A tale of two cities: the great north-south divide as strong as ever for UK homebuyers

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  • House-hunters who want to live in a UK city still face a huge north-side divide when it comes to affordability

    House-hunting and want to move to a UK city where the living is easy…? The lucky residents of Stirling could be pleased to hear that, according to a new survey, it’s the UK’s most affordable city.

    In Stirling, the average property price is £132,734, a comfortable 3.3 times gross average earnings in the area.

    Other top UK cities for affordability include Londonderry (3.56), Newry (3.90), Belfast (4.12) and Bradford (4.15).

    And, perhaps unsurprisingly, the five least affordable UK cities are in the south, according to the Lloyds Bank Affordable Cities review.

    If you want to buy in affluent Oxford, you’ll find that the average house price is £340,864 – that’s 11 TIMES the gross average earning in the city, making Oxford’s affordability 9.80.

    Other pricey cities in the UK include Winchester (9.65), Truro (8.57), Bath (8.05) and Brighton and Hove (7.94).

    ‘Over the past five-to-10 years, affordability has marginally improved in most UK cities,’ says Marc Page, Lloyds Bank Mortgages Director.

    ‘Increases in earnings have kept up with house price rises in that time.’

    However, despite rising prices, the benefits of city life continue to drive demand, particularly in the south of England. It seems there’s just no keeping us away…

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