Where you only need to earn £4 an hour to buy a home

Many people can't even think about owning their own home until they're well into their 30s

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Credits: VisitBritain RM

It's well-known that Britain is in the grip of a housing crisis as fewer and fewer people can afford to get onto the property ladder.

With soaring prices and salaries frozen, many people can't even dream of owning their own home until they're well into their 30s, if ever at all.

See also: Cornish home with stunning harbour views on sale for just £55,000

See also: House prices slashed in commuter towns - can you cash in?

But there is one place in the UK where would-be homeowners only need to earn £4 a hour to buy a house.

Yep, you read that correctly, just £4 an hour to step onto the property ladder.

Not only that, the area is absolutely stunning. Step forward The Valleys in Wales, reports Wales Online.


Credits: Western Mail

Ferndale is one of the areas where you need to earn just £4 a hour to buy a house

How much do you need to earn to be able to buy in your postcode? Take this test to find out

The average cost of houses in each of Britain's 2,650 postcodes has been analysed.

This, coupled with how much the repayments will be based on having a 20% deposit and taking a 25-year term with a 2.63% interest rate, reveals the cheapest place to buy a house.

It's based on a single person working a 37.5-hour week and mortgage repayments being 35% of the income.

Independent Ferndale councillor, which is in The Valleys, Phil Howe said: "I can't believe that Ferndale is now the most affordable area to buy a house. A person only needs to earn £4.03 per hour. What does this say about poverty levels?"

Credits: Moment Open

Terrace houses in the Rhondda Valley are the most affordable in the country

Credits: E+

It's the cheapest place to buy a house

Coun Howe, who is also a landlord, said: "At the moment, we have a lot of houses for sale in the Ferndale area, many more than I can ever remember as it was a much sought after area to live. A factor I think we need to look at is employment.

"Too many people not just in Ferndale, but many places, are on zero hour contracts and minimum wage. You can't buy a house on zero-hour contract, thus putting property out of reach of local residents."

He blames high unemployment levels and the large number of rental properties.

The most expensive areas were dominated by areas in the South East of England, topped by Virginia Water in Surrey, where the survey said a person would have to earn £84.84 per hour to be able to buy a property.

UK property hotspots 2017 (according to Zoopla)

UK property hotspots 2017 (according to Zoopla)


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