Aberdeen has emerged as the most affordable city in Britain for single home buyers, with monthly mortgage payments requiring just 16% of the average local salary. According to an analysis of national property statistics, the average cost for a one- or two-bedroom property is just shy of £120,000.
A new analysis by Zoopla reveals that single buyers in Aberdeen need only £510 per month for mortgage payments on a one or two-bedroom home, based on an average property value of £119,350. This affordability is supported by the city’s strong average monthly salary of £3,280.
Liverpool ranks as England’s most affordable city, where buyers face monthly mortgage payments of £540 for properties averaging £130,800.
However, recent market data shows some fluctuation in Aberdeen’s property landscape.
John MacRae, chair of Aberdeen Solicitors’ Property Centre (ASPC), said:
“Thankfully, the picture is far from bleak. Our local housing market was busier… people are selling, people are buying, and mostly at reasonable prices, viewed from each side of the transaction.”
The average property price in the UK increased by 0.7% in January, reaching a new high of £299,138 after experiencing a 0.2% decline in December, according to Halifax, one of the leading mortgage providers in the country.
This rise followed a surge of first-time buyers eager to finalise purchases ahead of an upcoming stamp duty hike set for this spring.
Nationwide building society noted a “modest improvement” in housing affordability throughout Great Britain in 2024, as wage increases outpaced the growth in house prices, and mortgage rates slightly decreased.
Nevertheless, first-time buyers generally still pay around five times their income for a property.
While Aberdeen stands out as the most affordable option, Zoopla’s findings indicate that Edinburgh remains the most expensive city in Scotland. However, affordability in the city has improved over the past 12 months, attributed to a slowdown in house price increases and rising wages.
