Using 2021 average house price data, combined with average salary data for UK cities, Sunderland has taken the 3rd spot for being one of the most affordable cities to buy a house in.
The Affordability Index is calculated on how affordable a city is to buy a house in, based on is a single person with an average salary for that city and a mortgage. If you were looking at becoming a homeowner in Sunderland, you would need house prices to drop by an average of 6% for them to become affordable.
In the neighbouring city of Durham, house prices rise by 8% and still be affordable for someone on an average wage with a 20% deposit.
Newcastle was further down the rankings list. A single buyer on an average salary would need to see this city’s house prices decrease 22% for it to buy affordable to buy!
Openpropertygroup.com Managing Director, Jason Harris-Cohen said: “Our research also shows that the Stamp duty holiday increased property prices and demand, The number of mortgage approvals for house purchases in the UK increased to 105,000 in November 2020, the highest level since August 2007 and well above market expectations of 82,500.”
You can now view the full 2021 Affordability House Price Index by clicking here!