The 23 towns in Scotland where homes cost less than two years' household earnings
Analysis of 929 towns across Britain found that a typical home is valued at £299,100, equivalent to 4.3 times annual household earnings.
There are 36 towns across the UK where homes can be snapped up for less than two years’ worth of household earnings - and 23 of them are in Scotland.
Zoopla’s analysis of 929 towns across Britain found that a typical home is valued at £299,100, equivalent to 4.3 times annual household earnings.
At number four on the list - behind Shildon, Peterlee and Ferryhill in County Durham - is Fraserburgh in Aberdeenshire where the average property price is £116,000 and the property-to-household income ratio for two full time workers is 1.59. It is followed by Irvine in North Ayrshire with an average property price of £114,800 and a ratio of 1.62 then Peterhead Aberdeenshire (average price of £120,600 and ratio of 1.65).
Richard Donnell, executive director at Zoopla, said: “House prices have been rising more slowly than incomes, helping to improve housing affordability, but higher mortgage rates continue to offset some of these gains by increasing the monthly cost of buying a home.
“Affordability varies widely across the country, with many towns in northern England and Scotland offering much better value relative to local household earnings.”
Only postal towns with 5,000 homes or more were taken into consideration by Zoopla for the research.
The 36 locations across Britain identified by Zoopla where homes typically cost less than twice the annual earnings of two full-time workers living in a household. Figures show the region, the main local authority area, average property value and the property-to-household income ratio:
1. Shildon, North East, County Durham, £73,600, 1.15
2. Ferryhill, North East, County Durham, £91,500, 1.43
3. Peterlee, North East, County Durham, £96,500, 1.51
4. Fraserburgh, Scotland, Aberdeenshire, £116,000, 1.59
5. Irvine, Scotland, North Ayrshire, £114,800, 1.62
6. Peterhead, Scotland, Aberdeenshire, £120,600, 1.65
7. Ardrossan, Scotland, North Ayrshire, £116,900, 1.65
8. Workington, North West, Cumberland, £114,900, 1.65
9. Methil, Scotland, Fife, £116,400, 1.69
10. Saltcoats, Scotland, North Ayrshire, £119,600, 1.69
11. Nelson, North West, Pendle, £108,200, 1.72
12. Wishaw, Scotland, North Lanarkshire, £126,500, 1.75
13. Kilwinning, Scotland, North Ayrshire, £123,900, 1.75
14. Birkenhead, North West, Wirral, £118,300, 1.77
15. Bishop Auckland, North East, County Durham, £114,100, 1.78
16. Alexandria, Scotland, West Dunbartonshire, £123,700, 1.81
17. Kilmarnock, Scotland, East Ayrshire, £120,600, 1.81
18. Bellshill, Scotland, North Lanarkshire, £131,700, 1.82
19. Greenock, Scotland, Inverclyde, £108,500, 1.82
20. Ferndale, Wales, Rhondda Cynon Taf, £116,200, 1.82
21. Ashington, North East, Northumberland, £113,800, 1.83
22. Clydebank, Scotland, West Dunbartonshire, £130,000, 1.90
23. Coatbridge, Scotland, North Lanarkshire, £137,400, 1.90
24. Aberdeen, Scotland, Aberdeen City, £138,300, 1.91
25. Paisley, Scotland, Renfrewshire, £136,600, 1.92
26. Glenrothes, Scotland, Fife, £132,300, 1.92
27. Eston, North East, Redcar and Cleveland, £111,800, 1.92
28. Newton Aycliffe, North East, County Durham, £123,500, 1.93
29. Port Glasgow, Scotland, Inverclyde, £115,100, 1.93
30. Airdrie, Scotland, North Lanarkshire, £141,500, 1.95
31. Thornaby, North East, Stockton-on-Tees, £125,500, 1.97
32. Grangemouth, Scotland, Falkirk, £132,500, 1.98
33. Stranraer, Scotland, Dumfries and Galloway, £121,600, 1.98
34. Hawick, Scotland, Scottish Borders, £124,200, 1.99
35. Tranmere, North West, Wirral, £132,900, 1.99
36. Kilsyth, Scotland, North Lanarkshire, £144,100, 1.99
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