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Sam covers personal finance topics, from the best savings rates to the reasons mortgage lenders say no. He enjoys crunching the numbers to help consumers get ahead.
Struggling to find a home within your budget? Where you choose to buy could make all the difference.
Property website Zoopla has crunched the numbers to find the areas with the highest proportion of family homes within reach of a typical household.
Here, Which? highlights where your money could go furthest, examines the best cities for first-time buyers and explains how changing mortgage rates could affect your buying budget.
To identify the most affordable areas, Zoopla analysed the proportion of two and three-bedroom houses priced below £301,000.
The property portal's research assumes buyers have a combined household income of £53,000, a mortgage worth 4.5 times their income and a 20% deposit. The analysis excludes flats, shared ownership properties and homes sold at auction.
In Scotland, four towns had all of the two and three-bedroom properties listed at an affordable price: Keith, Alloa, Kilwinning and Arbroath.
The town with the highest proportion of affordable properties outside of Scotland was Bootle, in the North West. Just 2% were above the £301,000 threshold.
Wales' most affordable town is Treorchy, according to the research. It found that four of Wales's five hotspots are in the South Wales Valleys, including Treorchy, Pentre, Mountain Ash and Porth.
For buyers searching for affordable properties in the South East, East Cowes, on the Isle of Wight, has the highest proportion of homes below the threshold, at 77%.
The three towns with the highest proportion of affordable homes in each region:
| Area | 1st | 2nd | 3rd |
|---|---|---|---|
| North East | Billingham: 94% | Spennymoor: 93% | Hebburn: 93% |
| North West | Bootle: 98% | Whitehaven: 97% | Accrington: 94% |
| Yorkshire and the Humber | Immingham: 95% | Withernsea: 94% | Hull: 93% |
| East Midlands | Sutton-in-Ashfield: 92% | Worksop: 90% | Corby: 89% |
| West Midlands | Brierley Hill: 92% | Wednesbury: 88% | West Bromwich: 85% |
| East of England | Leiston: 87% | Brandon: 86% | Lowestoft: 85% |
| South East | East Cowes: 77% | Sandown: 76% | Totland Bay: 73% |
| South West | Par: 83% | Liskeard: 79% | Ilfeacombe: 76% |
| Wales | Treorchy: 97% | Newtown: 97% | Pentre: 96% |
| Scotland | Keith: 100% | Alloa: 100% | Kilwinning: 100% |
Source: Zoopla. Top three towns with the highest proportion of affordable two and three-bedroom homes in each region.
At a regional level, the North East has the highest proportion of affordable homes. Scotland is not far behind. It has the second highest percentage, with four in five homes considered affordable under Zoopla's criteria.
It's no surprise that London is the least affordable area in the analysis. Less than 100 homes are priced below £301,000 in the capital, and the average asking price is £542,500, according to Zoopla's house price index.
The South East also has a very low proportion of affordable homes for the typical couple, with just one in four below the £301,000 threshold.
| North East | 4,300 | 83% | £155,000 |
| Scotland | 3,300 | 80% | £207,500 |
| Yorkshire and The Humber | 10,400 | 76% | £210,000 |
| East Midlands | 12,600 | 74% | £227,500 |
| Wales | 7,400 | 72% | £219,500 |
| North West | 10,300 | 71% | £217,500 |
| West Midlands | 9,800 | 64% | £245,000 |
| South West | 10,500 | 47% | £290,000 |
| East of England | 8,500 | 39% | £317,500 |
| South East | 7,100 | 23% | £375,000 |
| London | <100 | 0.50% | £542,500 |
| Great Britain | 84,300 | 51% | £293,200 |
Source Zoopla. Number of affordable houses rounded to nearest 100.
While Zoopla has investigated the most affordable towns and regions, Tembo, the online mortgage broker, has researched the best cities for first-time buyers.
Tembo's index considers several factors when ranking cities. As part of this research, it has analysed affordability. For example, London, Brighton and Bristol are some of the least affordable cities. At the other end of the scale are Glasgow, Stoke-on-Trent and Hull.
The latter two cities require loans of less than three times income for the typical first-time buyer. For comparison, the average property in Brighton requires a loan of 6.83 times income and almost nine times income in London.
This makes these cities unaffordable for many first-time buyers unless they have a large deposit. First-time buyers can typically borrow between 4.5 and 5.5 times their income depending on the lender, the borrower's credit score and income.
Tembo's analysis also looks at other factors when determining the best cities for first-time buyers, including the deposit required, how long it takes to buy and whether you are better off financially renting or buying.
In its latest analysis, it found that Glasgow, with average house prices of £174,000, is the best city for first-time buyers.
| Rank | City |
|---|---|
| 1 | Glasgow |
| 2 | Belfast |
| 3 | Liverpool |
| 4 | Newcastle upon Tyne |
| 5 | Stoke-on-Trent |
Source: Tembo first-time buyer index Q3
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House prices aren't the only factor in the affordability equation. If mortgage rates rise, this also affects what you can afford.
It's been a tough year for borrowers, with rates typically rising by roughly a whole percentage point since the start of the year.
Rates shot up again in September in response to further conflict in the Middle East. In October, some lenders have made small cuts to their mortgage rates, while others have increased theirs.
One reason mortgage rates change is movements in swap rates. Swap rates are a key benchmark lenders use to price fixed-rate mortgages. When swap rates rise, lenders typically increase mortgage rates, while falling swap rates can lead to cheaper deals.
However, this isn't the only factor. Lenders may also increase rates if they've reached a target for the number of mortgages they want to offer at a particular price.
Reach out to our money experts to discover smarter ways to spend, save and manage your money. Our regular guidance will help the penny drop all year for only £36.75 that’s 25% off.
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Here at Which? we've got the information you need to help your move go smoothly. Whether you're about to start viewing properties or are trying to work out the cost of a mortgage deal, we’re here to help.
For those looking for a mortgage, we've found the best mortgage lenders and reviewed 21 providers. We also spotlight the top mortgage rates, which are updated daily.
To ensure nothing gets missed before upping sticks, we also have a moving house checklist.
