It is cheaper to buy an island in Panama than the average house in Darlington, according to new research.

Research conducted by Casino Apps, identified two islands in Panama that are cheaper to buy than the average house in Darlington.

Blowfish Island, with 261,360 square feet of land, is priced at just £61,807, more than £100,000 cheaper than an average Darlington home.

Wild Cane Key, another Panamanian island, is priced around £20,000 cheaper than the average home in Darlington.

(Image: Google Maps)

Private Islands Inc. describe the island as an "exotic 3.4 acre Caribbean island" located "just in front of the famous Red Frog Resort"

There are no restrictions to the view but "incredible beach in front of you and and incredible Caribbean ocean all around," according to Private Islands Inc.

Property website Rightmove states that the average price of homes sold in Darlington in the last year was £166,907.

Meanwhile, the average house price in the UK is £284,691.

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The research found a total of nine islands across the globe that can be bought for less than the average UK property.

To qualify for the research, these islands had to be at least 43,560 square feet (one acre) in size, roughly 52 times larger than the average house in the UK.

The best value for money is said to be MacLellands Island, a 15-acre island in Nova Scotia, Canada.

This island is priced at £168,210, which is less than £2,000 more expensive than the average Darlington house.

Neil Roarty, content lead at Casino Apps, said: "The data shows that it is becoming increasingly difficult for young people and first-time buyers to make their way into the industry due to a surge in the prices of average properties.

"For many of our youth, the thought of ever outright owning their own home is simply the stuff of dreams.

"Low interest rates on savings accounts have played a big factor and renting is leaving young people trapped.

"The cost of living increased dramatically in the UK following the COVID-19 pandemic across 2021 and 2022, with the annual rate of inflation peaking at 11.1 per cent in October 2022 – a 41-year high."