Cost of living is a major factor when deciding where to buy a home. While location is ultimately the decider, affordability and value for money are key considerations, particularly for first time buyers.
That’s why Ellesmere Port’s offering for new home buyers is so enviable. It boasts a well-connected location and fantastic lifestyle facilities while offering a lower cost of living compared to many surrounding areas.
For most homeowners, a mortgage is the largest monthly outgoing so before purchasing it’s vital to consider what proportion of your earnings will be spent paying it off. A great indicator of an area’s affordability is therefore the house price to income ratio.
According to 2017 statistics from Cheshire West and Chester Council, the average house price in the Ellesmere Port Town area was £100,398, making it the third most affordable ward in West Cheshire. While the town’s median house price to median income ratio is 4.44. Which means the average house is around four and a half times the average household income. When you compare this with the West Cheshire average of 5.82 and the national average of 7.6, then Ellesmere Port is a vastly more affordable place to live.
Another key factor that impacts on cost of living is choice – of places to live, eat, shop and work. The more options available, the easier it is to find ways to lower your living costs. There is an abundance of choice in Ellesmere Port that means residents have plenty of options when deciding where to live, spend their money and also where to work. While the town’s economy is booming, with 30% more businesses between 210 and 2015, it is also easy and cheap to commute to Chester, Liverpool and beyond.
Not forgetting, it’s an area on the up. So if you choose to invest your hard earned cash in the town, you’re set to be rewarded by the new facilities that are already open and those that are planned, with over £2.8 billion of total investment proposed.
So when you’re considering your living costs and where you can afford to move to – why look any further than Ellesmere Port?