Recent findings have unveiled the most single-friendly property areas in the UK, with one city offering average monthly mortgage payments as low as £408.
According to a study by Zoopla, Sunderland emerges as the most budget-friendly city in England, where average monthly payments represent 17% of the typical monthly income.
The average cost of a one or two-bedroom property in Sunderland stands at £106,700, with the average income for a single person at £28,600.
In the London region, Zoopla identified Havering as the most affordable borough, with an average price of £305,200 for a one or two-bedroom home, equivalent to around 7.3 times the average earnings of £41,600 for a single buyer.
Aberdeen in Scotland was named the most cost-effective location for single buyers, with average monthly mortgage payments of £438 based on an average property value of £114,700.
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Swansea stands out as the most affordable location in Wales, with an average property price of £149,000 and typical monthly mortgage payments of £569.
Zoopla highlights the challenges faced by single individuals when purchasing a house, primarily due to lenders assessing affordability based on a single income rather than dual incomes.
The property platform analyzed prices of smaller homes with one or two bedrooms and compared them with the average incomes of single earners.
Furthermore, the analysis reveals that single buyers account for approximately 39% of first-time property purchases.
Richard Donnell, executive director at Zoopla, emphasized the increasing feasibility for singles to own homes, stating that rising incomes and lower mortgage rates are contributing factors.
Donnell added, “Owning a home solo is becoming more achievable, often by opting for smaller properties where price growth has been slower compared to larger family homes in recent years.”
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