The latest study by Zoopla has unveiled the top single-friendly property locations in the UK, highlighting a city where the average monthly mortgage payments are as low as £408. Sunderland emerges as the most budget-friendly city in England, with monthly payments accounting for 17% of the standard monthly wage.
The average price for a one or two-bedroom house in Sunderland stands at £106,700, aligning with a single person’s typical income of £28,600. Moving to London, Havering stands out as the most economical borough, where a one or two-bedroom property costs around £305,200 on average, equivalent to about 7.3 times the average earnings of £41,600 for a single buyer.
In Scotland, Aberdeen takes the spotlight as the most affordable city for single buyers, with average monthly mortgage payments amounting to £438, based on an average property value of £114,700. Swansea leads the affordability chart in Wales, with an average property priced at £149,000 and typical monthly mortgage payments set at £569.
According to Zoopla, purchasing a home as a single individual poses challenges mainly because lenders evaluate affordability based on a single income rather than dual incomes. The analysis focused on prices of smaller one or two-bedroom homes compared to average incomes of single earners, with single buyers constituting around 39% of first-time buyers.
Richard Donnell, Zoopla’s executive director, emphasized that with increasing incomes and lower mortgage rates, owning a home solo is becoming more achievable. He highlighted the importance of researching mortgage affordability tailored for singles, exploring alternative locations, and selecting the right property size. Donnell encouraged individuals to consider smaller homes where property prices have grown at a slower pace compared to larger family homes, emphasizing that buying as a singleton is a viable option.
