How Does Mortgage Affordability Vary Across the UK?

The average monthly mortgage payment for UK households now stands at £527, which represents 15.4 per cent of a household’s total income. However, this figure fluctuates in different regions across the country, making some areas much more affordable when it comes to owning your own home.

One of the best places to live in the UK in terms of the cost of your mortgage appears to be Stoke on Trent. This borough, historically famed for its for pottery, boasts an average monthly mortgage payment of just £303 and an affordability rating of 13.5 per cent, making it a relatively cheap place to live and over 2 per cent more affordable than the national average.

Compare Stoke’s monthly payment figure to the nearby city of Manchester and you’ll find a difference of more than £100. The people of Manchester pay around £437 a month on average and have an affordability level of 18.4 per cent.

This is a trend echoed in many of the UK’s larger cities, with mortgage payments rising in the northern cities of Leeds, Liverpool and Newcastle upon Tyne. In cities in the south of the country it’s a similar story, with the highest mortgage payments unsurprisingly being found in the city of London, where average costs are now £637 a month.

However, despite the £200 increase in monthly payments when compared to Manchester, London’s mortgage availability is just 0.5 per cent greater, highlighting the differences in wages and cost of living between the two cities.

The city of Cambridge has the greatest amount of income spent on mortgages, at 20 per cent of a household’s total earnings. Here the average monthly payment is £593.

Moving westwards into Wales and you’ll find relatively cheap housing in Cardiff and Swansea. Cardiff boasts an average monthly payment of £445 and an affordability level of 15.2 per cent, while those in Swansea pay £385 with an affordability of 15.4 per cent.

For more information check out the below interactive infographic:


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