A recent study conducted by GoCompare has revealed Barnsley and Doncaster as the most affordable places to live in Yorkshire, and amongst the top 10 most affordable places to live in the United Kingdom – securing the 8th and 10th position on the list.
According to the study, the average house price in Barnsley stands at £157,889 and Doncaster at £161,265, requiring an annual salary of £31,414 and £32,086 respectively to make homeownership a reality in those areas.
Despite this, new research from the UK’s leading first time buyer property portal, Share to Buy, reveals that a staggering 77% of people believe they are unable to afford a property on the open market, and 76% of single individuals believe buying solo is simply unattainable. This highlights that the ongoing cost of living crisis is having a significant impact on the ability of many people to become homeowners on the open market – even in the UK’s most affordable locations, including Barnsley and Doncaster.
Nick Lieb, Chief Operations Officer at Share to Buy commented: “The research from GoCompare helps potential homeowners see what their budget can buy nationwide, and areas in Yorkshire, including Barnsley and Doncaster, offer a great chance to get on the property ladder. But for many in the UK, buying a home still remains out of reach. This highlights the urgent need for more affordable housing options, especially with the rising cost of living making traditional routes to homeownership less achievable.”
Unsurprisingly, London retains its status as the most expensive location to buy a house, with an average property price soaring to £674,698, whilst Barnsley and Doncaster offer a much more affordable alternative. The study reveals that prospective homeowners in the capital city need to earn a staggering £134,241 annually, 327% more than those choosing to settle in Barnsley and 319% more than those looking to get on the property ladder in Doncaster, to afford a similar property.
Despite England ranking as the most priciest place in the UK to purchase a home, with a semi-detached property averaging over £287,000, the study highlights various regions across England with a significantly lower price tag. The locations listed as the top 10 most affordable places to live in the UK each fall below the national average property price, these include: Burnley, Middlesbrough, Stoke on Trent, Blackpool, Sunderland, Hull, Blackburn, Barnsley, Mansfield and Doncaster.
Nick Lieb adds: “Over the past five years, house prices in Barnsley and Doncaster have increased by 32% and 34% respectively. As housing costs continue to escalate nationwide, alternative home ownership schemes such as Shared Ownership can help people onto the property ladder. By providing different options and offering support to those starting out on their home-buying journey, we can help more people turn their dreams into reality.”
Author: Victoria Winter
PR Specialist