Buying a home in a UK city will typically set a buyer back by more than eight times average earnings, analysis from Halifax reveals
Seven cities managed to become more affordable compared to a year earlier: Oxford, Carlisle, Portsmouth, Durham, Salford, Inverness and Glasgow.
Carlisle and Aberdeen are now more affordable than five years ago, while Inverness is the only city found to be more affordable than 10 years ago. An average home in Inverness costs 5.6 times average earnings - a dip from 6.2 in 2011 - as wage growth outstripped house price growth. Russell Galley, managing director at Halifax, said:"Affordability is significantly better in the north and there are now just two cities - Plymouth and Portsmouth - with better than average affordability in the south."Figures from Halifax show the price-to-earnings ratio followed by the average house price and average annual earnings=3. Truro, South West, 12.1, £356,788, £29,5586. Cambridge, East Anglia, 11.9, £482,300, £40,4928. London, South East, 11.
Figures from Halifax show the price-to-earnings ratio followed by the average house price and average annual earnings=2. Carlisle, North, 4.8, £163,232, £34,087=4. Stirling, Scotland, 5.4, £208,927, £38,7447. Perth, Scotland, 5.5, £203,229, £36,700=8. Hull, Yorkshire and the Humber, 5.6, £156,424, £27,73012. Lisburn, Northern Ireland, 6.1, £203,386, £33,138=13. Liverpool, North West, 6.2, £215,741, £34,911=13. Lancaster, North West, 6.
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