Scotland's 'most affordable' town named where homes cost just £80,000

Scotland's "most affordable" town has been revealed in a new study.

Deciding where to live is a major decision that depends on a number of factors, from amenities to job opportunities. For many, affordability is the most important consideration when choosing a location to buy property.

Research conducted by property site Zoopla has named the most affordable locations in each nation and region across the UK. The experts analysed house value-to-earnings ratios, based on a two-earner household on an average salary for the local area.

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Coming in as the cheapest destination for property in Scotland is Cumnock in East Ayrshire, where home-buyers are expected to pay around 1.1 times their annual earnings. According to Zoopla, the average house value in Cumnock is £80,300, while the estimated annual household income was found to be £75,800.

Home to a population of around 9,000 people, Cumnock is situated around one hour out of Glasgow by car. The Victorian town is known for its industrial heritage, while it is home to a variety of amenities such as shops and restaurants.

Other UK destinations named amongst the most affordable for property include Ferndale in Wales, Shildon in the North East, and Gainsborough in the East Midlands. The most affordable location in the London area, Croydon, was still above the national average affordability ratio for a two-earner household.

The study found that, on average, home-buyers in the UK in a dual-salary household face paying nearly four times their income to purchase a property. Meanwhile, someone who is single faces paying 7.6 times their annual income on average to buy a home.

Senior property researcher at Zoopla Izabella Lubowiecka commented: "London remains the least affordable area for home-buyers. Those in London looking to get more for their money may want to consider buying in one of the South East and East of England’s commuter belt, where there are many towns that are more affordable than London.

"The same is true in markets around many regional cities and we see buyers seeking value for money."

NAEA (National Association of Estate Agents) Propertymark president Toby Leek added: "Affordability for many is a real issue and, as purse strings remain tightened despite easing factors such as slight drops in inflation, prospective and current home-owners will be looking to enter the market with caution, but also, in some cases, further flexibility in where they nest themselves.

"As many people no longer have the restriction of basing themselves from a static office full-time, they are able to look elsewhere to actually step on to the housing ladder for the first time or find their next, more affordable dream home."

Most affordable locations in UK for property

• East Midlands, Gainsborough

• East of England, Wisbech

• South East, Dover

• South West, Plymouth

• Wales, Ferndale

• West Midlands, Stoke-On-Trent

• Yorkshire and the Humber, Hull

• London, Croydon

• North East, Shildon

• North West, Workington

• Scotland, Cumnock

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