26 Mar 26.03.2018 The most affordable cities in the UK
26.03.2018 The most affordable cities in the UK
The amount of affordable homes in the UK is at its worst level since 2007. ‘City living suits the lifestyles of many people looking for shorter commutes with much of what they need on their doorstep, but buying a city property is the least affordable it’s been for a decade,’ said Lloyds mortgage products director, Andy Mason.
Oxford recorded the average property price at £430,000 and was the least affordable UK city. London, with the average property price at £480,000, was third least affordable city in the UK, largely due to higher earnings in the capital. The average price of a home in London has risen by 36% over the past 5 years, to £233,000, while average annual income rose just 9% over the same period of time.
The 2014 mortgage market review made it more difficult for the buyers to borrow money; stricter rules on lenders made it almost impossible to borrow more than 4.5 times an applicant’s salary. Thus, in cities with high average house prices, a significantly higher deposit would be required.
All of the UK’s most affordable cities for homebuyers are situated outside southern England, therefore, those looking for a more affordable city home should head north. Stirling in Scotland is the UK’s most affordable city for the fifth year in a row with an average house price of £186,000. Derry in Northern Ireland was the second most affordable city, while Bradford in Yorkshire was the most affordable city in England with house prices 4.5 times the average gross annual earnings. York was the only northern city to rank as one of the least affordable cities with house prices 8 times local earnings.
The 10 most affordable cities in the UK: