Zoopla names Welsh city as most affordable location for single buyers
A surprising location has been identified as the most affordable city for single people looking to buy a home in Wales according to a study
The Welsh capital, Cardiff, came out as the most affordable city in Wales according to property website, Zoopla, with an average house price of £198,920.
Aberdeen came in top across the UK – at £119,350, the average one or two-bedroom home in the Scottish location equates to 3.0 times typical local earnings, Zoopla calculated.
Liverpool was placed second, with an average one or two-bedroom home valued at £130,800, equating to 3.7 times average local earnings.
Affordability
The website said that wage growth has helped improve the affordability of homes in southern England over the past year.
Over the past 12 months, house prices have risen by just under 1.5% in southern England excluding London, compared with earnings growth of 5.6%, Zoopla said.
It said this has helped to improve affordability in cities such as Bristol, Oxford, Portsmouth and Cambridge.
Compatibility
Daniel Copley, a consumer expert at Zoopla, said: “For singletons, buying a first home can feel a little bit like dating and just like dating, first impressions matter.
“However, it’s important to dig deep into your potential new home as it’s what’s below the surface that determines long-term compatibility. Take your time and do your research before making that ultimate commitment to swipe right on a home.”
Here are the top 10 most affordable locations to buy a one or two bedroom home, according to Zoopla, with the average property value followed by the house price-to-earnings ratio:
1. Aberdeen, Scotland, £119,350, 3.0
2. Liverpool, North West, £130,800, 3.7
3. Glasgow, Scotland, £152,270, 4.1
=4. Sheffield, Yorkshire and the Humber, £156,990, 4.2
=4. Newcastle, North East, £150,360, 4.2
6. Leeds, Yorkshire and the Humber, £178,020, 4.8
=7. Cardiff, Wales, £198,920, 5.3
=7. Nottingham, East Midlands, £162,830, 5.3
9. Birmingham, West Midlands, £188,240, 5.4
10. Southampton, South East, £194,260, 5.5
Responding to the findings, Cardiff resident Kate Louise told Nation.Cymru: “Having moved to Cardiff from Newport, where you can pick up a property for much less, I’m not sure where they did their fact finding.
“I guess for a flat that price is doable, but most of my first choice locations are way out of that budget, and young buyers here are moving more and more to my home town of Newport and Swansea to commute or work from home, – both are much cheaper than here.”
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