Price of average home in England in 6 times exceeds the annual income of a Briton

Average price of property in the UK peaked in 2008 and 6 times annual earnings.

Review submitted by Lloyds Bank shows that the average price of houses and apartments in the UK reached a level of £211880 in 2016. Such price increases led to a substantial decline in the availability on a property in England during the year. If a year ago the average object property in the UK cost of 6.2 annual salary, now it is already a 6.6 average annual earnings. In addition, the growing division between expensive and cheap parts of the UK. Of the 20 least affordable UK cities 17 cities located in the South of England and only Lichfield, Leicester and York is outside the South of England. The best yield could boast of Winchester. In contrast, the 20 cities with better accessibility for the people living in them, are outside southern England.

Particularly the availability of residential property in the UK has declined over the last three years, when did the most rapid growth in property prices and wages significantly lagged behind housing prices. Over the past three years has also increased and the price gap between the North and the South of England. The richer South and in the North the prices are rising very slowly.

The least affordable was property in Oxford, where the buyer of a house or apartment in Oxford will be required to pay the annual salaries of 10.68 and the average price of residential property in Oxford is £364429. Partly the high cost of Oxford is connected with the fact that some people working in London, living in Oxford. The availability of real estate in Winchester – of 10.54 annual wages. Availability of real estate in London – 10,06. In Cambridge and 9.9, in bath – of 9.97. Thus, 5 of the cities worst housing affordability is a city-universities.

The city of Londonderry in Northern Ireland is the cheapest and therefore most affordable city in the UK where the average property price is 3.8 annual salaries and in absolute terms it is £113000. Among the other available cities in the North of Ireland – Belfast and Lisburn availability of 4.42 and 4.64, respectively. North of England leads a number of the most affordable cities in the UK. This Bradford – 4,31, Hereford – 4,55, Durham – 4,73, Lancaster – 4,89, Campos – 5,03, Glasgow Is 5.07.

Winchester, where the price in 2006 rose by 79%, was the record growth in housing prices over the last 10 years.

® Alice Morgan. 29.03.2016 G.

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