For the second year running, both Durham, Sunderland and Newcastle feature in the ‘Top 10 most affordable cities in the UK to buy a house in’. With these three cities positioned 1st, 3rd and 9th respectively. Durham sits at the top of the charts for the second year running.
New 2021 data revealed reveal that Durham is the only place that is affordable for a single person with an average salary for that city and a mortgage of 3.5 times salary.
Cities neighbouring Durham also featured in the ‘top 10’. Sunderland was ranked the 3rd most affordable city, where house prices would need to drop by just 6% to become affordable. Newcastle sat on 9th in the rankings list. For a single buyer on an average salary, they would need to see Newcastle’s house prices decrease 22% for it to buy affordable to buy!
Open Property Group Managing Director, Jason Harris-Cohen said: “At present, there are fewer properties available during the ongoing COVID-19 pandemic. Brexit is no longer a factor in the property market.
Our research also shows that the Stamp duty holiday increased property prices and demand, The number of mortgage approvals for house purchases in the UK increased to 105,000 in November 2020, the highest level since August 2007 and well above market expectations of 82,500.”
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