The UK's 20 least affordable cities
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Your support makes all the difference.Lloyds Bank has ranked the least affordable cities in the UK as part of its annual Affordable Cities Review.
The research revealed that home affordability is "at its worst since 2008," with the average city price of a house outpacing earnings growth over the past five years.
Lloyds Bank worked out house prices as a multiple
of average annual earnings. So the average city house price in the UK is £224,926 this year, a 6.9 multiple of average earnings of £32,796.
"City living is becoming increasingly expensive with average house prices at least ten times average annual earnings in five of the UK’s cities," said Andy Mason, Lloyds Bank Mortgage Products Director.
"Affordability levels have worsened for four consecutive years as average city house prices continue to rise more steeply than average wage growth."
Here are the 20 least affordable cities to live in the UK.
20. Gloucester
House prices here are 7.2 times higher than the average salary.
19. Leicester
House prices as a multiple of earnings: 7.6
18. York
House prices as a multiple of earnings: 7.6
17. Exeter
House prices as a multiple of earnings: 7.9
16. Chelmsford
Chelmsford's houses rose by the third highest percentage of any UK city over the past decade, with growth of 54%.
House prices as a multiple of earnings: 7.9
15. Norwich
House prices as a multiple of earnings: 8.2
14. Truro
House prices as a multiple of earnings: 8.2
13. Lichfield
House prices as a multiple of earnings: 8.3
12. Bristol
House prices as a multiple of earnings: 8.7
11. St Albans
The city recorded the biggest price rise of any UK city over the past decade, growing by 65% between 2007 and 2017.
House prices as a multiple of earnings: 8.7
10. Canterbury
House prices as a multiple of earnings: 8.7
9. Salisbury
House prices as a multiple of earnings: 9.2
8. Southampton
House prices as a multiple of earnings: 9.2
7. Bath
House prices as a multiple of earnings: 9.3
6. Brighton and Hove
Brighton & Hove's house prices rose by 46% over the past 10 years.
House prices as a multiple of earnings: 9.6
5. Chichester
House prices as a multiple of earnings: 10.0
4. Cambridge
Over the past decade, the city's house prices have risen by 46%.
House prices as a multiple of earnings: 10.3
3. Winchester
Winchester's house prices rose by 59% over the past decade.
House prices as a multiple of earnings: 10.5
2. Greater London
Over the past five years, London has recorded the highest house price growth, with a rise of 57%.
House prices as a multiple of earnings: 10.5
1. Oxford
The average house price in Oxford is £385,372, nearly 11 times the annual gross average earnings in the city of £36,033.
House prices as a multiple of earnings: 10.7
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Read the original article on Business Insider UK. © 2016. Follow Business Insider UK on Twitter.
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