Barrow-in-Furness, Cumbria, has been identified as the most affordable town in England and Wales, boasting a compelling combination of above-average wages and significantly lower-than-average house prices. A study comparing house prices, earnings, food and energy bills, and commuting costs across various “travel to work areas” (TTWAs) placed Barrow at the top, highlighting its attractive affordability ratio of below five, compared to the national average of around nine. The town’s robust industrial history, including a prominent role in shipbuilding and a continuing strong presence of defence contractor BAE Systems, contributes to its economic stability and higher-than-average salaries. This, coupled with significantly lower housing costs, makes Barrow-in-Furness a highly attractive location for those seeking value for money.
The study’s methodology centered on TTWAs, geographical areas designed to represent where individuals both live and work, minimizing the impact of long commutes. Barrow’s TTWA encompasses a significant portion of the southern Lake District, adding to its appeal with the combination of affordable living and access to scenic natural beauty. The local MP, Michelle Scrogham, a lifelong resident, praises Barrow-in-Furness as an “underrated” gem, emphasizing its stunning surroundings, thriving economy, and the robust defence industry as key contributors to its high quality of life.
Northern towns dominated the top ten most affordable locations, reaffirming a trend of lower living costs in the North compared to the South. Durham, Sunderland, and Darlington all secured positions within the top ten, each exhibiting affordability ratios below six and monthly expenses representing less than 25% of earnings. This financial advantage is partly attributed to lower grocery costs in the North East compared to the South East, further enhancing the affordability of these northern locales. Durham, despite having lower than average salaries, benefits from exceptionally low house prices, resulting in an even more attractive affordability ratio than Barrow-in-Furness.
Durham’s TTWA encompasses a diverse landscape, blending remote countryside with bustling towns like Bishop Auckland, offering residents a variety of living environments. The contrasting affordability between the North and South underscores a significant regional disparity in living expenses, making northern locations increasingly attractive for individuals seeking better value for their money. The presence of multiple northern towns in the top ten reinforces this trend and highlights the financial advantages of living in these areas.
Wales also made a strong showing in the affordability rankings, with four entries in the top twenty: Merthyr Tydfil, Swansea, Wrexham, and Brigend. While not reaching the top ten, these Welsh towns still offer a compelling combination of affordable housing and manageable living costs, providing further options for those seeking a more affordable lifestyle. The inclusion of both northern English towns and Welsh locations underscores the broader geographical distribution of affordability, offering potential homeowners a wider range of choices.
The research illuminates the significant variations in affordability across England and Wales, emphasizing the need for prospective homebuyers to consider not just house prices but the overall cost of living, including factors such as food, energy, and commuting expenses. The top-performing towns, particularly Barrow-in-Furness and Durham, offer compelling examples of locations where residents can enjoy a higher quality of life due to the combination of good wages and lower living costs. This study provides valuable insights for individuals seeking to maximize their financial resources while enjoying a comfortable and fulfilling lifestyle.
