AC

The Least Affordable English Cities

Oxfordv2Living in a city is becoming increasingly less affordable as house prices recover, a report has found.

On average, homes in British cities now cost 5.8 times the typical local salary, according to the research by Lloyds Bank. This is up from 5.6 times last year, and markedly above the levels common in the 1980s and 1990s.

The average property now costs £184,215.

The university city of Oxford was named the least affordable city, with the average property costing 11.25 times earnings, or £340,864.

However, the report pointed to the large numbers of people living in Oxford who commute to London to work as part of the reason why house prices there are particularly out of step with local wages. A year ago, a house in Oxford cost 9.8 times local earnings.

Winchester came second on the list, with houses costing on average 9.65 times earnings. Truro, Bath and Brighton and Hove completed the top five most expensive cities in which to purchase property.

The highest performing area in London was Westminster, which came in at seventh place, with homes costing on average 7.6 times local salaries.

The most affordable city to live in was Stirling, where homes cost on average 3.3 times earnings, or £132,734.

This was followed by Londonderry, Newry, Belfast and Bradford.

The gap in affordability between north and south is continuing to widen. Lloyds said the top 15 affordable cities in which to purchase property are in Scotland, Northern Ireland or the north of England, and the next five on the list are in the midlands or Wales.

Read full piece here

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