Getting on the property ladder can be tough. Even if aspirations are modest, finding somewhere that is affordable can present a challenge. Those already on the property ladder but seeking a step up can find similar hurdles to overcome.
However, with more of us now able to work from home some of the time, moving to find something more affordable has become a more realistic option. But where, exactly, is more affordable?
Getting the Balance Right
To meet the criteria of affordable there has to be a balance between average property price and average earnings. If the earnings to house price ratio is too high, the chances of being able to get a mortgage will be slim.
Unless potential purchasers have the option of working completely remotely, commuting distance still has to be taken into consideration.
The Most Affordable Towns
According to an analysis published by Zoopla based on data from May 2020, affordability is highest in the north of England, Wales and Scotland.
Shildon, a town in County Durham, has the lowest property to earnings ratio at just 2.11. Compare that with the lowest in England of 6.36 for Newport on the Isle of Wight and it seems that the north-south divide is alive and well for property prices at least. In fact, according to the report, England has an average price of £100,000 more than that in Wales and Scotland overall.
Making the Move
It may be tempting to move across the country to improve quality of life for the family, and indeed many have done so. Employers are more often open to discussing the possibility of remote working these days. This may mean that a move further away than would previously have been considered could be a possibility.
Whether a move of several hundred miles or a more local move is being considered, it is important to ensure that independent legal advice, such as that available through https://www.samconveyancing.co.uk/news/conveyancing/independent-legal-advice-4849, is taken.
Whether it’s a first-time purchase or a move to a bigger property, considering more affordable areas can make a real difference to the size of property attainable or even whether a purchase can be made at all. However, other practicalities such as employment location, schools and where friends and family live will always form part of the decision-making process too.