Burnley still one of the cheapest places to buy a house in the UK
A new survey has revealed Burnley and Pendle are still among the cheapest places to buy a house in the country.
The latest data from the Office of National Statistics has revealed where the most affordable places to buy a home are in England and Wales based on the ratio of the average salary and the average property price.
Pendle, where the average property costs 3.65 times the available wage, and Burnley (3.99) are both in the top 10 most affordable areas in the UK.
The data shows that across England and Wales the affordability ratio has shown little change year-on-year, with the average property costing 7.8 times the available wage in 2018.
However, while housing affordability remains a big issue, the diversity of the UK property market means that there are a whole host of areas where the gap is much smaller.
Copeland, in Cumbria, is currently the best place in England and Wales to get a foot on the ladder and with an affordability ratio of 2.5, it is just over three times cheaper than the national average and over 17 times more affordable than the worst area Kensington and Chelsea.
Founder and CEO of Springbok Properties, Shepherd Ncube, said: “Housing affordability is a very hot topic and, the consistent escalation of house prices coupled with the slower rate of wage growth, means that for many the aspirations of owning their own home continues to move further out of reach. Of course, wider economic factors such as job availability have a part to play but this aside, these areas offer hope to those wishing to shed the shackles of the rental sector.
“By doing your homework, you can uncover hidden gems of property affordability dotted all over England and Wales.”