Nottinghamshire town the most affordable for families to buy a home

Posted on November 26th, 2013 | Categories - News

iStock_000005546613XSmallA new report has revealed the top 20 places to bring up a family and a Nottingham town heads the list.

The Family Friendly UK Hotspots Report from Family Investments looks at 2,400 UK postcodes to narrow down the top 20 places to bring up a family.

The report takes into account factors such as:

Click here to use the Family Friendly Hotspots tool

  • Housing costs
  • Salaries
  • Education
  • Childcare costs
  • Local amenities
  • Green spaces

Despite mortgage interest rates remaining at record low levels, the cost of living is still rising for most families, making affordability one of the key criteria used by most people when deciding where to live.

The report concluded that Bingham, in Nottinghamshire, is the most affordable place to buy a home in England and Wales. The town has grown considerably in size over the past few years, with large numbers of new homes being built. Although, according to the report, the average two bed home costs £138,969, some £35,000 lower than the national average.

Towns in Staffordshire and Yorkshire came in second and third on the list of most affordable areas to live in.

Kate Moore, Head of Savings and Investments at Family Investments, said: “The affordability of housing is a major issue for many families in the UK as household budgets continue to be squeezed. However, there are still some areas that look perfect for young families to settle down in, thanks to low housing prices and above-average median salaries.”

Most affordable places to live

The full list of the top 20 most affordable places to live:

PostcodeLocationAverage Property Price for 2 bedMedian Annual SalaryPrice-to Earnings Ratio
National average£174,632£21,3807.86
NG13Bingham (Nottinghamshire)£138,969£24,9815.56
ST7Alsager (Staffordshire)£110,476£18,3466.02
HU10Willerby (Yorkshire)£127,430£20,6756.16
ST10Cheadle (Staffordshire)£119,788£18,3616.52
LE15Oakham (Cheshire)£149, 154£22,6726.58
PE28Sawtry (Cambridgeshire)£157,667£23,8846.60
YO42Pocklington (Yorkshire)£144,402£20,6756.98
SN7Faringdon (Oxfordshire)£185,339£24,9917.42
RG5Woodley (Berkshire)£213,133£27,9037.64
BL7Bromley Cross (Lancashire)£145,575£18,7157.78

If you are curious to see how your postcode fares for 2013 you can find out the answer by using the Family Friendly Hotspots tool by clicking here.