House prices 10 times average earnings in 5 UK cities
As part of its yearly Affordable Cities Review, Lloyds Bank has listed the UK’s top 20 least affordable cities.
The data found that the average house price in cities has outpaced the growth of earnings over the past five years, with home affordability being at “its worst since 2008”.
The house prices were calculated as a multiple of average earnings. This year, the average price of a UK house in the city is £224,926; 6.9 times the average UK earnings of £32,796.
Commenting on the findings was Lloyds Bank Mortgage Products Director, Andy Mason. He stated: “City living is becoming increasingly expensive with average house prices at least ten times average annual earnings in five of the UK’s cities.
“Affordability levels have worsened for four consecutive years as average city house prices continue to rise more steeply than average wage growth.”
The 20 least affordable UK cities to live in are ranked below.
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