London is behind only Oxford as the least affordable city in the UK. A recent study has shown the average house price now stands at 10 times the average person’s yearly earnings. The other three cities making up the least affordable top five were Winchester, Cambridge and Chichester. Stirling in Scotland was shown to be the most affordable, with house prices standing at just 3.7 times average earnings.

Key Takeaways:

• Property prices in London have reached ten times average earnings, making it the second least affordable city in the UK, topped only by Oxford.
• Home affordability in cities is at its worst levels nationally since 2008, with properties typically costing nearly seven times earnings, a report has found.
• The study, which looked at 61 cities across the UK, identified Oxford as the UK’s least affordable city, with homes there costing nearly 11 times average local earnings.

“Property prices in London have reached ten times average earnings, making it the second least affordable city in the UK, topped only by Oxford.”

https://www.itv.com/news/london/2017-02-25/london-house-prices-ten-times-earnings/