Most and least affordable places in Britain for first-time home buyers revealed
2 years, 11 months ago

Most and least affordable places in Britain for first-time home buyers revealed

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Andrew Harvey, a senior economist at Nationwide, said: “Most authorities in the South West have seen a deterioration in affordability over the last year, but Cotswold replaced Bath and North East Somerset as the least affordable area, with a house price earnings ratio of 8.6. Mr Harvey added: “The least affordable area in the North West government region is South Lakeland in Cumbria, which includes parts of the popular Lake District national park, including Ambleside and Windermere.” Copeland remains the most affordable area in the North West of England, despite average prices rising 11% over the past year, he said. “East Ayrshire, in Scotland, continues to be the most affordable authority in Great Britain with average first time buyer house prices just 2.4 times average earnings,” Mr Harvey said. Here are the least affordable local authority areas for first-time buyers in Britain’s nations and regions, according to Nationwide Building Society, with the average house price-to-earnings ratio: – London, Kensington and Chelsea, 14.7 – South East, Oxford, 10.1 – East of England, Hertsmere, 10.0 – South West, Cotswold, 8.6 – East Midlands, Rutland, 7.3 – Yorkshire and the Humber, Ryedale, 7.0 – West Midlands, Malvern Hills, 6.8 – North West, South Lakeland, 6.7 – Wales, Vale of Glamorgan, 6.4 – Scotland, City of Edinburgh, 5.9 – North East, North Tyneside, 4.3 And here are the most affordable places for first-time buyers in each area: – Scotland, East Ayrshire, 2.4 – North West, Copeland, 2.8 – North East, County Durham, 3.1 – Wales, Merthyr Tydfil, 3.4 – Yorkshire and the Humber, Barnsley, 3.7 – West Midlands, Stoke-on-Trent, 3.8 – East Midlands, Bolsover, 4.0 – East of England, Great Yarmouth, 5.0 – South West, Swindon, 5.4 – South East, Southampton, 5.6 – London, Bromley, 7.4

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