Friday, 15 February 2019

City prices beat wages

CITY house prices in the UK have outpaced earnings growth by 11 per cent, claims Lloyds Bank.

It says this has meant that home affordability has reached, on average, its lowest level since 2007 when the ratio of house prices to earnings stood at 7.5 per cent.

The average house price within UK cities has risen from £180,548 in 2013 to its highest ever level of £248,233 in 2018.

In comparison, average city annual earnings over the same period have risen by 11 per cent to £34,366.

Oxford is the UK’s least affordable city with an average house price of £460,184 — 12 times that of average annual earnings in the city of £36,430.

There are seven cities with average house prices above 10 times the average annual earnings.

In addition to Oxford, these are Chichester, Winchester, Truro, Greater London, Bath and Cambridge.

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