Beaconsfield in Buckinghamshire is the least affordable place to buy in Britain, with house prices more than fifteen times the average local income for a dual-income household.
New analysis from Zoopla has revealed that the average price of a house in the city at £1.11 million is 15.25 times the average combined household income in the local area, at £72,900.
Shildon in County Durham, on the other hand, has been named the most affordable place in Britain to buy a house, according to the property portal.
There, the average house costs £73,900 – just over one year’s combined income for two average earners in the area.
Zoopla found that in Britain a typical dual-income household now needs 4.4 times their combined annual income to buy a house.
But the national picture varies widely, with Scotland and the North East dominating the list of most affordable markets.
Seven of the ten most affordable cities are in Scotland, while the remaining three are in the North East.
Even the most affordable towns in the South East and South West – Dover and Cinderford – require buyers to spend more than three and a half times their combined annual salary to purchase a median-priced home.
The analysis also highlights the wide distribution of affordability within London. Tower Hamlets is currently the most affordable borough, with a ratio of 4.97, supported by above-average local incomes and a wide range of apartments.
Most of London’s affordable boroughs are in the suburbs of London, although Southwark, Lambeth and Tower Hamlets stand out as exceptions in inner London, where higher wages help offset relatively high property prices.
Zoopla director Richard Donnell said: “Our latest Affordable Towns research clearly highlights the wide gap in housing affordability for homebuyers across the UK and within regions.
“Having the most affordable town, Shildon in the North East, requiring barely more than a year’s local wages, unlike Beaconsfield, where costs are more than 15 times the average income, highlights the challenges faced by people looking to move.
“Houses are most affordable in Scotland and the North East, but within these regions there are areas where affordability is a challenge.
“For those looking to buy in the South, there are areas where houses are reasonably priced compared to local incomes, but there are large areas where houses are only affordable to those on higher incomes or with larger deposits.
“The affordability of homeownership and the cost of moving are important considerations for those planning their next move.
“Gone are the days when most people moved within five miles of where they lived.
“We see that a growing number of buyers are looking further afield to find better value for their money and they need the tools to make informed purchasing decisions.”