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Fifth Money Laundering Directive update

23 December 2019

The Statutory Instrument implementing the new anti-money laundering rules was laid in Parliament on Friday 20 December 2019. This confirms that the Fifth Money Laundering Directive will come into force in the UK on 10 January 2020. Read More...

Prime Minister pledges new action to eliminate homelessness and rough sleeping

23 December 2019

More than £260 million has been committed by the Prime Minister for local authorities to support people who are homeless or at risk of losing their homes. Read More...

Propertymark's predictions for 2020

23 December 2019

With so many political upheavals, it’s been a challenging year for landlords and homeowners, and we hope the New Year can bring some much-needed certainty. Propertymark asked its members to share their predictions for the buying and selling market, looking ahead to 2020. Read More...

An interesting year for the housing market – 2019 trends

04 December 2019

Propertymark has analysed its sales and lettings data to reveal trends from the year. Supply has dropped considerably over the past decade while demand has increased, but year-on-year has remained relatively stable in the face of Brexit uncertainty. Read More...

The Cloud

04 December 2019

You will often hear technology companies refer to ‘the cloud’, whether it be cloud computing, cloud storage or even cloud software, but what does the cloud really mean? Ross Jezzard ARLA Propertymark Board Member, takes a look. Read More...

Most affordable homes in England and Wales

Wednesday 22 May 2019

As an auctioneer, the price of properties across England and Wales may be of interest to you, if so the latest data from the Office of National Statistics has revealed where the most affordable places are to buy a home.

The data shows that across England and Wales the affordability ratio has shown little change year on year with the average property costing 7.8 times the available wage in 2008. However, while housing affordability remains a big issue, the diversity of the UK property market means that there are a whole host of areas where the gap is much smaller.

Copeland is currently the best place in England and Wales to get a foot on the ladder and, with an affordability ratio of 2.5, it is just over three times cheaper than the national average and over 17 times more affordable than the worst area Kensington and Chelsea.

Barrow-in-Furness, Blaenau Gwent, Neath Port Talbot, Pendle, Merthyr Tydfil and Burnley area are also home to an affordability ratio where house prices are less than four times the average wage. Knowsley, Derby and Hyndburn complete the top ten more affordable areas in the UK where getting a foot on the ladder is concerned.

Shepherd Ncube, Founder and CEO of Springbok Properties commented: “Housing affordability is a very hot topic and the consistent escalation of house prices coupled with the slower rate of wage growth, means that, for many, the aspirations of owning their own home continues to move further out of reach. However, our property market is a diverse one and amongst the many layers that form it there are 140 pockets of affordability offering a below-average house price/wage ratio.

“Of course, wider economic factors such as job availability have a part to play but this aside, these areas offer hope to those wishing to shed the shackles of the rental sector. By doing your homework, you can uncover hidden gems of property affordability dotted all over England and Wales.”

Most affordable areas to buy in England and Wales:

Area 

House price/ affordability ratio

Copeland

2.5

Barrow-in-Furness

3.53

Blaenau Gwent

3.59

Neath Port Talbot

3.6

Pendle

3.65

Merthyr Tydfil

3.78

Burnley

3.99

Knowsley

4.11

Derby

4.26

Hyndburn

4.35

England and Wales

7.8