Buying a home in the UK city of Winchester is expensive |
Posted: August 27, 2021 |
Winchester, according to Elite Homes and Property, has become the most expensive city in the UK to purchase a home, with property prices averaging 14 times people's salaries. According to Elite Homes and Property, the UK's largest mortgage provider, Hampshire city has surpassed Oxford. The average price of a property in Winchester is £630,432 - the highest in the country and up 8% from 2020 – while average wages are £45,059. Winchester's price rise was outpacing the rest of the UK in terms of salaries, according to Elite Homes and Property. The average house costs 8.1 times average wages, up from 7.5 times last year, according to its survey of 61 cities in the year to June. For the past eight years, the ratio has risen. “We can see from our study that affordability is much better in the north, and there are now just two cities in the south – Plymouth and Portsmouth – with better than average affordability,” said an analyst from Elite Homes and Property. The property market has been boosted by a one-year temporary stamp duty decrease and people's desire to relocate to greener areas and larger houses following lifestyle changes brought on by the coronavirus epidemic, which saw many people switch to working from home. With prices at 12.4 times wages, Oxford is the second least affordable city, followed by Truro and Bath in the south-west, Chichester in the south-east, Cambridge, Brighton and Hove, and Greater London, where the typical property costs 11 times earnings. The average property price in UK cities has increased by 10.3% to £287,440 in the last year, but people's earnings have only increased by 2.1 percent to £35,677. Salisbury's house prices increased by 36 percent to £392,355, followed by Hereford's price increases of 29 percent to £316,929, and Lancaster and Birmingham's price increases of 19 percent each. At the other end of the spectrum, Londonderry in Northern Ireland is still the most inexpensive city in the UK, at 4.7 times wages for the third year in a row. Carlisle joined Bradford in second place (both 4.8) as the most affordable city, ahead of Stirling, Aberdeen, and Glasgow, all of which had a price-to-earnings ratio of 5.4. Looking back further, the average property price in Gloucester has quadrupled to £287,600 since 2011, followed by London and Chichester (both up 98 percent), and Manchester (up 97 percent). Over the same period, the average UK city house price increased by 71%. Winchester currently has the highest average property price in the United Kingdom, surpassing St Albans (£604,423) and London (£564,695). Londonderry (£155,917) and Hull (£156,924) have the least costly average home prices among cities. Least affordable cities in 2021 (price-to-earnings ratio followed by the average house price and average annual earnings) 1 Winchester, south-east, 14.0, £630,432, £45,059 2 Oxford, south-east, 12.4, £486,928, £39,220 =3 Truro, south-west, 12.1, £356,788, £29,558 =3 Bath, south-west, 12.1, £476,470, £39,508 5 Chichester, south-east, 10.6, £446,899, £37,352 6 Cambridge, East Anglia, 11.9, £482,300, £40,492 7 Brighton and Hove, south-east, 11.6, £449,243, £38,737 8 London, south-east, 11.0, £564,695, £51,257 =9 St Albans, south-east, 10.2, £604,423, £59,391 =9 Chelmsford, south-east, 10.2, £424,690, £41,781 Most affordable UK cities in 2021 (price-to-earnings ratio followed by the average house price and average annual earnings) 1 Londonderry, Northern Ireland, 4.7, £155,917, £33,138 =2 Carlisle, north, 4.8, £163,232, £34,087 =2 Bradford, Yorkshire and the Humber, 4.8, £164,410, £34,219 =4 Stirling, Scotland, 5.4, £208,927, £38,744 =4 Aberdeen, Scotland, 5.4, £205,199, £38,016 =4 Glasgow, Scotland, 5.4, £196,625, £36,205 7 Perth, Scotland, 5.5, £203,229, £36,700 =8 Inverness, Scotland, 5.6, £191,840, £34,373 =8 Hull, Yorkshire and the Humber, 5.6, £156,424, £27,730 10 Dundee, Scotland, 5.8, £181,150, £31,344
|
||||||||||||||||||||||||||||||||||||||||||
|