Home affordability across UK cities is now at a ten-year low according to Lloyds Bank

News release today – Lloyds Bank’s Affordable Cities Review headlines ‘Affordability of city homes hits ten-year low’

Home affordability across UK cities is at its worst level since 2007, according to Lloyds Bank’s Affordable Cities Review, with house prices rising as a multiple of average annual earnings from 5.6 in 2012 to 7.0 in 2017. 

The review reveals that the five least affordable cities for homebuyers are Oxford, Cambridge, Greater London, Brighton and Hove and Bath, and that Cambridge has recorded the largest house price increase of 47% in the last 10 years.

Andy Mason, Lloyds Bank mortgage products director, commented: “City living suits the lifestyles of many people looking for shorter commutes with much of what they need on their doorstep, but buying a city property is the least affordable it’s been for a decade.

“There is also a clear North-South divide with only one Southern location appearing in the top 20 most affordable cities and only one Northern location appearing in the top 20 least affordable.”

Read the Lloyds Bank’s Affordable Cities Review released 2nd February 2018 in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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