The most affordable place to live in Britain

Updated
Durham stock
Durham stock



Young professionals have a tricky decision to make when they're deciding where to live. On the one hand, they want to be somewhere with plenty of job opportunities and a wild social life. On the other hand, they'd like to live somewhere where they don't have to hand over most of their salary in rent - with no real chance of ever getting on the housing ladder. It's no wonder that so many of them stay at home for years pondering their future.

Fortunately, they don't need to ponder any longer, because Estate Agents Knight Frank have crunched the numbers, and young professionals need to pack their bags and move to Durham.

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Property Price Gap at Record Level
Property Price Gap at Record Level



The research
They looked at average the salaries earned by people aged between 22 and 39 in 22 cities around the country. Then they looked at the average price of a property that would suit this particular group. They came up with a ratio of salary: house price, and Durham took the title as the most affordable city in the country.

Given that the average graduate starting salary is just over £20,000, Durham offers great value. For five times that starting salary a one bedroom flat is within reach, and if you waited a few years for a pay rise or a partner, you could stretch to £200,000, which would easily buy a smart two-bedroom flat in the heart of the city, or a less beautiful three bedroom house with a slightly longer walk.

Compare that to London, where the average starter home costs £200,000 or more, and where you'd either need to earn double the average salary - or borrow ten times salary to move in.

There is a down side: property hasn't recovered since the crash, and while it provides a buying opportunity, there will be those who would be concerned that prices are still slipping.
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Where else?
If Durham doesn't grab you, then the next most affordable place in the country is Nottingham, followed by Liverpool. Grainne Gilmore, head of UK residential at Knight Frank said that overall the north provided more affordability across the board, because even though salaries were more modest, property was also strikingly cheaper.

If you are still determined to work in or around London, the most affordable in the south of the country - and arguably just-about commutable from London - was Hastings, followed by Canterbury.

In Scotland, meanwhile, average salaries were higher than most English cities, which made Glasgow an affordable option.

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