When it comes to finding the perfect balance between homeownership and financial stability, Aberdeen emerges as a standout option. Recent research focusing on housing costs relative to income reveals Aberdeen's remarkable affordability.
The study, conducted by a respected mortgage research entity, analyses the average costs associated with owning a home, including mortgage payments, utilities, and council tax. What's truly striking is that these combined costs constitute only 37 percent of the median monthly income in Aberdeen.
Delving into the data, the study highlights that as of May 2023, the average house price in Aberdeen is £139,551. This figure plays a significant role in the affordability factor, enabling individuals to secure a mortgage with a 10 percent deposit. Over a 25-year repayment period with an interest rate of 4.5 percent, the total outlay for a mortgage comes to £209,349. Adding in utilities and council tax, the monthly expenditure rises to £988, yet remains within the bounds of the median monthly income of £2,696.
Aberdeen's financial sensibility in homeownership doesn't stand alone. The study also encompasses other British cities, assessing their housing affordability through a similar lens. In this light, the analysis provides a comprehensive understanding of how various urban centres fare in terms of balancing housing costs with local earnings.
While the study doesn't solely revolve around rankings, it does highlight cities that share similar affordability traits with Aberdeen. This includes Dundee and Glasgow, both of which provide an inviting backdrop for homeownership dreams.
In essence, the study underscores Aberdeen’s role as a practical and attainable option for aspiring homeowners, reinforcing the importance of responsible homeownership decisions. If you’re ready to buy a home in Scotland, our mortgage advisers are here to guide you through the process.