Bradford named most affordable place to buy a house in new study

Bradford has been named the most affordable place to buy a house in a new study by property loan experts Buzz Capital. Last month, researchers from Buzz Capital calculated the disparity between average property price and the average salary for 50 cities across England.

According to our data, Bradford has the smallest disparity between property cost and average yearly salary. On average, Bradford employees receive £31 700 per year from work. This is 22 per cent of the average property price, which is £143 960.

In the past year, the average cost of a UK property has increased by an enormous 10 per cent, according to The Office for National Statistics. With a cost of living crisis looming, many would-be first-time buyers are avoiding stepping onto the property ladder, preferring to rent their homes.

With renting costs across Britain at a record high, however, is renting really sustainable? With this research, we aim to inform potential buyers about the most affordable cities to purchase a home.

According to Buzz Capital data, Bradford has the smallest disparity between property cost and average yearly salary. On average, Bradford employees receive £31 700 per year from work. This is 22 per cent of the average property price, which is £143 960.

Westminster has the most significant disparity between property cost and average yearly salary. On average, employees in Westminster receive £60 100 a year from work. This equates to just 3.5 per cent of the average property price, which is £1 737 494.

Property prices in Westminster were the most expensive, with the average home costing a whopping £1 737 494. The cheapest homes in Westminster were flats which sold, on average, for £1 382 836. In Mayfair, the average property price was £5 521 083. Property prices in Carlisle were the cheapest, with the average home costing just £143 958.

Wages are highest in Westminster, with employees earning, on average, £60 100 per year. The average yearly wage is also high in London, Cambridge, Derby and Oxford. Wages are lowest in Hull with employees earning, on average, £27 900 per year. The average yearly wage is also low in Sunderland, Plymouth, Lichfield and Hereford.

A Buzz Capital property expert explains: “Steeped in rich heritage and crammed with culture, Bradford is often underappreciated by visitors to Yorkshire”, says Nicole France on behalf of Buzz Capital. “Bradford is the third largest city in Yorkshire and is popular with commuters, as it is situated between Manchester and Leeds. Both cities are easily accessible by car or train.

“Historically, Bradford is associated with the industrial revolution and rapid urbanisation. There is an abundance of green spaces to enjoy, however. The famed Ilkley Moor, which is a designated Site of Special Scientific Interest, is only a short drive away. The average yearly salary in Bradford is comparatively high 22 per cent of the average property price.”

By Mark Adair – Correspondent, Bdaily