Burnley is the best value place in the UK to buy property according to average wage and house prices in the town.
The research by estate agent eMoov.co.uk compared the latest Land Registry house price data with the recently updated Office for National Statistics wage data, which revealed that Burnley held the best ratio.
With an average house price of £80,605, just 3.43 times the average wage (£23,500), Burnley is home to the smallest gap between the cost of living and the available earnings on offer.
The average UK house price is a little over six times the average wage.
Burnley councillor and estate agent Howard Baker said the Burnley ratio reflected national trends of the 1970s and 1980s.
He said: “It was always the case that buyers could get a mortage for three and a half times their salary.
“This is obviously still the case here in Burnley which is a good thing. Prices are affordable. Wages are not the best in the country, but at the end of the day it’s all relative – it’s about what you can buy with your money.
“The main difference now is that it’s up to the seller to spend money on their houses because buyers have to put most of their money on a larger deposit.”
Mr Baker, whose Falcon and Foxglove estate agents business is in the process of moving to a larger office, said he is expecting the Burnley housing market to grow in the near future.
He added: “It is a good time to buy or sell at the moment in Burnley, but I’m expecting it to grow like mad in the next few years.”
Founder and chief executive of eMoov.co.uk Russell Quirk said: “Regardless of where you live and what you earn, there has been a serious unbalance between the escalating price of property and the stagnating wages available to UK buyers.
“This really needs to be addressed to help current and future UK buyers get a foot on the ladder and continue climbing it.”