Prospective home-buyers in Stoke-on-Trent are benefitting from the UK’s highest level of affordability, based on the average salary in the area, according to research from comparethemarket.
Indeed, the average property in the city can be bought for less than five times the average salary, with house prices currently 498% of the typical annual earnings of someone working there.
The research also revealed that the next most affordable location is Dundee in Scotland, where prices are 526% of the typical salary, followed by the North East city of Sunderland, where the figure is 553%.
Elsewhere, potential buyers in the towns of St Helens and Blackburn, both in the North West, would be able to purchase a property for 567% and 571% of the average salary respectively, indicating a clear North/South divide in terms of affordability across the UK.
When assessing the earnings to house price ratio on a regional basis, the North East (x6.11), North West (x6.77%) and Yorkshire & and Humber (x7.72%) are the cheapest. By contrast, the lowest region of affordability is London (x15.34%), followed by the South East (x11.87%), East (x11.45%) and the South West (x10.85).