New research by L&C Mortgages analysed house price data from the Office for National Statistics to find the cheapest cities to own a home in the UK.
The research calculated house price data with a 4.5 percent interest rate mortgage repaid over 25 years and combined with the average price of utilities and council tax per location.
The total was then compared to the median salary in each city to find out where it was cheapest to own a home in Britain.
Top 10 cheapest cities to own a property in the UK:
Aberdeen took the top spot as the cheapest city in the UK to own a home. With the average home fetching just £139,551 as of May 2023, it’s well below the UK average of £288,000.
The total mortgage cost repaid over 25 years at 4.5 percent interest is £209,349 which equates to a monthly mortgage payment of £698; £988 when combined with utilities and council tax, amounting to 37 percent of the median monthly salary (£2,696).
Dundee comes in second place with the average cost of a home being just £142,777 as of May 2023.
Repaid over 25 years at 4.5 percent interest, the total mortgage cost is £214,189.
This makes monthly mortgage payments £714, or, £1,049, including utilities and council tax which is 42 percent of the median salary (£2,524) in the city.
Kingston-Upon-Hull came in third place with the average home fetching just £134,582 as of May 2023. The total mortgage cost over a period of 25 years at 4.5 percent interest equates to £201,895, with monthly payments of £673.
However, while this is cheap, monthly costs jump considerably to £989 when utilities and council tax are added on.
Glasgow came in fourth place with average house prices of £168,415 and total mortgage costs of £252,650 when repaid over 25 years at 4.5 percent interest.
Monthly mortgage payments equate to £842 and £1,209 inclusive of utilities and council tax. Overall, this cost represents 45 percent of the median salary (£2,684) in the Scottish city.
Located in the Northeast of England, Durham is a historic city and is home to a prestigious university.
Named the fifth least expensive city to own a home, the average cost of a property is £127,047 as of May 2023 with total mortgage costs repaid over 25 years at 4.5 percent interest being £190,591.
Monthly mortgage payments are £635 and £1,010 with utilities and council tax, which is 46 percent of the median salary (£2,200).
A spokesperson at L&C Mortgages said: “During the first six months of 2023, 291,568 mortgages were approved across Britain.
“This has allowed both first-time buyers and seasoned homeowners to invest in property in a location they’re happy to call home.
“This study reveals the cheapest cities to own a home throughout the nation. The research, which has considered monthly mortgage rates alongside utilities and council tax, shows that the least expensive cities are predominantly located in the nation’s northern regions.
“Scotland, for example, is highlighted three times in the top five cheapest cities to own a home. Aberdeen ranks first with homeowners paying 37 percent of their monthly salaries towards mortgage, utilities and council tax costs.”
Post source: Express
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