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The last “affordable” area

With Angela Cornthwaite, Head of Property

Guess where the last remaining area of the country is where house prices are less than three times the average national salary! Answer: Millom, with Barrow-in-Furness coming a close second

The borough of Copeland is the last “affordable” area left in England, where the average house price is less than three times the average annual salary, with Barrow-in-Furness a close second – making Millom and Barrow affordable places to purchase a home, especially for first time buyers.

According to the study by the Trade Union Congress, previously one in five local authorities were deemed “easily affordable” in 1997 with the cost of a home below three times earnings. However, the federation of national trade unions has found this has now shrunk to just one area, Copeland.

What this means for our area is that not only are homes more affordable, but you are more likely to be able to secure a good mortgage deal with banks lending up to three times your salary.

And now is a good time to purchase your new home. For a number of years Autumn has been a good time to market and sell property. With the holidays over and the kids back at school, we are gearing up to a very busy three months ahead and expect good levels of sales.

The mortgage market appears to have settled down and in real terms mortgage payments are lower now than they were in 2007. This coupled with high employment in our region and steady industry growth, the local property market is set to continue to do well. This is also backed up by the buy to let investors returning.

For the agents selling properties, turn to Poole Townsend. Call: (01229) 588111 or email me at acornthwaite@pooletownsend.co.uk

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