Aberdeen Named UK's Most Affordable City for Single Homebuyers
For the second consecutive year, Aberdeen has been crowned the UK's most affordable city for single individuals looking to purchase a home. According to new data from Zoopla, the median value for one and two-bedroom properties in this Scottish city, often described as 'lovely' and friendly by residents, stands at £114,700.
Financial Breakdown for Solo Buyers
For a single earner in Aberdeen, the average income required to sustain mortgage payments on such a property is £33,100. This results in a house value-to-earnings ratio of 3.5, which is considered reasonable in the current market. After factoring in a 20% deposit of £22,900, monthly mortgage repayments would amount to approximately £438.
Richard Donnell, executive director at Zoopla, commented on the findings, stating, 'Buying a home can feel out of reach for many singles who rely on one income. However, rising incomes and lower mortgage rates are making solo homeownership increasingly feasible, especially for smaller properties where prices have risen more slowly.'
Top Affordable Cities Across the UK
Aberdeen isn't the only budget-friendly option for single buyers. Sunderland ranks second, with median property prices at £106,700 and an average single income of £28,600, yielding a ratio of 3.7. Hull follows in third place, offering properties at £115,300 against a local take-home pay of £27,900. Notably, Hull was recently named one of the world's top travel destinations, adding to its appeal.
Other regions also feature affordable cities for solo purchasers:
- Liverpool, North West: £137,100 median value, £31,600 average income
- Stoke-on-Trent, West Midlands: £134,400 median value, £29,700 average income
- Swansea, Wales: £149,000 median value, £32,800 average income
- Derby, East Midlands: £169,100 median value, £31,200 average income
- Peterborough, East of England: £183,200 median value, £30,500 average income
- Plymouth, South West: £184,000 median value, £29,600 average income
- Milton Keynes, South East: £230,400 median value, £36,900 average income
Challenges in London and Strategic Advice
In contrast, London remains prohibitively expensive for single buyers. Even in the most affordable borough, Havering, the average property value is £305,200, requiring a deposit of £61,000 and monthly mortgage payments of £1,166. The city does not appear in Zoopla's top 10 list for affordable solo homeownership.
Kesha Foss-Smith, regional director at John D Wood & Co, noted that single buyers are becoming more strategic. 'Stabilising house prices and improved mortgage rates have renewed confidence in the market, particularly for one and two-bed homes. With more choice and negotiable sellers, this is a favourable window for single buyers,' she explained.
Experts recommend that single individuals research mortgage affordability and explore products tailored to solo purchasers, though these are less common. Additionally, considering alternative locations can provide better value for money.
Conclusion
While the 'singles tax'—referring to higher living costs for individuals—remains a challenge, opportunities exist for those willing to look beyond traditional hotspots. Aberdeen leads the way as the most affordable city, offering a viable path to homeownership for single earners across the UK.
