Using 2021 average salary and house price data for cities, it can reveal that Durham is the only place that is affordable for a single person with an average salary for that city and a mortgage of 3.5 times salary in Durham.
House prices in Durham could rise by 8% and still be affordable for someone on an average wage with a 20% deposit.
Neighbouring cities closely followed Durham at the top of the ‘most affordability’ rankings. Sunderland was ranked the 3rd most affordable city, where house prices would need to drop by just 6% to become affordable. Carlisle house prices would need to reduce by 13% to become more affordable.
Newcastle was further down the rankings list. For a single buyer on an average salary, would need to see this city’s house prices decrease 22% for it to buy affordable to buy!
Open Property Group Managing Director, Jason Harris-Cohen said: “In my opinion, Brexit is no longer going to affect the property market. At present, there are fewer properties available as a proportion of people are isolating and waiting until lockdown ends.
Our research also shows that the Stamp duty holiday increased property prices and demand, The number of mortgage approvals for house purchases in the UK increased to 105,000 in November 2020, the highest level since August 2007 and well above market expectations of 82,500.”