Six Scottish areas have been named among the most affordable places in the UK to buy a home, with two taking joint first place in a new ranking.
Inverclyde and Aberdeen have emerged as the most affordable locations for buyers when house prices are compared with local earnings, according to new research from Lloyds.
The study found the average home in both areas costs around 3.5 times average annual earnings – less than half the UK-wide ratio of 7.3.
In Inverclyde, the average property price used in the study was £146,030, while Aberdeen’s was £147,851.
Dundee also performed strongly, sharing third place in Britain with an average house price of £152,072 and a price-to-earnings ratio of 3.6.
Dumfries and Galloway followed with an average price of £153,360, equivalent to 3.7 times local earnings.
Angus and East Ayrshire also made the top 10, both recording affordability ratios of 3.9.
The six Scottish areas in Britain’s top 10 were:
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Inverclyde – £146,030 – 3.5 times earnings
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Aberdeen – £147,851 – 3.5
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Dundee – £152,072 – 3.6
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Dumfries and Galloway – £153,360 – 3.7
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Angus – £160,928 – 3.9
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East Ayrshire – £162,459 – 3.9
The other areas appearing in the top 10 were Kingston upon Hull, Blackpool, North East Lincolnshire and Middlesbrough.
The findings underline the considerable difference in housing affordability between Scotland and some parts of southern England.
At the opposite end of the table, Elmbridge in Surrey was ranked the least affordable area, with an average property price of £726,523 – equivalent to 17.4 times average earnings.
Kensington and Chelsea followed at 17.3 times earnings, with an average property price of £895,893.
St Albans, Hammersmith and Fulham, Waverley, Westminster and the City of London were also among Britain’s least affordable locations.
The wider Lloyds study suggests housing has become slightly more affordable relative to wages across the UK during the past year.
The average UK property now costs 7.3 times average earnings, down from 7.6 a year earlier and the lowest ratio since 2015.
Average UK house prices increased by just 0.5% over the year to £299,131, while average earnings rose by 4.5% to £40,790.
Despite the improvement in the relationship between wages and property prices, higher interest rates mean the average monthly mortgage payment calculated by Lloyds has increased from £1,100 to £1,157 over the past year.
First-time buyer affordability has also improved, with the typical property bought by someone entering the housing market now costing 5.9 times earnings, down from 6.1.
“There are some encouraging signs for people looking to buy a home,” said Andrew Asaam, mortgages director at Lloyds. “Wages have continued to rise while house prices have remained relatively stable, helping to narrow the gap between earnings and house prices.”