Buying house in UK city at least affordable level since 2007

A new report suggests city living is at its least affordable levels for home buyers since 2007.

The study by Lloyds Bank found that the average house price in a UK city in 2018 equated to 7.2 times average annual earnings. This makes the cost of buying a home the least affordable since 2007.

The average home in a city cost £248,233 while average full-time earnings stood at £34,366.

Oxford was found to be the least affordable city in the study, with average house prices standing at more than 12-and-a-half times earnings in the city.

Londonderry in Northern Ireland and Stirling in Scotland were found to be the most affordable cities, with properties standing at just under four-and-a-half times average earnings.

Andrew Mason, mortgage products director, Lloyds Bank, said, “Buying a home in UK cities remains challenging, as average house prices are outpacing wage growth. Home owners are still attracted to cities across the UK, in spite of rising costs.”

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