The average house price is just £170,000 in the Lincolnshire town
Gainsborough has been named the most affordable place to live in the East Midlands. The Lincolnshire town was once the capital of England for just over a month when Danish King Sweyn Forkbeard conquered England in 1013.
He made the castle, which is now Gainsborough Old Hall, the centre of his operations before he died just five weeks after being proclaimed King. Despite its royal past, Gainsborough is now among the most affordable places in England and Wales with an average house value of £170,000. Home-buyers in a dual-salary household face paying nearly four times their income to purchase a property typically, according to Zoopla. The property website said households where both people are working full-time typically face paying 3.8 times their average annual household income for a home.
Someone who is single faces paying 7.6 times their annual income on average to buy a home in Britain. To find the most affordable areas within Britain’s nations and regions, Zoopla analysed house value-to-earnings ratios, based on a two-earner household on an average salary for the local area. Izabella Lubowiecka, a senior property researcher at Zoopla, said: "London remains the least affordable area for home-buyers. Those in London looking to get more for their money may want to consider buying in one of the South East and East of England’s commuter belt, where there are many towns that are more affordable than London.
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