The cost of a typical UK home is now 6.7 times average earnings, according to the Halifax – but this varies considerably depending on where you live. The Halifax’s data shows that Blackpool offers the best house price to earnings ratio in the North West of England. The average house price in Blackpool is £134,000 – 3.4 times annual earnings. The highest is just 49 miles away in Trafford’s where an average house is £330,000 – 8.5 times house price to earnings ratio.
Darren Sellwood, Senior Branch Manager at estate agent Entwistle Green in Blackpool told the Mail On Line that Blackpool was a great place to live and offered excellent potential for both buy-to-let investors seeking rental income and long-term house price growth.
He said, ‘If I was looking to invest in a property to live in or as an income driver, I’d look no further than Blackpool – a vibrant coastal town with affordable property options and a booming tourism industry. It has iconic attractions, beautiful beaches, and substantial ongoing development projects – with millions of private and public money being invested. This includes the Talbot Gateway Project, the relocation of 3,500 DWP workers to Blackpool Town Centre and new planned Multiversity training centre.’
The most expensive local area to live in is either Westminster or the City of London where house prices are a staggering 16 times the average annual income in each area.
The cheapest local area to live in the UK is Inverclyde in Scotland, where average house prices are only 2.9 times higher than average annual earnings.