A new report suggests city living is at its least affordable levels for home buyers since 2007.
The study by Lloyds Bank found that the average house price in a UK city in 2018 equated to 7.2 times average annual earnings. This makes the cost of buying a home the least affordable since 2007.
The average home in a city cost £248,233 while average full-time earnings stood at £34,366.
Oxford was found to be the least affordable city in the study, with average house prices standing at more than 12-and-a-half times earnings in the city.
Londonderry in Northern Ireland and Stirling in Scotland were found to be the most affordable cities, with properties standing at just under four-and-a-half times average earnings.
Andrew Mason, mortgage products director, Lloyds Bank, said, “Buying a home in UK cities remains challenging, as average house prices are outpacing wage growth. Home owners are still attracted to cities across the UK, in spite of rising costs.”
