Aberdeen is the most affordable metropolis to personal a house, with the common price of a mortgage, utilities and council tax coming to 37% of the median month-to-month wage, analysis has discovered.
Mortgage dealer L&C analysed home worth information from the Workplace for Nationwide Statistics together with a 4.5% rate of interest repaid over 25 years and common utility and council tax payments. This was in comparison with the median wage of every metropolis.
In Aberdeen, the common home worth was £139,551 and the whole price of mortgage repaid over 25 years at 4.5% was £209,349. This equalled a month-to-month mortgage fee of £698, rising to £977 when mixed with utilities and council tax.
Dundee took the second slot at 42% of median wage. The common price of a house was £142,777 and the whole mortgage price was £214,189 making the month-to-month fee £714, which rises to £1,049 with utilities and council tax.
Kingston-Upon-Hull secured third place with proudly owning a house taking over 42% of the median wage. The common price of a house was £134,582, complete mortgage price coming to £201,895, with month-to-month funds got here to £673.
This will increase to £989 with utilities and council tax.
Glasgow, Durham, Sunderland, Preston, Bradford, Stoke-on-Trent and Doncaster rounded out the highest ten least expensive locations to personal a house.
Westminster costliest metropolis to personal a house
Westminster topped the checklist for costliest areas to personal a house, with the price coming to 143% of median wage.
The common price of a house got here to £921,609 with the whole mortgage price pegged at £1,382,562, and the month-to-month mortgage price coming to £4,609. With utilities and council tax this will increase to £4,916.
St Albans secured second place at 131% of the median wage. The common price of a house is £577,642 and the whole mortgage price is £866,556 with the month-to-month price coming to £2,889.
Mixed with utilities and council tax this rises to £3,214.
Chichester got here third with the price of a house accounting for 119% of the median wage. The price of a house was estimated at £477,709, complete mortgage price was pegged at £716,641 with the month-to-month fee coming to £2,389.
With utilities and council tax this goes as much as £2,716 per thirty days.
Winchester, Cambridge, Brighton and Hove, Bathtub, Oxford, Chelmsford and London make up the remainder of the highest 10 costliest cities to personal a house.
A spokesperson at L&C Mortgages mentioned: “In the course of the first six months of 2023, 291,568 mortgages have been authorised throughout Britain. This has allowed each first-time consumers and seasoned householders to put money into property in a location they’re completely satisfied to name house.
“This examine reveals the most affordable cities to personal a house all through the nation. The analysis, which has thought of month-to-month mortgage charges alongside utilities and council tax, reveals that the least costly cities are predominantly positioned within the nation’s northern areas.”
They added: “Scotland, for instance, is highlighted 3 times within the high 5 least expensive cities to personal a house. Aberdeen ranks first with householders paying 37% of their month-to-month salaries in direction of mortgage, utilities and council tax prices.”
