Single homebuyers can get on the property ladder for under £800 a month in parts of the UK but nowhere in London offers a mortgage below £1,000, new analysis from Zoopla shows.
Aberdeen has emerged as the most affordable city for single buyers, with average monthly mortgage repayments of £438 on a typical one- or two-bedroom home worth £114,700. In England, Sunderland ranks as the cheapest city, where repayments average £408 a month – equivalent to just 17% of gross monthly income.
Zoopla’s figures highlight the widening affordability gap between northern cities and the capital.
While six of the ten most affordable locations are in northern England and Scotland, every London borough requires monthly payments exceeding £1,100 for an average-priced one- or two-bed property.
CAPITAL COSTS
Havering is the capital’s cheapest borough, with average monthly repayments of £1,166 on a £305,200 home, assuming a 20 per cent deposit. Croydon follows at £1,173 per month. In contrast, buyers in Brighton – the least affordable city outside London – face average repayments of £1,238.
In some towns, house prices are barely double local annual earnings. Stevenson in Scotland tops the list, where a typical home costs £70,650 – around twice the average salary – with mortgage payments of £270 a month. Shildon in County Durham is even cheaper in monthly terms at £245.
OUT OF REACH
Richard Donnell, executive director at Zoopla, says: “Buying a home can feel out of reach for many singles who have to rely on just one income to cover mortgage and other costs of home ownership. Rising incomes and lower mortgage rates mean that owning a home by yourself is increasingly possible.
“For many that means buying a smaller sized home where property prices have risen more slowly than for larger, family sized homes in recent years.”
Despite improved mortgage rates, couples still account for almost 60% of first-time purchases, underlining the financial headwinds facing solo buyers, particularly in southern England and London.
STRATEGIC MOVES
Kesha Foss-Smith, Regional Director at John D Wood & Co, says: “Single buyers are becoming far more strategic about where and what they buy.
“Many are prioritising affordability over postcode prestige and choosing areas that still offer good transport links, local amenities and long-term value.
“The combination of stabilising house prices and improved mortgage rates has opened doors again, and we’re seeing renewed confidence in the market, particularly for one and two-bed homes.”
SELLERS OPEN TO NEGOTIATION
And she adds: “With more choice coming onto the market and sellers being more open to negotiation, this is one of the more favourable windows we’ve seen for single buyers in recent years. For anyone buying solo, being flexible on location and property type is now the key to making ownership realistic.
“While buyers currently have more choice and negotiating power than in recent years, this window of opportunity is unlikely to last forever – making now a smart time for single buyers to act.”
