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A Lancashire town has been named as the most affordable place to live in the UK - with a nearby location ranking third.
With the cost of living crisis already causing major problems for households, things got much worse during Liz Truss's stint as Prime Minister last year when the distastrous mini-budget sent the mortgage market into chaos. The situation means it's an incredibly difficult time for first time buyers and homeowners alike and as anyone who has ever watched a daytime TV property show will tell you - location can make all the difference. Experts from PlumbNation explored how much the average cost of properties and utilities has risen over the last decade.
The research found that Burnley is the location with the most affordable housing in the UK, with a salary-price ratio of 4.08. This Lancashire mill town has the cheapest average house price in the country at £114,100, while the average annual salary in 2022 was £27,945. Burnley is a town with a rich history that has unfortunately been hard-hit by the decline in British manufacturing; this is part of the reason why house prices have not risen at the same rate as other UK areas. Nearby Hyndburn was ranked the third most affordable place for locals to buy a house in the UK, with a salary-price ratio of 4.17. The average house price in Hyndburn was £126,109 in 2022, while the average salary was £30,264.
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