It’s fair to say that many of us dream of one day being in the fortunate position of buying our own home. But with house deposits rising and a market that appears to only cater to the rich, it can sometimes feel near impossible – especially if you’re single.
With the news that it’ll take Londoners around 68 years to save for a deposit, finding someone else to buy with can seem like a very financially savvy idea. However, recent research shows that bunking up with someone just so you can call your home your own doesn’t have to be the only way. According to Zoopla, single buyers can get themselves on the market if they’re willing to buy outside of big cities.
By basing their research around the price of one-bedroom flats, they’ve found the most affordable areas for single buyers in England and Wales. And as it turns out, as a solo buyer, Newcastle-under-Lyme in Staffordshire, West Midlands, is the cheapest location. You’ll pay around 10% of your monthly wage toward your mortgage in this area – three times less than the average for England and Wales.
By comparison, Cambridge (a popular commuter city) isn’t the ideal option outside of London for single buyers. Not only is it the most expensive location outside of the Big Smoke for solo buyers, but you’ll need to set aside more than one third of your wage for monthly mortgage payments.
Close by Hertsmere in Hertfordshire isn’t too affordable either with monthly mortgage payments in at over a third of the average wage, along with Brighton (another popular commuter town) and Hove.
However, the delightful seaside location of North Tyneside ranked as the second most affordable. As a single buyer you’ll need to be willing to give up a reasonable 10.92% of your monthly wage on a mortgage, followed by Bradford (11.79%), Kirklees (12.34%) and Blackpool (12.48%).
But, overall as a solo buyer you’re best hedging your bets on the northeast of England as it’s the most affordable region.
But if London is still on radar, then it is possible. Single buyers will need to shell out 29% of their monthly wage on mortgage repayments in Bexley, followed by Havering (29.5%) and Redbridge (30.7%) in the northeast of the capital.
The top 10 cheapest local authority areas for single buyers:
2. North Tyneside
6. East Riding of Yorkshire
The top 10 most expensive local authority areas (outside of London) for single buyers:
3. Brighton and Hove
4. Bath and North East Somerset
6. Epsom and Ewell
8. Epping Forest
10. Windsor and Maidenhead
Maybe it’s time to wave goodbye to London, and say hello to the somewhere smaller?
Images: Unsplash / Instagram