Winchester is the least accessible UK city to buy a home.
A property in this city can cost almost 15 times the average income.
Winchester has become the least affordable city in the UK to buy a home, with property prices averaging 14 times people’s earnings.
According to an analysis by Halifax, the UK’s largest mortgage lender, the city of Hampshire has overtaken Oxford. A home in Winchester will cost buyers an average of £ 630,432, the highest in the country and an 8% increase in 2020, while average earnings are £ 45,059.
Price growth in Winchester far outpaced the rest of the UK relative to wages, Halifax said. Their analysis of 61 cities in the year to June shows that the average home costs 8.1 times the average earnings, up from 7.5 times last year. The proportion has increased for eight years.
Russell Galley, Halifax Managing Director, said: “We can see from our research that affordability is significantly better in the north, and now there are only two cities, Plymouth and Portsmouth, with better-than-average affordability in the south.”
“Living in Winchester can be very expensive.”
The housing market has been fueled by a temporary stamp duty cut, which was in effect for a year, and the desire of people to move to leafier places and bigger homes after lifestyle changes during the coronavirus pandemic, and many switched to working from home.
Oxford is the second least affordable city, with 12.4 times earnings, followed by Truro and Bath in the southwest, Chichester in the southeast, Cambridge, Brighton and Hove, and Greater London, where the average house costs 11 times profits.
Over the past year, the median house price in UK cities has grown 10.3% to £ 287,440, while people’s wages in the same locations rose just 2.1% to £ 35,677 sterling.
Salisbury house prices grew the most, 36% to £ 392,355, followed by Hereford, with a 29% price increase to £ 316,929, and Lancaster and Birmingham, increasing 19%.
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