Dedicated locality research platform
Dedicated locality research platform
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Inverclyde, located in Scotland, stands out as the most affordable place to reside in the UK, where the average house prices are only 2.9 times higher than the average yearly earnings. On the contrary, either Westminster or the City of London are the most expensive areas, with house prices soaring to a staggering 16 times the average annual income in each region.
As per Halifax’s data, the average house price in these two costly London areas reaches £915,000, which is almost seven times more expensive than the average house price of £134,000 in Inverclyde. While relocating across the country might not be viable for everyone seeking cheaper housing, some might consider moving to a more affordable location nearby.
Another coastal destination that provides excellent value within its region is Portsmouth, a city where the average house prices equate to 5.2 times the annual earnings. Situated just 60 miles northeast of Portsmouth is Mole Valley, located in south Surrey. In this area, house prices are notably higher, reaching 13.2 times the average earnings. Portsmouth boasts robust transportation options, including buses, ferries, trains, and coaches, along with a diverse range of properties from different eras, as noted by a local agent.
In London, the City of London emerges as one of the local authorities with the most expensive property market, with house prices exceeding average incomes by 16 times. On the other hand, Barking and Dagenham, situated eight miles east of the City of London, is the least expensive local authority in London, with house prices standing at 5.4 times the average incomes.
Estate agents based in Barking and Dagenham were enthusiastic about highlighting the attractiveness of both regions for individuals seeking to reside and work in London. For individuals situated in the West Midlands, there exists the option to select between the Cotswolds, where house prices stand at 11.1 times the average incomes, and Stoke-on-Trent, where prices are more affordable at 3.9 times the typical yearly income. Similarly, individuals aspiring to enter the property market in Yorkshire and Humberside might find Hull to be a more suitable choice over Harrogate, especially considering the relatively short distance of just 69 miles between the two locations.
In the region, Hull holds the position of the most affordable local authority, where the average house prices are valued at 3.3 times the typical income in that area. Conversely, Harrogate stands as the priciest location for property purchases within the region, boasting house prices that are 9.6 times greater than the average yearly income.
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