BLOG: Lancashire Towns Named Amongst Most Affordable in the UK for Home Purchases
A number of areas in Lancashire and Cumbria have been named amongst the most affordable places in the UK to buy a home. Barrow-in-Furness, Pendle and Burnley have all been listed in new data that compares the cost of property prices in an area with the average full time wage.
The rankings, based on the latest housing affordability data from the Office for National Statistics, suggests that the average full time worker in England and Wales could expect to pay around 7.8 times their annual salary. Workers in Barrow-in-Furness, Pendle and Burnley would all need to spend less than four times their annual salary to buy locally.
Copeland in Cumbria was revealed as the most affordable place to buy a house UK-wide, with the average house prices just 2.5 times the average annual salary.
The analysis found that the multiplier of salary needed to buy a home came in at 6.8 for the Ribble Valley, 5.16 for Preston, 5.74 for Lancaster and 4.96 for Blackburn with Darwen.
All of this information goes to show that buying a property in Lancashire can often prove a great bet, whether for residential or investment purposes.
Regardless of the price of a house or it’s ‘affordability’, it is always sensible to invest in a condition survey report. In fact, one of the reasons a property may seem more ‘affordable’ than others in an area is due to condition. Although buying a house to ‘do up’ may appear to be a good option, it is always important to be fully aware what you’re letting yourself in for. A RICS Homebuyer Report or Building Survey Report can help to highlight any defects present in a property that require attention. Understanding the extent of any issues with the property and having an idea of the cost of works to rectify them puts you in position of knowledge, so you can either chose to move forward with the property purchase and budget effectively, or else decide to look for an alternative property.
To find out more about our range of residential survey reports, please contact us.
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