Preston named one of the UK’s most affordable places to buy a home

Homebuyers in Preston face some of the most affordable property prices compared with local earnings anywhere in the UK, according to new research.

placeholder image — Preston named one of the UK’s most affordable places to buy a home | Source: Unsplash

A ranking by Liberty Home Products compared average house prices and annual income across 66 UK cities and areas to reveal where buyers get the most affordable homes relative to local salaries.

Preston ranks eighth overall, with an average home price of £189,000 and annual income of £37,214.

This gives the city an average house price-to-income ratio of 5.08, meaning the typical property costs just over five times local annual earnings.

Preston also performs better than several major northern cities.

Liverpool ranks joint ninth with a ratio of 5.09, while Manchester places 40th at 6.95.

Nearby Lancaster ranks 22nd, with an average home price of £203,000 and annual income of £34,890, giving it a ratio of 5.82.

At the top of the national ranking, Aberdeen City is the most affordable location, with an average home price of £131,000 and annual income of £40,020, producing a ratio of just 3.27.

Carlisle ranks second at 4.03, followed by Dundee City at 4.22 and Kingston upon Hull at 4.33.