Property in Portsmouth ‘6.2 times’ average wage

An aerial view of Portsmouth and the surrouning areas
An aerial view of Portsmouth and the surrouning areas
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PORTSMOUTH has become one of the least affordable cities to buy property in - with a typical home costing on around 6.2 times average earnings.

According to research by Lloyds Bank, Portsmouth is the 17th least affordable city because of surging house prices in the last year.

The UK’s most affordable cities are clustered in Scotland, Northern Ireland and northern England, with Glasgow, Belfast, Lisburn, Bradford, Lancaster and Salford all featuring among the most affordable urban areas to live.

At the other end of the spectrum, Oxford was found to be the least affordable place to live, with people there facing a property price tag which is more than 11 times the local wage, followed by Winchester, which has a house price-to-earnings ratio of 9.7.

Truro, Bath and Brighton made up the top five list of ‘least affordable’ places to live, while Southampton came in 10th place.

Despite affordability worsening over the last year, the cost of buying a city home has improved compared with the peak of the market in 2008, when property prices in cities cost around 7.2 times earnings.

Affordability is also slightly better than 10 years ago, with urban property prices costing 5.9 times wages typically in 2004.