Newcastle named the most affordable city for homeowners in the UK
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Newcastle has been named the most affordable UK city to own a home.
UK-based data collection experts at SmartSurvey reveal how much disposable income two average-earning homeowners living and working in every UK city would have after paying their basic household bills and mortgage rate.
According to the survey owning a home in Newcastle will see you with the most disposable income after paying basic bills and mortgage rates.
Property prices are £50,000 below the UK median, estimated at £210,000 whilst earning potential is £482 more than the national average, currently standing at £2,636 a month.
With gas, energy, water and council tax bills averaging £318 every month, this leaves Geordies with a monthly budget £3,531 to spare for any other household needs.
Average-earning homeowners in St Davids have the least disposable income left after paying their basic bills and mortgage rates. With median property priced at £450,000 in St Davids, two homeowners earning an average of £1,921 face £385 bills every month. An idyllic cathedral city in Pembrokeshire and the UK’s smallest urban area with very high property price tags. Its residents do not earn much locally and would only have £864 per month for the entire household. This is supposed to cover the costs of annual grocery, clothing, household goods, transportation, health, leisure, education, communication and any other necessities of all the members of the household.
A single average earner could not realistically become the sole homeowner of a property in St Davids as their income covers only two-thirds of the mortgage rate alone.
Four other cathedral cities – Chichester, Truro, Canterbury and Winchester – squeeze homeowners’ pockets the most. Property prices and bills are generally high here, whereas incomes lag far behind, making them unrealistic for most average earners wanting a comfortable life. Only in Truro single median earnings are higher than mortgage rates, but this would leave sole homeowners with just £147 per month to cover basic bills and all other necessities.