Cheapest cities in Scotland to buy a home as one area crowned 'most affordable in UK'

New research has revealed the cheapest cities around the UK to own a home and three Scottish areas have been highlighted.

With property prices rising and the cost of living crisis continuing to affect households across the nation, many are unable to afford to purchase a home. However, some places are cheaper than others, and a new study conducted by L&C Mortgages has listed the areas where prices are lowest overall.

Aberdeen was found to be the cheapest city in the UK to own a home. Known as the 'Granite City', house prices in the Scottish port city were £139,551 as of May 2023, with the total mortgage cost repaid over 25 years at 4.5 per cent interest being £209,349. This correlates to a monthly mortgage payment of £698 - or £988 combined with utilities and council tax - which amounts to 37 per cent of the median salary in the city.

Dundee was found to be the second cheapest city in the UK to own a home, with the average property price being £142,777 as of May this year.

Repaid across 25 years at 4.5 per cent interest, the total mortgage cost is £214,189 according to the experts, making monthly payments £714 — or £1,049 including utilities and council tax — which is 42 per cent of the median salary in Dundee.

Kingston-Upon-Hull in England places third on the list, with Glasgow behind in fourth place. The study reveals that the average property price in Scotland's largest city was £168,415 as of May 2023, with the total mortgage costing £252,650 when repaid over 25 years at 4.5 per cent interest.

Monthly mortgage payments were found to be £842, or £1,209 with utilities and council tax. This equates to 45 per cent of the median salary in Glasgow.

The research analysed house price data from the Office for National Statistics — assuming a 4.5 per cent interest rate repaid over 25 years and combined with the average price of utilities and local council tax — and compared it to the median salary in each city.

A L&C Mortgages spokesperson commented: "During the first six months of 2023, 291,568 mortgages were approved across Britain. This has allowed both first-time buyers and seasoned homeowners to invest in property in a location they're happy to call home.

"This study reveals the cheapest cities to own a home throughout the nation. The research, which has considered monthly mortgage rates alongside utilities and council tax, shows that the least expensive cities are predominantly located in the nation's northern regions.

"Scotland, for example, is highlighted three times in the top five cheapest cities to own a home. Aberdeen ranks first with homeowners paying 37 per cent of their monthly salaries towards mortgage, utilities and council tax costs."

If you are thinking of selling your home and moving to a new city, you can find how much your home is worth on strike.co.uk.

This week's top Scotland Now stories

The cheapest cities to own a home in the UK

  • Aberdeen — 37 per cent of monthly salary
  • Dundee — 42 per cent of monthly salary
  • Kingston-Upon-Hull — 42 per cent of monthly salary
  • Glasgow — 45 per cent of monthly salary
  • Durham — 46 per cent of monthly salary
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