The Property Show: Advice for flat owners teased in trailer
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Property prices have been surging over the past year. Pent up lockdown demand and the relaxation of the Stamp Duty tax has pushed up prices. London has long been known as expensive but it might surprise many to know it isn’t the least affordable city in the UK.
The UK’s most expensive place to buy a typical home compared to the average local wage has been revealed.
Surprisingly for the first time in six years London has dropped out of the top five most expensive places to live compared to local average earnings in the UK.
Winchester has lept into the top spot, buying a home here will cost a whopping 14 times average earnings.
The UK’s most affordable places to live have also been revealed.
Derry in Northern Ireland tops the affordability charts and has done for the last three years.
A home in Derry will cost just 4.7 times average earnings.
Cities across the UK were ranked in a survey by Halifax which compared the average cost of a home and the average earnings in the area.
The five least affordable cities in 2021
Winchester, South East
In this cathedral city, popular with many London commuters, prices have always been high.
The average house price stands at £630,432 compared to average earnings of £45,059.
This makes the average property a staggering 14 times more than the average earnings, pricing many out of this beautiful city.
Oxford, South East
This university town stands in the second spot for the least affordable cities in the UK.
Average house prices are 12.4 times average earnings.
Two cities in the South West
Bath and Truro come joint third, they both have a score of 12.1 times average earnings compared to average property prices.
Chichester, South East
In the fifth spot is Chichester at 10.6 times the average earnings for the average property.
Whilst the Capital trails behind in the eighth spot.
The news isn’t all doom and gloom, in one in nine UK cities, homes have become more affordable over the last 12 months.
Housing affordability improved in seven cities this year compared to 2020 these were: Oxford, Carlisle, Portsmouth, Durham, Salford, Inverness and Glasgow.
The managing director of Halifax bank, Russell Galley said: ”Affordability is significantly better in the North.
“There are now just two cities – Plymouth and Portsmouth – with better-than-average affordability in the South.”
The five most affordable cities in 2021
Londonderry in Northern Ireland is the most affordable city in the UK with a score of 4.7.
In joint second are the northern cities of Carlisle and Bradford.
Both had a score of 4.8 times the average earnings with the average property costing £164,410, compared to average local earnings of £34,219.
In joint fourth place were the Scottish cities of Stirling and Aberdeen with an affordability score of 5.4.
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