These are the most affordable places to buy a home in the UK
New analysis has revealed the most affordable - and expensive - places to buy a house in the UK right now.
The data from the financial services comparison website GoCompare has also revealed the average salary you would need to purchase a home in the major towns and cities of the UK.
The average salary needed to buy a home was calculated on the basis of a third of take-home pay.
For example, if a flat costed £150,000, monthly mortgage repayments would be £750, meaning you would need a minimum take-home pay of £2,300 a month after tax to keep costs below a third of take-home pay.
Unsurprisingly, London came out as the most expensive place to buy a home in the UK, with a detached house in the capital costing an average of £889.308.
A flat, meanwhile, costs an average of £429,401, requiring a salary of £77,331.
Average prices across the UK
The average price of a detached house in the UK comes in at £354,729, requiring an investment salary of almost £64,000.
Flats are the most affordable housing option, with an average price of £134,672 - requiring a salary of £24,253.
The most affordable locations
In terms of location, the most affordable place to buy right now is Burnley in Lancashire, where the average property price is £100,128 - requiring a salary of £18,032. These were the top five most affordable locations in the analysis:
- Burnley - average property price of £100,128 requiring a salary of £18,032
- Stoke-on-Trent - average property price of £109,450 requiring a salary of £19,711
- Blackpool - average property price of £114,532 requiring a salary of £20,626
- Barnsley - average property price of £119,803 requiring a salary of £21,575
- Middlesborough - average property price of £121,171 requiring a salary of £21,822
The most expensive locations
The most expensive places to buy a house in the UK right now are as follows:
- London - average property price of £601,562 requiring a salary of £108,335
- Cambridge - average property price of £499,429 requiring a salary of £89,942
- Oxford - average property price of £499,429 requiring a salary of £87,001
- Brighton - average property price of £461,021 requiring a salary of £83,025
- Edinburgh - average property price of £360,434 requiring a salary of £64,911