The latest study by Zoopla has uncovered the most affordable cities in the UK for single homebuyers, with one city boasting an average monthly mortgage payment as low as £408. Sunderland emerged as the most budget-friendly city in England, where the average monthly payments represent 17% of the typical monthly salary, with one or two-bedroom homes priced at an average of £106,700 and the average income for a single person at £28,600.
In the London region, Havering stood out as the most economical borough according to Zoopla, with one or two-bedroom homes averaging £305,200, approximately 7.3 times the average earnings of £41,600 for a single buyer. Moving to Scotland, Aberdeen was highlighted as the most cost-effective city for single buyers, with average monthly mortgage payments around £438, based on an average property value of £114,700.
In Wales, Swansea emerged as the most affordable location, with an average property price of £149,000 and typical monthly mortgage payments of £569. Zoopla pointed out that purchasing a house as a single individual is often more challenging due to lenders assessing affordability based on a single income rather than dual incomes. The study focused on smaller homes with one or two bedrooms, comparing prices with average incomes for single earners, and noted that single buyers account for 39% of first-time purchases.
Richard Donnell, executive director at Zoopla, emphasized the increasing feasibility of owning a home solo, thanks to rising incomes and lower mortgage rates. He advised potential buyers to research mortgage affordability and products tailored for singles, explore alternative locations, and carefully select the right area for their needs, stressing that buying as a singleton is a viable option.