Map reveals the CHEAPEST towns to live with best value on property, bills & travel – do you live in a sweet spot?

A MAP has revealed the cheapest towns to live in that offer the best value for money on property, bills and travel.

Settlements across England and Wales were analysed to find where the money goes the furthest for residents.

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The list was created by comparing average house prices, average earnings, food bills, energy bills, and commuting costs for “travel to work areas” (TTWA).

TTWAs aim to reflect areas where most people both live and work and which have relatively low levels of commuting, according to the Office for National Statistics.

Topping the Telegraph’s list of TTWAs was the port town of Barrow-in-Furness in Cumbria, located at the southern tip of the county.

The “underrated” town’s above-average wages of £37,962 and low cost of living propelled it to the summit of the rankings.

Its TTWA, which includes much of the southern Lake District, has a strong industrial history and was the site of the construction of Britain’s first submarine in 1886.

Defence contractor BAE Systems retains a large base in the region to this day and it grew its workforce by more than 40per cent last year up to 17,000 workers.

The company had been awarded a £4bn contract to build nuclear-powered submarines prior to this hiring boost.

Median salaries in the region sat at £37,962, slightly higher than the national average of £37,340.

However, the major savings come when house prices are factored in, with properties in the Cumbrian region costing just £185,073 on average compared to £293,000 nationwide.

This makes its house price-to-earning ratio below five, compared to the national average which floats around nine.

Barrow MP Michelle Scrogham called Barrow-in-Furness, the area she was born in and has lived in her entire life, “one of the most underrated places in the country”.

She praised its “stunning” surroundings and “booming” local economy as well as the strong defence industry in the region.

Barrow was joined by a range of other northern towns in the top 10 including Durham, Sunderland and Darlington.

All of these regions noticeably had affordability ratios of below six and monthly expenses as a share of earnings below 25per cent.

Expenses can differ greatly between the North and South, with average weekly groceries costing £50.30 in the North East compared to £64.90 in the South East.

This helped the North dominate the list, with even the beautiful cathedral city of Durham making the top three on the list.

While salaries are lower than the national average at £28,864, house prices are significantly cheaper, coming out at just £134,670.

This gives it an affordability ratio of 4.7, one of the lowest on the list – even lower than the crown-taker Barrow-in-Furness.

Durham’s TTWA includes a mixture of remote countryside as well as towns like Bishop Auckland.

Wales had four entries on the list: Merthyr Tydfill, Swansea, Wrexham, and Brigend which took up places between 15th and 20th on the ranking.