Revealed: The best deals for single home-buyers
PARTS OF Yorkshire have been identified as the most affordable area in England and Wales for single people to get on the property ladder.
Zoopla made the findings after comparing the costs of one-bedroom flats in local authority areas with local average wages. Sunderland was the cheapest area with average mortgage payments equating to 9.1 per cent of a typical local pre-tax wage.
But Wakefield (11.5 per cent), Kirklees (11.9 per cent), the East Riding of Yorkshire (12.1 per cent), Bradford (12.7 per cent) and Hull (13 per cent) featured in the top 10.
The research also found that, outside London, Hertsmere in Hertfordshire is the least affordable location for single people to buy a property.
Within London, Kensington and Chelsea was found to be the most expensive borough, where the mortgage payments needed could equate to 77.7 per cent of a typical monthly local pre-tax wage.
Bexley was found to be the most affordable London borough, with mortgage payments on homes equating to about 27.76 per cent of monthly wages.
The research, which coincides with Valentine’s Day, made several assumptions, including that someone would have a 15 per cent deposit to put down and that they would be paying off a mortgage over 25 years.
It found that mortgage repayments in Sunderland could potentially equate to 9.2 per cent of someone’s monthly wage, compared with 35.1 per cent in Hertsmere. While Zoopla’s calculations about buyers’ potential mortgage payments are theoretical, in reality, lenders must carry out strong checks to make sure people’s mortgages are affordable and that they are not borrowing more than they will comfortably be able to pay back.
Annabel Dixon a spokeswoman for Zoopla, said: “The most affordable area for single buyers is northern England, while those in southern England are forced to sacrifice a much larger portion of their monthly wage.”