Halifax Marks Most Affordable Areas for Key Workers

If you are a key sector worker, then buying a property in Grangemouth in Scotland is a good investment as the region is the most affordable place to purchase a property, according to a Sky News report.

Average house prices in Grangemouth costs 2.7 times the earning of an average key worker. This is based on research undertaken by Halifax which shows a sevenfold increase in the number of towns where key workers can afford a house.

The category of key workers encompasses nursing, teaching, and the emergency services. The survey reveals that 21 per cent of UK towns are now accessible to this category for house purchasing, as opposed to the previous figure of just 3 per cent in 2007 when there was a peak in house prices.

Martin Ellis, Halifax housing economist, said: ?There has been an improvement in housing affordability for key public sector workers across many parts of the UK. Nearly one in six towns has become affordable for the average key worker since then due to a combination of lower house prices and increased earnings.? However, he went on to add that the majority of UK towns are still out of reach for key workers in terms of house buying potential.

The most expensive places to buy are still Greater London and the South East.

The police are the biggest beneficiaries according to the survey, with 37 per cent of towns now affordable to this sector. Teachers are now able to buy homes in 25 per cent of towns on just a single income. However, nurses continue to suffer, only being offered 3 per cent of UK towns where they can purchase a home on a single salary.

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