Blackpool named 2nd most affordable place to buy a home in new UK Government data

Blackpool has been named the UK’s second most affordable place to buy a house thanks to new data released by the government.

Property specialists Sell House Fast have used the latest data from the HM Land Registry UK House Price Index to determine a number of new figures, including the most affordable places to buy property.

Blackpool scored highly on the list, with the data showing that the town is the second most affordable place to buy property in the UK.

The average house price in Blackpool is currently £133,919, which is roughly half the national average of 272,611. A 10% deposit on a home in Blackpool costs an average of £13,392, which is around £5,608 less than a small mid-range car

Jack Malnick, Managing Director at Sell House Fast, claims there is a misconception that the strongest property markets are automatically the most expensive. He said: “There’s a tendency to assume that the strongest property markets are automatically the most expensive, but our findings show why that isn’t always the case.

“For buyers and landlords, strong historic growth is important, but so is the price you have to pay to enter the market. Homeowners also need to consider how quickly they may be able to sell and what an area offers day to day.

“That balance helps explain why so many northern locations perform strongly in the index. They can combine meaningful property growth with housing costs that remain more manageable relative to local earnings.”

Blackpool’s home owners spend an average 27.80% of their monthly salary on mortgage payments, with the average salary to home ratio currently sitting at 4.8. The life satisfaction score in the town is 7.49/10.