Property for 'less than £40,000'

The survey is based on Land Registry figures

The most affordable property in some areas of England and Wales is on the market for less than £40,000, according to a survey.

The 10 cheapest streets in four regions have an average house price of between £30,000 and £40,000, said property website Mouseprice.com.

But the homes could be in areas already earmarked for demolition or compulsory purchase, the website warned.

The survey suggested a north/south divide in terms of affordability.

Findings

Low numbers of transactions and falling prices during the economic downturn have made homes more affordable for some first-time buyers.

AFFORDABILITY RANKINGS North West England: £32,004 North East England: £33,840 Yorkshire and Humber: £36,531 Wales: £37,249 Source: Mouseprice.com A street the credit crunch forgot

The survey suggested that one street in Wales had an average property value of £24,640.

Breaking down the figures to the 10 cheapest streets in each region revealed that the most affordable homes were in the North West of England - at an average price of £32,004.

Next came the North East of England - which was the cheapest in the same survey the previous year - at £33,840, followed by Yorkshire and the Humber at £36,531.

At the other end of the scale was London, where the 10 cheapest streets had an average property value of £99,740.

The survey was based on data provided by the Land Registry.