New research by a Mortgage study group has revealed that Bradford is among the top 10 cheapest cities in UK, to own a new house.
The research, conducted by L&C Mortgages, analysed house price data from the Office for National Statistics, calculated with a 4.5% interest rate repaid over 25 years and combined with the average price of utilities and council tax per location. This total was then compared to the median salary in each city to reveal the least expensive British cities to own a home.
Bradford comes in eighth place with a monthly cost of £1,171, including mortgage, utilities, and council tax payments, representing 49% of the median salary (£2,392). Stoke-on-Trent follows in ninth place with total outgoings being 49% of the median salary (£2,272); Doncaster rounds out the top ten with £1,166 total outgoings being 51% of the median salary (£2,276).
Aberdeen takes the crown as the cheapest British city to own a home. In the “Granite City”, average house prices were £139,551 as of May 2023, with the total mortgage cost repaid over 25 years at 4.5% interest being £209,349. This equates to a monthly mortgage payment of £698, £988 combined with utilities and council tax, amounting to 37% of the median salary (£2,696).
Earlier study by Rightmove, dated 1 June 2023, found that the City of Culture 2025 was the cheapest city in Britain for first time buyers. While another study by CompareTheMarket earlier in August, had ranked Bradford as the cheapest city for fresh graduates.
A spokesperson at L&C Mortgages has commented: “During the first six months of 2023, 291,568 mortgages were approved across Britian. 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.”
