THE Forest of Dean is the second most affordable place in the South West to buy a new-build property, according to new research.

A study from building warranty experts Buildsafe has compared new-build prices with local earnings to reveal where buyers across the South West of England face the biggest affordability squeeze.

Of the 26 South West local authorities analysed, the average median new-build price stands at £373,625, while average median gross annual pay is £37,736.

Looking separately at the individual affordability ratios, the average new build is equivalent to 9.88 years of local gross pay. These metrics allowed the experts to draft a ranking table.

The Forest of Dean was found to be the second most affordable area in the South West, with a new build costing 6.73 years of local pay.

Unlike several places further up the regional ranking, it benefits from both relatively inexpensive new builds and strong local earnings. The median property price of £284,923 is 23.7% below the South West average, while median pay of £42,326 is 12.2% higher.

That makes the Forest of Dean particularly unusual within the affordable end of the table. Its median salary is actually the highest among all 26 South West authorities analysed, while its new-build prices remain well below the regional norm.

Plymouth topped the list as the most affordable area in the South West for a new build relative to local earnings. The median new-build price stands at £232,500, 37.8% below the regional average, while median gross annual pay is £35,186.

That leaves the typical property equivalent to 6.61 years of local pay, a third below the South West benchmark.

Completing the top ten were Bristol, Gloucester, Somerset, West Devon, North Somerset, Torbay, East Devon and Swindon.