North/south divide grows as North West crowned cheapest region to live in
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The North West has officially been crowned as the cheapest region to live in, our research has found.
We conducted a nationwide study of UK wages and house price data to find out housing affordability across the UK, and found that Burnley in Lancashire is the cheapest place to live, with the average house costing £120,719 – 4.38 times the average annual salary of £27,565.20 (or £530 a month).
Surprising no one, The Royal Borough of Kensington and Chelsea in London was the most expensive, with average house prices of £1,345,813. But what may surprise you is that the median weekly salary for the area is just £703.70, meaning wages aren’t keeping up with house prices at all.
Our interactive map shows average house prices vs wages in all regions of the UK.
Our view: Our research lays bare the widening gap between the UK’s most and least affordable housing markets.
If you look at the map, you’ll notice that a considerable amount of it is orange, indicating earnings of around £600 per week or less. It’s a reminder that a lot of the UK’s wealth is concentrated in small areas, and much of the UK is still living on below average wages.
First-time buyers should look to maximise their usage of the £4,000 a year allowance for the Lifetime ISA to save for a home. For those who have reached that limit, already own a home, or are in an area where the house will exceed the £450,000 limit, a stocks & shares ISA can be hugely beneficial.
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