In a recent study by Zoopla, the UK’s top locations for single-friendly property purchases have been unveiled. Among them is a city where the average monthly mortgage costs are as low as £408.
The research highlights Sunderland as the most budget-friendly city in England, with monthly payments making up 17% of the average monthly salary. A one or two-bedroom property in Sunderland typically costs £106,700, while the average income for a single person is £28,600.
Moving to London, Zoopla pinpointed Havering as the most affordable borough, with the average price for a one or two-bedroom home at £305,200 – around 7.3 times the average earnings of £41,600 for a single buyer.
In Scotland, Aberdeen emerged as the most cost-effective city for single buyers, with average monthly mortgage payments totaling £438, based on an average property value of £114,700.
Swansea takes the lead in Wales as the most affordable location, where an average property is priced at £149,000, with typical monthly mortgage payments amounting to £569.
Zoopla explains that purchasing a property as a single individual is challenging due to lenders assessing affordability based on a single income rather than dual incomes. The study focused on prices of smaller homes with one or two bedrooms and compared them with the average incomes of single earners.
Approximately 39% of first-time property purchases are made by single buyers, as per Zoopla’s data analysis.
Richard Donnell, executive director at Zoopla, emphasized that owning a home solo is becoming more feasible due to rising incomes and lower mortgage rates. He advised prospective buyers to explore mortgage affordability options tailored for singles, consider different locations, and choose a property size that fits their budget.
Donnell added, “Buying as a singleton is indeed a viable choice in today’s market.”