UK cities definitely have an expensive reputation – but a new study suggests some have actually become more affordable in the pandemic.
House-buyers in the UK do now spend 8.1 times more than their average salary to secure their homes, according to Halifax’s new findings. This is a steep increase compared to just 10 years ago, when buyers spent just 5.6 times their earnings when purchasing a house.
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The good news is the findings also suggested British cities are now slightly more affordable to live in than the UK as a whole.
This may be down to the wave of city-dwellers who flocked to the countryside during the pandemic and subsequent lockdowns, triggering an increase in house prices there.
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The bad news is, the house price-to-earnings ratio in UK cities has increased steadily over the last eight years.
So which are the least – most – expensive cities to settle down in, according to Halifax?
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The following places have been ranked according to their price-to-earnings ratio, a number which is based on the average house price in that city compared to the average annual earnings.
The top 20 most affordable cities
1. Londonderry, Northern Ireland, 4.7, £155,917, £33,138
=2. Carlisle, North, 4.8, £163,232, £34,087
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=2. Bradford, Yorkshire and the Humber, 4.8, £164,410, £34,219
=4. Stirling, Scotland, 5.4, £208,927, £38,744
=4. Aberdeen, Scotland, 5.4, £205,199, £38,016
=4. Glasgow, Scotland, 5.4, £196,625, £36,205
7. Perth, Scotland, 5.5, £203,229, £36,700
=8. Inverness, Scotland, 5.6, £191,840, £34,373
=8. Hull, Yorkshire and the Humber, 5.6, £156,424, £27,730
10. Dundee, Scotland, 5.8, £181,150, £31,344
11. Sunderland, North, 6.0, £179,567, £29,745
12. Lisburn, Northern Ireland, 6.1, £203,386, £33,138
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=13. Salford, North West, 6.2, £211,903, £34,444
=13. Durham, North, 6.2, £196,274, £31,762
=13. Liverpool, North West, 6.2, £215,741, £34,911
=13. Belfast, Northern Ireland, 6.2, £205,228, £33,138
=13. Lancaster, North West, 6.2, £217,392, £35,004
18. Newcastle-upon-Tyne, North, 6.3, £229,434, £36,212
19. Stoke-on-Trent, West Midlands, 6.5, £200,161, £30,698
20. Hereford, West Midlands, 6.6, £316,929, £48,048
The top 20 least affordable cities
1. Winchester, South East, 14.0, £630,432, £45,059
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2. Oxford, South East, 12.4, £486,928, £39,220
=3. Truro, South West, 12.1, £356,788, £29,558
=3. Bath, South West, 12.1, £476,470, £39,508
5. Chichester, South East, 10.6, £446,899, £37,352
6. Cambridge, East Anglia, 11.9, £482,300, £40,492
7. Brighton and Hove, South East, 11.6, £449,243, £38,737
8. London, South East, 11.0, £564,695, £51,257
=9. St Albans, South East, 10.2, £604,423, £59,391
=9. Chelmsford, South East, 10.2, £424,690, £41,781
11. Salisbury, South West, 10.0, £392,355, £39,154
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12. Exeter, South West, 9.9, £323,554, £32,635
13. Leicester, East Midlands, 9.7, £279,080, £28,725
14. Norwich, East Anglia, 9.4, £306,946, £32,632
15. Bristol, South West, 9.3, £346,902, £37,357
=16. Southampton, South East, 9.0, £310,435, £34,429
=16. Canterbury, South East, 9.0, £365,168, £40,565
=16. Gloucester, South West, 9.0, £287,600, £31,987
19. Worcester, West Midlands, 8.8, £303,132, £34,389
20. Cardiff, Wales, 8.7, £276,851, £31,946
https://news.google.com/__i/rss/rd/articles/CBMiaWh0dHBzOi8vd3d3Lmh1ZmZpbmd0b25wb3N0LmNvLnVrL2VudHJ5L2FmZm9yZGFibGUtdWstY2l0aWVzLWxvbmRvbi13aW5jaGVzdGVyX3VrXzYxMTM3Yzk5ZTRiMDIxOTY2NTk1MmIzOdIBbmh0dHBzOi8vd3d3Lmh1ZmZpbmd0b25wb3N0LmNvLnVrL2FtcC9lbnRyeS9hZmZvcmRhYmxlLXVrLWNpdGllcy1sb25kb24td2luY2hlc3Rlcl91a182MTEzN2M5OWU0YjAyMTk2NjU5NTJiMzkv?oc=5
2021-08-11 08:23:22Z
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