A county in south west Wales is the most affordable place to live in the UK according to new research.

Analysts looked at the average salary, the monthly rental price of a one bedroomed flat, the insolvency and bankruptcy rates per 10,000 adults and the cost of a house per square metre to find the region in the UK with the most affordable housing.

Their research concluded that Ceredigion was the most affordable location in the UK with an overall score across all five categories of just over 77 per cent.

The research revealed that the average wage in Ceredigion is £27,453; the average monthly rent for a one bedroom flat £432; the insolvency rate per 10,000 adults 0.8 and the bankruptcy rate per 10,000 adults 13.7.

The cost of a house per square metre was £2,154.

This meant that despite having the lowest annual salary of all the top three most affordable counties in the UK, the fact that Ceredigion residents know how to manage their money, evidenced by the low insolvency and bankruptcy rates, made Ceredigion a winner.

Coming second in the affordability stakes was Staffordshire Moorlands, located in the West Midlands, which had a high annual average salary of £28,728 and low insolvency rate of 1.1.

Third was East Riding of Yorkshire which had the lowest monthly rental price of a one-bedroom flat at £400 and the cheapest average house cost per square metre, totalling £2,098.

The research was carried out by company Make My Blinds which incorporated a list of ways to cut down on living costs during the current crisis.

These included using energy efficient appliances, negotiating with your energy provider, cutting down on energy use and installing blinds to prevent heat escaping from your windows.