Winchester has been named as the least affordable place in the UK to live, based on local salary levels and the cost of buying.
A typical home in the Winchester area now sells for eight times earnings at £439,547.
A couple earning an average wage in Winchester can afford over 50% of properties in Southampton (24 miles) and 67% of properties in Portsmouth (30 miles), compared to just 11% in their city.
By contrast, Belfast and Hull are the most affordable places to live. In Belfast, 91% of homes are within financial reach of first-time buyers on average local incomes. In Hull, 98% of homes for both buy and rent are within reach of couples on average incomes.
The research, by jobs and properties website Adzuna, also shows that Reading, Guildford and London are the least affordable rental markets with as few as 25% of properties within the average local budget.
First-time buyers do better in northern locations like Hull, Sunderland and Salford where average property prices at £159,286 are 2.5 times the average local couples’ earnings.
Londoners’ high incomes mean it is only the tenth least affordable city in which to buy in Britain, with the average home now valued at over seven times average earnings.
On the rental market, only 33% of properties are affordable for Londoners earning a typical wage.
Generally, over 73% of properties are in reach of local buyers on average wages in the North-West and Scottish cities, compared to less than 42% in the South.
Adzuna was co-founded by Doug Monro, formerly a Zoopla director.
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Comments
See you can type correctly when you try.
There will be less owner occupiers in the future.
''This will result in gradual move to more the total property owned by fewer people .''
Please explain this complete nonsense.
So houses are flying off the shelves in Hull and Belfast if you are right, nope they are not, but they are in Winchester.
R&R they are talking about mean averages here, but you are quite right, way less than 50% of the couples earn the mean average combined income.
"Hull, Sunderland and Salford where average property prices at £159,286 are 2.5 times the average local couples’ earnings"
So the average household income in these places is £60k... meaning that half the households in Hull are pulling in more than that. Me thinks not.
This is not really surprising and confirms what I have been saying for a long time.
The barriers to entry to the property market are often claimed to be high deposits...ok agreed. Another often ignored issue (by the VI's) is affordability, high property prices and high essential item inflation have caused this. Buyers can’t afford to buy and sellers can’t or won’t take a loss. The result = market stagnation.
This will result in gradual move to more the total property owned by fewer people .
So even with a deposit funded by the taxpayer without rapid wage inflation or banks accepting high salary multipliers (I don't see this being forced on banks by the government) How will help to buy get around this?