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 2008. 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 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.
Barrow-in-Furness, Blaenau Gwent, Neath Port Talbot, Pendle, Merthyr Tydfil and Burnley area are also home to an affordability ratio where house prices are less than four times the average wage. Knowsley, Derby and Hyndburn complete the top ten more affordable areas in the UK where getting a foot on the ladder is concerned.
Most affordable areas to buy in England and Wales
Area | House price/ affordability ratio |
---|---|
Copeland | 2.5 |
Barrow-in-Furness |
3.53 |
Blaenau Gwent |
3.59 |
Neath Port Talbot | 3.6 |
Pendle | 3.65 |
Merthyr Tydfil | 3.78 |
Burnley | 3.99 |
Knowsley | 4.11 |
Derby | 4.26 |
Hyndburn | 4.35 |
England and Wales | 7.8 |