Zoopla reveals the most affordable area for buyers in Greater Manchester

Zoopla has revealed the most affordable area to buy a property in Greater Manchester.

To calculate its findings, the company analysed house price-to-earnings ratios based on a two-earner household on the average salary for the local area.

In Greater Manchester, Coldhurst in Oldham came first as the most affordable area in the region, with house prices averaging around £104,416.

The area also had a price to earnings ratio of 2.01.

Last year, the threshold for stamp duty in England was raised to £500,000, with equivalent taxes in Wales and Scotland raised to a threshold of £250,000.

The stamp duty holiday has now been extended until the end of June.

The top five most affordable towns in Britain are all clustered around Scotland and the North West.

House prices average around £104,416 in Coldhurst
House prices average around £104,416 in Coldhurst

The quaint town of Shildon in County Durham takes the crown yet again, with an average house price of £59,468 and price to earnings ratio of 1.1.

Ferryhill, also in County Durham, ranks in seventh place with a median house price of £72,264 and price to earnings ratio of 1.35, with lower house prices and the dominance of terraced housing driving affordability.

In Scotland, towns in historic Ayrshire dominate with Kilbirnie and Cumnock ranking in third and fourth place respectively, and Stevenston, Irvine and Girvan all featuring in the top ten. Scotland’s affordability is linked to two key factors; strong earnings locally and more reasonably priced property, with average house prices in all of these towns below £65,000.

Izabella Lubowiecka, researcher at Zoopla, said: “The North West and Scotland dominate the most affordable areas list once again this year, with relatively modest pricing and stronger earnings in some areas making a home move more accessible for many.

“The data also shows that for home-movers on average salaries, mortgages are also more affordable, especially if homeowners have built up some equity in their current property.

“These levels of affordability in some localities will be welcome news for homeowners looking to move into a larger home especially as the current lockdown restrictions start to ease.”

Manchester Evening News – Oldham