Most Affordable Cities in the UK
Finding the most affordable cities is crucial because securing a budget-friendly home is a top priority for everyone today. Rising costs make us look for cities where our money goes further. Fortunately, new research reveals the most budget-friendly locations in the UK. A recent study by takepayments analyses various costs to find the best spots. They looked at property prices, transport, and even the price of a pint. This data helps us understand where we can live comfortably for less.
The Top Contenders for Affordability
The research identifies the North East as a hub for value. Middlesbrough takes the crown as the most affordable city in the UK. It scored an impressive 6.51 out of 10 for overall affordability. Furthermore, Sunderland and Newcastle follow closely behind. This creates a strong showing for the region.
Here is the list of the top 10 most affordable locations:
- Middlesbrough
- Sunderland
- Newcastle
- Lisburn
- Warrington
- Aberdeen
- Norwich
- Glasgow
- Wolverhampton
- Leicester
Understanding the North-South Divide
The findings highlight a clear gap between the North and the South. The top three cities are all in the North East. Consequently, this confirms that wealth distribution varies greatly across the country. Salaries might be lower in these areas. However, the low cost of essentials boosts their affordability score significantly. Your daily expenses are simply much less here.
Most Affordable Cities Versus Expensive Hubs
In contrast, some cities remain very expensive. Brighton is the least affordable city outside of London. It scored just 3.5 out of 10. Moreover, Bristol joins Brighton as one of the priciest places to live. These cities have high rents and costly bills. For example, monthly bus passes and electricity bills take a large chunk of income.
Property Prices Drive the Market
House prices play a huge role in these rankings. Brighton has the highest property prices outside the capital. The average home there costs £420,181. Similarly, Bristol sees high averages of £347,689. London naturally tops the list with an average of £516,710.
On the other hand, Aberdeen offers great value for buyers. It has the lowest property prices in the study at £134,368. This low entry cost helps Aberdeen rank fifth overall for affordability.
High Wages Do Not Guarantee Wealth
You might think a high salary solves everything. However, the data proves otherwise. London, Brighton, and Bristol boast some of the highest average salaries. Yet, the high cost of living eats up these extra earnings. You earn more, but you also spend much more.
Interestingly, Edinburgh has the highest average salary outside London at £47,892. Despite this, the Scottish capital ranks as the eighth most unaffordable city. Therefore, a big pay cheque does not always mean a comfortable life.
Changing Trends in the North
Not all northern cities remain cheap. Manchester and Leeds now appear in the top ten most unaffordable list. Essential expenses in these cities are rising fast. For instance, rent in Manchester averages £1,231.80 per month. Additionally, car insurance in Leeds is very pricey at £947 per year.
As industries move away from London, these hubs develop quickly. This growth pushes up prices for rent and property. Consequently, the “cheap North” label may not apply everywhere anymore.
Transport Wins in Northern Ireland
If you want cheap travel, look to Northern Ireland. Cities there rank very highly for transport affordability. Belfast offers the lowest petrol prices in the study. A tank of unleaded fuel costs around £132. Furthermore, Belfast, Lisburn, and Derry have the cheapest monthly bus passes. You pay just £47 per month for unlimited bus travel.
The Future of Affordability
In summary ,experts suggest that the landscape is shifting. Jodie Wilkinson from take payments notes that northern cities are catching up in cost. Business hubs outside London attract investment. As a result, we may see more areas become expensive over time.
However, there is a trade-off. Affordable places like Middlesbrough often have lower employment rates. The North East has an employment rate of 70.3%. This figure sits below the national average. In contrast, job growth is stronger in the South. London and the South East expect higher employment growth in the coming years.
Therefore, people face a choice. You can choose low costs or easier access to jobs. This balance will likely define the UK housing market for years to come.
