Research from property website Zoopla has ranked almost 1,000 towns across the UK from most to least affordable, taking into account average house prices and annual household incomes.
The study showed that Romford is the most affordable area in Havering, with homes costing an average of £442,200.
This is 5.35 times the estimated household income for two earners of £82,700 a year, giving Romford the lowest house price-to-earnings ratio.
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According to Zoopla, other towns in Havering have the same estimated annual income per household but instead have higher average house values.
At the other end of the list, Upminster is ranked as the least affordable town in the borough – with a median home value of £628,000.
This puts the house price-to-earnings ratio at 7.61, compared with 5.39 for Rainham and 6.39 for Hornchurch.
Overall, Zoopla found Havering to the fifth most affordable borough in London, with properties costing an average of £467,900 across the borough as a whole.
However, compared to the rest of the UK, Havering – like many other areas in London and the south east – is relatively unaffordable.
Romford ranks 643rd most affordable out of 939 towns, while Upminster comes in at 887th.
For comparison, median house prices in Shildon – the country’s most affordable town – are £73,800, giving a house price-to-earnings ratio of just 1.23.
Havering towns ranked from most to least affordable
Town – Median home value – Estimated annual household income – House price-to-earnings ratio
- Romford – £442,200 – £82,700 – 5.35
- Rainham – £445,500 – £82,700 – 5.39
- Hornchurch – £528,100 – £82,700 – 6.39
- Upminster – £628,800 – £82,700 – 7.61
