The most single-friendly areas to buy a property

Being single can be tough financially and in partcular, it can also make getting on the housing ladder harder.

High house prices mean it is obviously easier to buy a home with a partner, but that means there is technically a single premium when you want to get on the property ladder.

Research by Zoopla shows couples typically dominate the first-time buyer landscape - accounting for almost 60% of purchases, with singles accounting for just 39% of first time purchases.

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This is attributed to affordability constraints, high mortgage rates and regulations working against single-earners.

But there is some hope for single people looking to buy a property.

Zoopla crunched the numbers to identify the most ‘single-friendly’ areas to buy a property. The affordability calculations are based on regional value-to-earnings ratios, which compare average Zoopla house value estimates for a one or two-bedroom property and the annual gross salary of a full-time earner in the corresponding local authority.

The research then calculates the typical mortgage repayments on a rate of 4% over 30 years and a deposit of 20% for each region,

The analysis suggests several cities and towns are still accessible to the average single person.

Richard Donnell, executive director at Zoopla, said: “Buying a home can feel out of reach for many singles who have to rely on just one income to cover mortgage and other costs of home ownership. Rising incomes and lower mortgage rates mean that owning a home by yourself is increasingly possible.

“For many that means buying a smaller sized home where property prices have risen more slowly than for larger, family sized homes in recent years.

"It’s important to do your research digging into mortgage affordability and products aimed at singles while considering alternative locations and selecting the right area for you. It’s important to know that buying as a singleton is an option.”

The most single-friendly towns and cities to buy a property

Aberdeen and Sunderland have been named the most affordable cities for single homebuyers.

Buyers would need an average of £438 per month to meet monthly mortgage payments for a one to two bedroom home in Aberdeen, based on an average property value of £114,700. The city has a house price to earnings ratio of 3.5%.

Cities in North England and Scotland actually make up six of the top ten most affordable spots for single buyers.

To buy a one to two bedroom home in Sunderland, single buyers will need to set aside £408 per month, or 17% of their gross monthly income. The house price to earnings ratio for the city is 3.7%.

In Hull, single buyers will have to set aside 19% of their wage per month to afford the average home, with a house price to earnings ratio of 4.5%.

But not everywhere in the North is as affordable. York and Stockport are amongst some of the least affordable areas in the North of England for single buyers. A one to two bedroom home in York costs an average of £256,100, an average 34% of monthly income to afford £978 mortgage repayments, Zoopla said.

In Stockport, the average value of a one or two bedroom home sits at £225,100 with mortgage payments of £860 accounting for 30% of gross monthly incomes.

In the South of England, Milton Keynes comes in as the least expensive city to buy a home with an average house price of £230,400 and mortgage repayments of £880 per month - compared to an average annual income of £36,900 in the area.

In contrast, Brighton tops the list of the least affordable cities to buy in outside of London, with mortgage repayments averaging at £1,238 per month, based on an average house price of £324,100.

The cost of being single for London homebuyers

London is renowned for its high house prices, with average mortgage repayments in even the most affordable areas above £1,000 for a one or two bedroom home, Zoopla said.

But some London boroughs are more affordable than others for single buyers.

Havering in East London is the most affordable borough in the city with average house values coming in at £305,200 and a 20% deposit of £61,000, resulting in £1,166 monthly mortgage payments.

Croydon comes in second where fantastic transport links are attractive to single Londoners. Here, buyers will need to set aside £1,173 in monthly payments, or 34% of their monthly income.

Kesha Foss-Smith, regional director at prime estate agent John D Wood & Co, said: “Single buyers are becoming far more strategic about where and what they buy.

“Many are prioritising affordability over postcode prestige and choosing areas that still offer good transport links, local amenities and long-term value.

"The combination of stabilising house prices and improved mortgage rates has opened doors again, and we’re seeing renewed confidence in the market, particularly for one and two-bed homes. With more choice coming onto the market and sellers being more open to negotiation, this is one of the more favourable windows we’ve seen for single buyers in recent years.

“For anyone buying solo, being flexible on location and property type is now the key to making ownership realistic. While buyers currently have more choice and negotiating power than in recent years, this window of opportunity is unlikely to last forever - making now a smart time for single buyers to act.”