Oxford is the UK’s least affordable city, a study finds, because homes there are sold for more than 11 times local salaries.
Lloyds Bank report states, the average cost of a property in Oxford was almost £341,000.
Winchester came in second place with Truro, Bath and Brighton following to make up the top five list of “least affordable” places to live. Westminster in central London comes seventh in the list. Property prices in Westminster are among the highest in the UK, relatively high earnings prevented Westminster from coming in the top-five on the list.
As a result of static wage growth and rising house prices, city living had become less inexpensive over the last year, the study reports. The study names Stirling in Scotland and Londonderry in Northern Ireland as the UK’s most affordable cities to live in as the homes there are sold for 3.3 times and 3.6 times local earnings respectively.