The latest study by Zoopla has unveiled the most affordable cities for single buyers in the UK, with one location showing average monthly mortgage payments as low as £408. According to the research, Sunderland tops the list as the most budget-friendly city in England, where monthly payments represent 17% of the typical single earner’s salary. The average cost of a one or two-bedroom home in Sunderland is £106,700, matching an average income of £28,600.
In London, Havering stands out as the most economical borough for single buyers, with the average price of a one or two-bedroom property at £305,200, approximately 7.3 times the average earnings of £41,600 for a single purchaser. In Scotland, Aberdeen emerges as the most cost-effective city for single buyers, with average monthly mortgage payments amounting to £438 based on an average property value of £114,700.
For those looking in Wales, Swansea is highlighted as the most affordable location, with an average property priced at £149,000 and typical monthly mortgage payments of £569. Zoopla notes that purchasing a home as a single individual can be challenging due to lenders evaluating affordability based on a single income rather than dual incomes.
The analysis conducted by Zoopla focused on prices of smaller properties with one or two bedrooms in comparison to the average incomes of single earners. The study also revealed that single buyers account for around 39% of initial home purchases. Richard Donnell, executive director at Zoopla, emphasized the increasing feasibility of owning a home solo, attributing it to rising incomes and lower mortgage rates. He suggested researching mortgage affordability, exploring tailored products for singles, considering alternative locations, and selecting the right property size and area. Donnell encouraged prospective buyers to recognize that purchasing a property as a singleton is a viable option.
