property is priced at £149,000 with typical monthly mortgage payments of £569.
Zoopla says buying a house while single is harder primarily because lenders assess affordability on a single income rather than two.
The property website analysed prices for smaller homes with one or two bedrooms, and compared this with average incomes for single earners.
It added that single buyers account for around two-fifths (39%) of first-time purchases.
Richard Donnell, executive director at Zoopla said: “Buying a home can feel out of reach for many singles who have to rely on just one income to cover mortgage and other costs of home ownership.
“Rising incomes and lower mortgage rates mean that owning a home by yourself is increasingly possible.
“For many that means buying a smaller sized home where property prices have risen more slowly than for larger, family sized homes in recent years.
“It’s important to do your research digging into mortgage affordability and products aimed at singles while considering alternative locations and selecting the right area for you.
“It’s important to know that buying as a singleton is an option.”
- Scotland, Aberdeen: average price of one or two bed home – £114,700; average income – £33,100, average mortgage payment – £438
- North East, Sunderland: average price of one or two bed home – £106,700, average income – £28,600, average mortgage payment – £408
- Yorkshire and the Humber, Hull: average price of one or two bed home – £115,300, average income – £27,900, average mortgage payment – £440
- North West, Liverpool: average price of one or two bed home – £137,100, average income – £31,600, average mortgage payment – £524
- West Midlands, Stoke-on-Trent: average price of one or two bed home – £134,400, average income – £29,700, average mortgage payment – £513
- Wales, Swansea: average price of one or two bed home – £149,000, average income – £32,800, average mortgage payment – £569
- East Midlands, Derby: average price of one or two bed home – £169,100, average income – £31,200, average mortgage payment – £646
- East of England, Peterborough: average price of one or two bed home – £183,200, average income – £30,500, average mortgage payment – £700
- South West, Plymouth: average price of one or two bed home – £184,000, average income – £29,600, average mortgage payment – £703
- South East, Milton Keynes: average price of one or two bed home – £230,400, average income – £36,900, average mortgage payment – £880