An East Lancashire town has been named the cheapest place to buy a house – but what salary do you need in order to get one?
According to data collected by Go.Compare, Burnley is the cheapest area to buy a house and prospective buyers don’t need to earn a fortune to get on the property ladder.
A spokesperson for Padiham estate agent Fardella and Bell, which markets properties in Burnley, said she is unsurprised by the new data adding that the team can “attest to the growing appeal of Burnley”.
Go.Compare Home Insurance’s salary checker tool allows buyers to see what they need to earn to buy a property in their area, assuming that monthly mortgage repayments would make up one-third of a take-home income. Locals can also check the average house prices across various property types.
House prices were taken from government house price data from January 2024. Monthly repayments were calculated based on the 90 per cent mortgage with a 5.5 per cent interest rate over 25 years.
The insurance comparison site also reports that Burnley is the cheapest area to buy a house.
Prospective buyers looking to purchase a home here need a salary of just £23,244 to buy a house, which has an impressively low average price tag of £116,824.
Blackburn with Darwen is also among the cheapest areas to buy a house. Prospective buyers looking to purchase a home here need a salary of £30,422 to buy a house, which has an average price tag of £152,903.
Fardella and Bell Estate Agents director, Aimee Bell, said Burnley boasts affordable homes and says there is a strong sense of community in the town.
She said: “As an estate agent based locally and actively involved in selling houses in Burnley, I can attest to the growing appeal of this area.
"We have a strong sense of community, affordable homes, strategic location, more employment opportunities than ever before, the countryside on our doorstep and Burnley has undergone significant regeneration which has really revitalised the town.
“While property markets can fluctuate, Burnley's housing market has historically demonstrated stability, providing buyers with confidence in their investment decisions. This stability, coupled with affordability, makes Burnley an appealing choice for those looking to secure their future through property ownership.”
Nathan Blackler, home insurance expert at Go.Compare, said: “It’s always interesting to see the disparity in house prices across the UK, and our tool makes it simple for residents to see how these prices relate to their income.
“Potential buyers can use this information to discover how affordable houses are in their area – those not tied to their location might even find that moving postcodes could lead to significant long-term savings.
“But for those that aren’t able to simply switch cities to buy a property, remember that you can still find a varied range of housing in the same area, so consider looking into which locations are the most affordable in your region.
"For first-time buyers, remember to research what schemes are available to you too, such as shared ownership homes and the government’s First Homes scheme.”
For more information on the research and to check the salary needed to buy a house across the UK, visit Go.Compare.
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