L&C analysed house price data from the Office for National Statistics along with a 4.5 per cent interest rate repaid over 25 years and average utility and council tax bills. This was compared to the median salary of each city.
In Aberdeen, the average house price was £139,551 and the total cost of mortgage repaid over 25 years at 4.5 per cent was £209,349. This equalled a monthly mortgage payment of £698, rising to £977 when combined with utilities and council tax.
Dundee took the second slot at 42 per cent of median salary. The average cost of a home was £142,777 and the total mortgage cost was £214,189 making the monthly payment £714, which rises to £1,049 with utilities and council tax.
Kingston-Upon-Hull secured third position with owning a home taking up 42 per cent of the median salary. The average cost of a home was £134,582, total mortgage cost coming to £201,895, with monthly payments came to £673.
This increases to £989 with utilities and council tax.
Glasgow, Durham, Sunderland, Preston, Bradford, Stoke-on-Trent and Doncaster rounded out the top ten cheapest places to own a home.
Westminster most expensive city to own a home
Westminster topped the list for most expensive areas to own a home, with the cost coming to 143 per cent of median salary.
The average cost of a home came to £921,609 with the total mortgage cost pegged at £1,382,562, and the monthly mortgage cost coming to £4,609. With utilities and council tax this increases to £4,916.
St Albans secured second position at 131 per cent of the median salary. The average cost of a home is £577,642 and the total mortgage cost is £866,556 with the monthly cost coming to £2,889.
Combined with utilities and council tax this rises to £3,214.
Chichester came third with the cost of a home accounting for 119 per cent the median salary. The cost of a home was estimated at £477,709, total mortgage cost was pegged at £716,641 with the monthly payment coming to £2,389.
With utilities and council tax this goes up to £2,716 per month.
Winchester, Cambridge, Brighton and Hove, Bath, Oxford, Chelmsford and London make up the rest of the top 10 most expensive cities to own a home.
A spokesperson at L&C Mortgages said: “During the first six months of 2023, 291,568 mortgages were approved across Britian. This has allowed both first-time buyers and seasoned homeowners to invest in property in a location they’re happy to call home.
“This study reveals the cheapest cities to own a home throughout the nation. The research, which has considered monthly mortgage rates alongside utilities and council tax, shows that the least expensive cities are predominantly located in the nation’s northern regions.”
They added: “Scotland, for example, is highlighted three times in the top five cheapest cities to own a home. Aberdeen ranks first with homeowners paying 37 per cent of their monthly salaries towards mortgage, utilities and council tax costs.”
