The latest research by Zoopla has unveiled the top affordable cities in the UK for single homebuyers. Sunderland emerged as the most budget-friendly city in England, with average monthly mortgage payments as low as £408, representing 17% of the typical monthly income. The average price for a one or two-bedroom home in Sunderland stands at £106,700, aligning with the average single person’s income of £28,600.
Moving to London, Havering was identified as the most affordable borough, where a one or two-bedroom property averages at £305,200, approximately 7.3 times the average earnings of £41,600 for a single buyer. In Scotland, Aberdeen takes the spotlight as the most affordable city for single buyers, with average monthly mortgage payments totaling £438, based on an average property value of £114,700.
In Wales, Swansea stands out as the most affordable location, with an average property price of £149,000 and typical monthly mortgage payments amounting to £569. Zoopla highlighted the challenges single buyers face due to lenders evaluating affordability based on a single income rather than dual incomes. Single buyers account for around 39% of first-time purchases, according to Zoopla’s analysis.
Richard Donnell, executive director at Zoopla, emphasized the increasing feasibility of homeownership for singles, driven by rising incomes and lower mortgage rates. He advised singles to consider smaller-sized homes, where property prices have shown slower growth compared to larger family homes. Donnell stressed the importance of thorough research on mortgage affordability tailored for singles, exploring alternative locations, and selecting the right property. Ultimately, he reassured that buying a home as a singleton is a viable option.
