Aberdeen named cheapest city for single homebuyers in Great Britain

Aberdeen named cheapest city for single homebuyers in Great Britain

Analysis of national property data reveals that Aberdeen, located in Scotland, is the most affordable city for single individuals looking to purchase a home in Great Britain. Research from the property website Zoopla shows that the average one- or two-bedroom home in Aberdeen is valued at just under £120,000, with monthly mortgage payments totaling £510 – approximately 16% of the area’s average monthly salary.

In England, Liverpool takes the crown as the most affordable city for single homebuyers, with average mortgage payments amounting to 18% of monthly salaries, equating to £540. On a national scale, the average UK property price reached a new record of £299,138 in January, a 0.7% increase from the previous month, driven by a surge in first-time buyer activity ahead of an impending stamp duty increase.

Nationwide building society reports a “modest improvement” in housing affordability across Great Britain in 2024, attributed to wage growth outpacing house price increases and a slight decline in mortgage costs. Despite this positive trend, first-time buyers are still typically required to spend around five times their earnings to purchase a home.

While Aberdeen emerges as the most affordable city in Scotland, Edinburgh holds the title of the priciest city in the region. Nevertheless, affordability in Edinburgh has seen a positive shift over the past year due to slowed house price growth and rising salaries. In Wales, Blaenau Gwent ranks as the most affordable local authority, with average home prices at £112,090, while Monmouthshire stands as the least affordable with properties priced at £240,900. London remains the least affordable city in England, with all boroughs recording monthly mortgage payments exceeding £1,000 for a one- or two-bedroom home

Read the full article from The Guardian here: Read More