THE property market has seen a lot of changes in recent weeks.

In last week’s budget meeting, the Chancellor announced measures designed to improve affordability and unlock access to homeownership for more people.

The stamp duty holiday was extended until the end of June and the 5 per cent deposit mortgage scheme was introduced.

Following the budget meeting, property site Zoopla did some research and tracked down the most affordable towns for buyers in Britain; two towns on our doorstep made the top five.

They also uncovered which areas of the country have seen the biggest improvements in their affordability- many of which include Cumbrian towns.

To calculate which areas are the most affordable, Zoopla analysed house price-to-earnings ratios, based on a two-earner household on the average salary for the local area.

With the house price-to-earnings ratios, the lower the number the better the area is in terms of property affordability.

Britain’s most affordable towns for buyers

The top five most affordable towns in Britain are all clustered around Scotland and the North West.

The quaint town of Shildon in County Durham takes the crown yet again, with an average house price of £59,468 and price to earnings ratio of 1.1.

However, the second most affordable town for buyers is right on our doorstep in Cumbria.

Cleator Moor in Copeland takes the silver with an average house price of £96,269 and a price to earnings ratio of 1.16.

However, this isn’t the only Cumbrian town to make the top five.

Egremont came in at fifth with an average house price of £80,694 and a price to earnings ratio of 1.29.

Here is the full top five list:

1. Shildon, County Durham

Gross annual household earnings: £53,446

Median house prices: £ 59,468

Price to earnings ratio: 1.11

 

2. Cleator Moor, Copeland, Cumbria

Gross annual household earnings: £82,924

Median house prices: £96,269

Price to earnings ratio: 1.16

 

3.Kilbirnie, North Ayrshire, Scotland

Gross annual household earnings: £ 62,338

Median house prices: £ 76,303

Price to earnings ratio: 1.22

 

4. Cumnock, East Ayrshire, Scotland

Gross annual household earnings: £ 61,859

Median house prices: £ 77,414

Price to earnings ratio: 1.25

 

5. Egremont, Copeland, Cumbria

Gross annual household earnings: £ 82,924

Median house prices: £ 80,694

Price to earnings ratio: 1.29
 

Towns with the biggest increase in affordability

It’s good news for many buyers across Britain, with affordability improving in pockets across all regions.

However, Cumbria fared particularly well with local towns and villages scooping four out of the ten top spots.

Affordability has improved the most in Cleator Moor and Whitehaven which were ranked first and second respectively.

According to the Zoopla data, the house price to earnings ratio in Cleator Moor has decreased by 12 per cent since 2019, meaning houses are becoming more affordable for the average worker.

In Whitehaven, the median house price is £122,685 and the house price to earnings ratio has decreased by 10 per cent since 2019.

Egremont also made the top ten list, coming in at fourth.

Here, the median house price is £106,771 and the house price to earnings ratio has decreased by nine per cent since 2019.

Finally, Millom came sixth with a median house price of £ 121,565 and a house price to earnings ratio decrease of eight percent since 2019.

You can find the full list below:

Properties for sale in Cumbria’s most affordable towns

Using Zoopla, we have tracked down just some of the properties for sale in Cumbria’s most affordable towns.

This includes properties for sale in Britain’s second most affordable town, Cleator Moor, as well as those for sale in the towns with the biggest increase in affordability (Millom, Whitehaven and Egremont).

William Morris Avenue, Cleator Moor, Cumbria
£79,950

 

News and Star: (Photo: Zoopla/Tiffen & Co)(Photo: Zoopla/Tiffen & Co)

This three bedroom end terrace is described as a “great family home”- it also has a conservatory.

Tomlin Avenue, Whitehaven
£89,950

News and Star: (Photo: Zoopla/ First Choice Move)(Photo: Zoopla/ First Choice Move)

On the market for a three bedroom house?

This corner plot home would be great for an investor or someone hoping to put their own stamp on a property.

The Larches, Egremont
£85,000

News and Star: (Photo: Zoopla/ Purple Bricks)(Photo: Zoopla/ Purple Bricks)

This family home has three bedrooms and also benefits from a modern bathroom.

Best of all, it also has a low maintenance garden that would be a delight to sit in during the summer months.

Lord Street, Millom
£71,950

News and Star: (Photo: Zoopla/CorrieandCo)(Photo: Zoopla/CorrieandCo)

Finally, this two bedroom end terrace looks like a dream.

It has been fully renovated and also benefits from a large rear garden.

Do you live in one of these affordable areas?