The 10 cheapest places to buy a home based on annual income revealed – and where Sheffield ranks
The 10 cheapest places to buy a home revealed – and where Sheffield ranks
Sheffield ranks 21st among the most affordable places to buy a home, with the average property costing £220,000, according to new figures by Liberty Home Products.
The city has an average house price of 5.81 times the average annual income of £37,885.
South Yorkshire neighbour, Doncaster, is more affordable, ranking seventh in the table.
Across the wider region, Hull and Bradford also rank among the 15 cheapest places listed.
Here are the 10 most affordable places to buy a home, based on average property prices compared with annual income.
- Aberdeen – average house price £131,000
- Carlisle – £171,000
- Dundee – £147,000
- Hull – £136,000
- Sunderland – £147,000
- Stoke-on-Trent – £147,000
- Doncaster – £172,000
- Preston – £189,000
- Liverpool – £189,000
- Glasgow – £194,000
The rankings are based on the ratio between average house prices and average annual income, rather than property prices alone. This means places with lower average incomes are taken into account when comparing affordability.
Where does Sheffield rank?
Sheffield ranks 21st in the table, with an average property price of £220,000 and an average annual income of £37,885.
This means the typical home costs around 5.81 times the average annual income.
Sheffield is more affordable than Leeds, where homes average £248,000 and cost 6.75 times annual income, and Manchester, where the average property costs £252,000, or 6.95 times annual income.
At the other end of the rankings, London has an average house price of £550,000, equivalent to 11.85 times the average annual income of £46,414.