Are These The Areas Where Millennials Will Soon Be Living?

How do you solve a problem like the London housing crisis?

Is This Where Millenials Will Soon Be Living?

by Amel Mukhtar |
Published on

It's no secret that the UK is facing one of the worst housing crises' it has ever had. Millenials have been branded 'Generation Rent' with the price of houses having skyrocketed in the last two decades, while our salaries have dropped, our jobs are insecure, and our mental health suffering the consequences.

Particularly for those in London, the property ladder can feel like it looms way above our heads and for those of us that haven't been given a running start to grab onto its rungs it can feel just short of impossible to reach.

Zoopla have conducted a study about how much single buyers would have to give up of their monthly wage in order to afford a property around the UK.

In London, you'd need to give up more than half (57.4%) of the average monthly wage on mortgage. Not surprisingly this is the highest of any region in the UK. It's more than the next two most expensive regions COMBINED: the East of England (25.7%) and south east England (25.4%).

Within London the chunk of your wallet you'd have to give up to buy a one-bedroom range from Havering (29.5%) and Redbridge (30.7%) as the cheapest versus a whooping 82.4% for the same in Kensington & Chelsea and 82.1% to live in Westminster! FOR A ONE-BED!

So maybe instead of handing over all our wages each month just to claim space in the capital is it time for us to give up our London-centric mentality and add to or build a new scene elsewhere where we'll probably have a way higher standard of living?! If you think so here are some places to check out:

The top 10 cheapest local authority areas for single buyers

  1. Newcastle-under-Lyme (10.84%)
  1. North Tyneside (10.92%)
  1. Bradford (11.79%)
  1. Kirklees (12.34%)
  1. Blackpool (12.48%)
  1. East Riding of Yorkshire (12.69%)
  1. Wakefield (12.85%)
  1. Derby (12.89%)
  1. Wirral (12.97%)
  1. Sandwell (12.97%)

Alright sure, moving to Staffordshire may not sound all that glamorous but leaving you 90% of your monthly salary you'd surely be living like a queen!

In London, more than half your wage's snatched for the mortgage, another chunk disappears on taxes and bills, and it's probably another 20% for a single gourmet burger, leaving you with about -10% overall each month. You're doing amazing if you manage to keep hold of the 10% you could be spending on a mortgage at all.

The top 10 most expensive local authority areas for single buyers (outside London)

  1. Cambridge (36.14%)
  1. Hertsmere (35.85%)
  1. Brighton and Hove (35.56%)
  1. Bath and North East Somerset (35.14%)
  1. Slough (33.69%)
  1. Epsom and Ewell (33.10%)
  1. Spelthorne (33.10%)
  1. Epping Forest (33.07%)
  1. Oxford (33.02%)
  1. Windsor and Maidenhead (32.74%)

TBH I'm surprised to see Slough on that list - didn't think it'd be the UK destination of choice but there we go! Those are the places it's probably best not to start nesting in if you're looking to save (or spend on something that isn't shelter!)

So... who's up for a trip to Kirklees?

Follow Amel on Twitter: @AmelAMukhtar

This article originally appeared on The Debrief.

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