City living is becoming increasingly expensive says Lloyds Bank
Lloyds Bank press release yesterday 27th February Affordable Cities Review headlined ‘Home affordability in cities at its worst since 2008’.
Home affordability measured by the ratio between average city house prices and average gross local earnings across UK cities is at its worst level since 2008, according to Lloyds Bank’s Affordable Cities Review.
In the review they mention that average city house prices outpace earnings growth over last five years – now nearly seven times annual earnings and over the past five years, London has recorded the highest house price growth with a rise of 57%.
Andrew Mason, Lloyds Bank Mortgage Products Director, commented: “City living is becoming increasingly expensive with average house prices at least ten times average annual earnings in five of the UK’s cities. “Affordability levels have worsened for four consecutive years as average city house prices continue to rise more steeply than average wage growth.
“House prices in the south have generally seen stronger growth than in the north. St Albans has recorded the biggest gains over the past decade, whilst London has been the top performer during the recovery.”
Read the Lloyds Bank’s Affordable Cities Review in full click here
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