Mansfield one of 50 most affordable places to live in UK

Mansfield is in the top 50 most affordable places to live in the UK.
Mansfield is in the top 50 most affordable places to live in the UK.

Mansfield has been named as one of the top 50 most affordable places to live in the UK.

The town came 42nd out of 380 local authorities in research carried out by MoneySuperMarket.

The study found that the average house price in Mansfield is £123, 898, with the average joint salary of a couple in Mansfield being £40,480. In addition, the average minimum mortgage deposit required in Mansfield is £6,194.

Mansfield is much more affordable than many other parts of the UK, especially London, where prospective homeowners in some parts of the capital would need to save for 27 years before they could afford to buy a property.

Kevin Mountford, banking expert at MoneySuperMarket, said: “As house prices continue to rise, the dream of owning a home becomes harder and harder to reach for so many people.

"For those who want to take their first steps onto the ladder, reaching the minimum deposit levels required causes serious financial strain and, as our analysis highlights, many might be priced out of their desired area.

"Similarly, for those who already own their own home but are looking to take that next step up the ladder, the stretch could be a bigger burden than anticipated.

“It is important to strike a balance when relocating and prospective buyers shouldn’t stretch themselves too far.

"For those who want to maximise their chances of securing their dream home in their dream area, paying off debts is the best way to start, as existing borrowing will be taken into account by a lender when it comes to applying for, or extending, a mortgage.

"Reducing the amount you spend each month could also help when it comes to boosting the amount a lender thinks you can afford to borrow.

“When comparing mortgages, it’s vital to work out the total cost over the term of the deal, taking both rates and fees into account.

"Don’t automatically be put off by high fees, as it may be worth paying them to benefit from lower interest rates.

"Costs can vary greatly between providers, so taking the time to shop around and work out the total amount you have to repay over the term of the offer is essential.”

See the research in full and find out how much you would be eligible to borrow by clicking here.