St Albans in top 10 least affordable cities for property - INSIGHT NEW AUTUMN ISSUE - Flipbook - Page 12
St Albans in top 10 least affordable cities for property
St Albans in top 10 of least
affordable cities to buy a
t Albans is joint 9th as the UK city
which is the least affordable to buy a
home in, says the Halifax.
With Winchester top, its figures suggest
buying a home in the Hampshire
commuter city will cost 14 times average
earnings, higher than Greater London at
Buying a home in a UK city will now cost
buyers 8.1 times their average earnings,
up from 5.6 times a decade ago.
House prices have “generally continued
to outstrip wage growth”, said Halifax
managing director Russell Galley.
Winchester has leapfrogged Oxford as the
least affordable city in the annual survey,
while Londonderry is the most affordable
for the third year in a row.
In Northern Ireland, a home will cost 4.7
times average earnings.
Over the past year, the Halifax reckons
the average house price in UK cities has
grown by 10.3%.
Its analysis of figures from the Office
for National Statistics suggests average
earnings for people living and working
in cities climbed just 2.1% over the same
w w w. b i z 4 b i z . o r g
Average city house prices increased to
£287,440, while comparable average
earnings rose to £35,677.
Winchester has the highest average
house prices of any UK city, ahead of
St Albans at £604,423 and London at
The least expensive average house prices
among cities are in Londonderry at
£155,917 and Hull £156,924.
Average earnings in Winchester are
£45,059, higher than for the UK as a
whole and only beaten by St Albans at
£59,391 and Greater London at £51,257.