The Ayrshire town labelled UK ‘s joint most affordable by Zoopla

Cumnock, a town in East Ayrshire, has been named as one of the UK’s joint most affordable places to live, according to the property website Zoopla. In a recent analysis, Zoopla examined house value-to-earnings ratios, focusing on a two-earner household with an average salary for the local area. The study revealed that in Cumnock and Shildon in County Durham, the average house price is 1.1 times the typical household earnings. This contrasted with other regions where dual-salary households were facing almost four times their income to purchase a property. Additionally, single individuals were looking at 7.6 times their annual income to buy a home in Britain. Even in the London area, the most affordable location, Croydon, still exceeded the national average affordability ratio for a two-earner household, with homes costing around 4.7 times local incomes.

According to Izabella Lubowiecka, a senior property researcher at Zoopla, London remained the least affordable area for home-buyers with many opting to look at more affordable towns in the South East and East of England. NAEA Propertymark president, Toby Leek, pointed out that affordability was a significant concern for many potential home-owners. The release of this report coincided with a study commissioned by Santander UK, which found that nearly three-quarters of potential first-time buyers would consider moving to New Towns due to affordability issues. Affordability was cited as a major obstacle by 47% of prospective first-time buyers, with concerns about housing quality also being noted.

Zoopla identified the most affordable locations in different regions across the UK based on a two-income household. Some of the places included: Gainsborough in the East Midlands, Wisbech in the East of England, Dover in the South East, Plymouth in the South West, Ferndale in Wales, Stoke-On-Trent in the West Midlands, Hull in Yorkshire and the Humber, Croydon in London, Shildon in the North East, Workington in the North West, and Cumnock in Scotland.

The study and the subsequent survey shed light on the challenges faced by potential home-buyers in the current housing market, prompting discussions on affordability, housing options, and the factors influencing people’s decisions on where to settle.

In summary, the analysis by Zoopla has highlighted the disparities in housing affordability across the UK, with Cumnock being recognised as one of the most affordable towns to live in. The findings underscore the ongoing challenges faced by individuals and families in accessing suitable and affordable housing, sparking conversations about potential solutions and considerations for prospective home-buyers.